MIAMI BEACH, FL, March 8, 2013 /CNW/ - Auctions International Inc.
("Auctions") (OTCPINK: AUCI) announces that Rangemore Productions Corp.
("Rangemore"), with whom Auctions has entered into a merger agreement,
has negotiated an understanding with Flick Me Productions Limited
("Flick Me") to acquire the right to participate in the revenues of
Flick Me's independently produced film projects.
Flick Me, a privately held independent film producer based in the United
Kingdom has agreed to grant Rangemore the right to purchase certain
interests in film projects produced by Flick Me in exchange for cash
and/or restricted stock. This understanding will allow Rangemore to
participate in the revenues of selected films projects without being
responsible for any funding, directing, producing or distribution. Each
film project will be subject to a selection process and an independent
royalty agreement. This arrangement will add a lucrative dimension to
Rangemore's current business model by adding the ability to participate
in film projects without significant cash outlay.
The ability to participate in the payouts of the independently produced
movies is where the upside in the movie industry lies. Low budget
pictures produced by independent production companies in the past have
been able to routinely generate revenues in excess of $2 million when
one considers not only theater, but pay-per-view, home video, foreign
markets and ancillary revenues. Looking at the top low budget
independently produced pictures, the average 10-year gross was in the
neighborhood of $9 million while the top 8 grossed more than $30
million and the number one pictures earned just over $120 million. The
lowest picture in the sample earned approximately $2 million.
Occasionally, feature films produced for less than $50,000 will gross
hundreds of thousands or even break the multi-million dollar mark. It
is the intention of Rangemore, through the arrangement with Flick Me,
to create a large and diversified portfolio of film royalties in these
types of independently produced films. Rangemore's goal is to generate
the maximum amount of return for the minimum amount of investment.
Flick Me has two films in pre-production both of which Rangemore is
currently reviewing to establish if and to what extent Rangemore will
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
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:
on Auctions or Rangemore please call Rangemore Productions Corp. at 305-851-2469 or visit www.rangemoreproductions.com.