MIAMI BEACH, FL, Feb. 12, 2013 /CNW/ - Auctions International Inc.
("Auctions") (OTCPINK: AUCI) would like to update shareholders of
Auctions and Rangemore Productions Corp. ("Rangemore") regarding the
ongoing merger between the two parties.
The following events have occurred to-date:
October 24th, 2012, a Binding Letter of Intent was signed between Auctions and
Rangemore to merge the two entities and take over operations of Island
December 4th, 2012, it was announced that both parties had completed their due
diligence and had agreed to move into a formal merger agreement.
December 31st, 2012, a definitive Merger Agreement was signed between Auctions and
January 22nd, 2013, a transitional management team was announced.
January 24th, 2013, the management of Auctions commenced the process for changing
its name from Auctions International Inc. to Rangemore Film Productions
Corp. in anticipation of the closing of the previously signed merger.
January 31st, 2013, Auctions received majority shareholder approval to change its
name from Auctions International Inc. to Rangemore Film Productions
The following events still have to be completed:
A Certificate of Amendment to be filed with the State of Nevada
reflecting the change in name from Auctions International Inc. to
Rangemore Film Productions Corp.
Issuer Company-Related Action Notification Form to be filed with FINRA
to reflect the change in name and request a new trading symbol.
The financial statements for both Auctions and Rangemore to be completed
for the fiscal year ending December 31, 2012.
An Articles of Merger to be prepared and filed with the State of Nevada.
An updated Information and Disclosure Statement to be completed and
filed with OTCMarkets.
Consolidated financial statements to be completed and filed with
"We are very pleased and excited that the merger between Auctions and
Rangemore is moving ahead as planned" stated Andrew McLaughlin, CEO of
Auctions. "There is still a lot of work to be done but we are right on
schedule and confident that we will close the transaction on or before
March 31, 2013" continued Mr. McLaughlin.
About Auctions International Inc.
Auctions International Inc. is a publicly traded company whose core
business was the development and implementation of a proprietary
technology that enables virtual auctions for any type of product or
commodity over the internet. In addition to the development and launch
of its technology, the management of Auctions is dedicated to
identifying and acquiring undervalued opportunities that have
significant upside with the focus being to add to shareholder value.
As a result, on December 31, 2012, Auctions entered into a Merger
Agreement with Rangemore Productions Corp. For more information on
Rangemore Productions Corp. please see below or visit www.rangemoreproductions.com.
Auctions 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.
About Rangemore Productions Corp.
Rangemore Productions Corp. ("Rangemore") is an independent film company
that operates a film studio on the Isle of Man known as Island
Studios. Island Studios is a complete film production facility located
two miles outside the town of Ramsey and is approximately 7 acres in
size and houses a film studio, sound studio, make-up studio, dressing
rooms, canteen and dormitory, administration offices, and storage
facility. The studios have been operating since 2002. Along with the
studio operations, Rangemore will be actively producing independent
film productions. Management of Rangemore is in the process of
reviewing a number of film projects and joint venture opportunities.
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 Auctions'
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: Auctions International, Inc.
For further information:
For more information on Auctions or Rangemore please call Rangemore Productions Corp. at 305-851-2469 or visit www.rangemoreproductions.com.