MIAMI BEACH, FL, March 15, 2013 /CNW/ - Auctions International Inc.
("Auctions") (OTCPINK: AUCI) would like to clarify to shareholders the
arrangement between Rangemore Productions Corp. ("Rangemore") and its
new joint venture partner Flick Me Productions Limited ("Flick Me") and
how it will affect Rangemore. The basic understanding is as follows:
Flick Me will make an agreement with a scriptwriter to develop a
specific film project then will become the Executive Producer and hold
the bulk of the royalties. For this, Flick Me will finance the project
using the HMRC Enterprise Investment Scheme. As previously announced,
Flick Me will be able to issue a 30% tax credit for any cash investment
and can raise up to £16 million annually for one or multiple projects.
There is a very high demand for this type of investment.
Rangemore will provide the studio and production facilities for which it
will receive compensation in the form of cash and a royalty for each
project utilizing the facilities. Rangemore will also have the
opportunity to increase its royalty percentage by issuing Flick Me
common or preferred stock. The purpose of acquiring a royalty is that
Rangemore can participate in the box office success of the projects -
it is the "Blue Sky" of the business plan. The end goal is to keep the
studio at maximum occupancy while creating a diversified portfolio of
In addition to the above, each year Flick Me can apply for a Film Tax
Credit to get a refund for up to 25% of expenditures incurred in any of
the projects. This application is filed with the annual corporate tax
return and any refund received is then be passed on to the initial
investors or reinvested into future projects.
"The combination of Flick Me and Rangemore is very unique" stated Andrew
McLaughlin, President & CEO of Rangemore "with Flick Me providing
sourcing and funding of the film projects, matched with Rangemore and
its studio facilities making for a very strong partnership" continued
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 www.rangemoreproductions.com.
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