MIAMI BEACH, FL, May 14, 2013 /CNW/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) today announces that management has approved a plan to commence the
search for potential acquisitions to expand the studio operations side
of the business. The expansion plan will identify 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. Andrew McLaughlin,
Rangemore's CEO will be heading up the expansion project utilizing his
extensive experience in real estate and property development.
"The studio operations are the finite side of our business" stated
Andrew McLaughlin, CEO of Rangemore. "You can only generate a certain
amount of revenue from each site. Once that has reached critical mass
you then grow by acquiring additional space and we feel the time is
right to commence the search to acquire new properties in key markets.
We have already identified four potential properties and hope to start
negotiations to acquire them once they pass our due diligence"
continued Mr. McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. (formerly Auctions International Inc.)
is a publicly traded company who 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. Along with the studio operations,
Rangemore will be actively investing in and producing independent film
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
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 Rangemore
Film Productions Corp.'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.
For further information:
For more information on Rangemore please call 305-851-2469.
On the web go to www.rangemorefilmproductions.com.