MIAMI BEACH, FL, May 24, 2013 /CNW/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) is pleased to announce that it has come to a preliminary agreement to
participate in the royalties of the independent film production
'Fabulust'. 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.
"We are very pleased to have our first royalty agreement underway."
stated Andrew McLaughlin, CEO of Rangemore. "Film royalties are the
'blue sky' of our business and to have the opportunity to participate
in the success of 'Fabulust' is a big step forward for us. This is
first of many such arrangements that we plan to capitalize on."
continued Mr. McLaughlin.
Management of Rangemore would also like to update shareholders on the
ongoing process to move the Company's trading status from 'Limited
Information' to 'Current Information'. Due to a number of recent
corporate developments the original documentation that had been
prepared is now outdated and is currently being rewritten. Upon
completion of the rewrite the documentation will be resubmitted to
council for review. This is ongoing and Rangemore will advise
shareholders as the process moves forward.
"We are very aware of the need to become a 'Current Information' filer
with OTC Markets" stated Richard Smith, Secretary & Treasurer of
Rangemore. "We are doing everything we can to complete the process in a
timely manner but due to a number of recent corporate developments we
are having to rewrite the documentation to accurately reflect the
current position of the Company" continued Mr. Smith.
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.