MIAMI BEACH, FL, Nov. 15, 2013 /CNW/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) announces its 2013 third quarter results. The September 30, 2013
financial statements along with a quarterly report are available for
download from the OTC Markets website at www.otcmarkets.com.
The highlights of the report are:
Current assets have grown from $195 at September 2012 to $374,521 at
September 2013, an increase of $374,326 over a one year period. This
is as a result of the operations merged in on March 31, 2013.
Total assets have increased from $443,919 at September 2012 to $691,523
at September 2013.
Accounts payable increased from $0.00 at September 2012 to $39,293 at
September 2013. This is a result of sustaining the existing operations
and uplifting the quotation of the common shares as well as
commencement of expansion of both the studio and film funding
Amounts owing to management increased to $55,876 due to management
paying corporate expenses.
Due to stockholder's liability has decreased $96,283 as a result of
Common stock issued increased by 87,530,070 during the period. This was
a result of debt settlement. $87,530 of debt was settled at $0.001 par
value and subject to Rule 144 restriction. This was double the current
market price at the time.
Notes Payable increased for $0 to $382,735. This was a result of debt
consolidation. The majority of amounts are due to management and
shareholders for expenses and services.
Revenue for the nine months ended September 2013 was $155,553 compared
to $0 generated over the same period last year.
During the third quarter of 2013 management continued to execute on its
previously announced six month goals. It sourced and begun reviewing
one television and four independent film projects. It is currently
developing the corporate and funding structures for these projects. It
also continued its due diligence on the identified film studio
properties targeted for acquisition. This process is ongoing.
Now that the third quarter is completed, the management is starting the
process to become fully reporting in the United States. This involves
a two year audit and filing a Form 10. Once this has been cleared by
the SEC, an application to list on the CNSX will be completed and
submitted along with a Prospectus filed with the BCSC.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. is a publicly traded company 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 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 please call 786-851-2469
On the web go to www.rangemorefilmproductions.com