MIAMI BEACH, FL, July 23, 2013 /CNW/ - 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
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
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.
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
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
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
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.
For further information:
please call 786-851-2469
On the web go to www.rangemorefilmproductions.com