MIAMI BEACH, FL, July 23, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (formerly Auctions International Inc.)(OTCPINK:RANF) today announces its 2013 second quarter results. The June 30, 2013 financial statements along with a quarterly report which includes an undated "Issuer Information And Disclosure Statement" are available for download from Rangemore's website at www.rangemorefilmproductions.com or through OTC Markets at www.otcmarkets.com.
The highlights of the report are:
- Current assets have grown from $955 in June 2012 to $395,234 in June 2013, an increase of $394,279 over a one year period;
- Total assets have increased from $444,679 in June 2012 to $721,219 in June 2013;
- Accounts payable have increased from $0.00 in 2012 to $83,456 in 2013. This is a result of the merger with Rangemore Productions Corp. Rangemore is now a viable business with ongoing expenses and obligations relating to operations;
- Amounts owing to management has increased to $144,072 due to management supporting the company and paying corporate expenses personally;
- Due to stockholder's liability has decreased $79,039 as a result of a debt settlement
- Revenue for the six months ended June 2013 was $155,553 compared to $0 generated over the same period last year.
"Prior to the merger, Rangemore (formerly Auctions International Inc.) had generated a total of $5,000 in revenue in seven years of operations. Since the merger, Rangemore has generated $155,553 in the first six months. This shows that we are a real company trying to do real things" stated Andrew McLaughlin, CEO of Rangemore. "We are now entering the expansion phase of our business plan and are currently in negotiations to acquire a property suitable for conversion into a full service film and sound studio well positioned to service the rapidly expanding Asian film industry. We are very excited about the possibilities this opportunity presents and are aggressively working toward closing. In addition, we are currently reviewing a number of movie projects with intent to acquire revenue royalties." continued Mr. McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. is a publicly traded company who in the business of operating film studios and co-producing independent film productions.
Rangemore is currently in the process of identifying and acquiring studio suitable properties in four key markets: Asia; South Africa; Europe and North America. Potential acquisition sites will have to meet certain criteria including: a low cost per square foot; easy conversion into usable studio space; established local infrastructure; establish local film industry; limited or non-existent competition; available government tax incentives and mortgage financeable. The identified acquisitions will be either purchased outright utilizing debt funding and tax credit incentive programs or leased on a long term basis.
Along with the studio operations, Rangemore will be actively investing in and co-producing independent film productions. Currently Rangemore has a preliminary agreement to participate in the royalties of an independent film production being developed in the United Kingdom. The agreed upon terms will allow Rangemore to purchase interest in the film royalties in exchange preferred shares for up to a maximum of 10% of the total royalties. The final terms and a definitive agreement are in the process of being prepared.
Rangemore Film Productions Corp. is a Development Stage Company, as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915, Development Stage Entities, and has not yet generated significant revenues from their intended business activities.
Forward Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Auction International Inc's filings with OTCMarkets which may identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
SOURCE Rangemore Film Productions Corp.