MIAMI BEACH, FL, July 24, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) today announces its specific objectives for the next six months of the 2013 fiscal year. It is the intention of Rangemore's management to set measurable objectives and to report progress toward these objectives in each quarterly report. For the up-coming six months ending December 2013 the objectives are:
- To become a "Current Information" filer with OTC Markets;
- Maintain "Current Information" filer status with OTC Markets;
- Review the process and cost of becoming fully reporting with the SEC;
- If feasible, commence the process to become fully reporting with the SEC;
- Close acquisition of first studio property to service the Asian film industry market;
- Aggressively market the newly acquired property in Asia by attending high profile industry events such as:
- October 7-10: Busan Asian Film Market (Busan, South Korea)
- October 11-21: Hawaii International Film Festival/EuroCinema Hawaii
- October 22-24: TIFFON (Tokyo, Japan)
- December 10-12: CineAsia (Hong Kong, China)
- Complete due diligence on second studio acquisition in Asia;
- Commence negotiation for acquisition of second studio property in Asia;
- Acquire revenue sharing royalties in at least four independent film projects;
- Investigate the possibility of financing and producing own film and television productions.
Management's main focus will be to get established in Asia. Not only are properties significantly cheaper than in Europe or North America but the Asian film industry is growing at an exponential rate never experienced before in the history of filmmaking. Recognizing that there are few quality facilities to service this growth, Rangemore is currently negotiating to acquire its first Asian based property and once it is operational will be aggressively looking for other potential acquisitions to service this expanding market.
"We are very excited about the short and long term prospects for Rangemore" stated Andrew McLaughlin, CEO of Rangemore. "The opportunities in Asia are like nothing the film industry has ever seen and it is our plan to position Rangemore to take full advantage of this rapidly evolving market" continued 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.