MIAMI BEACH, FL, Oct. 21, 2013 /CNW/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK: RANF) is pleased to announce the first week's results of the previously
announced contract with Hub Consulting Services. Under the contact,
Hub is responsible for sourcing and vetting potential film projects.
In the very first week that contract was in force, Hub introduced
Rangemore to three films and one television project. The projects were
all pre-qualified by Hub and have complete scripts and are at minimum
in the preproduction phase of development allowing for quick execution
into production. The management of Rangemore is currently reviewing
each of the projects and upon joint approval will then commence
negotiations to acquire royalties or a percentage of the profits. The
working titles and details of each project will be released as terms
are met and agreements finalized.
Due to the initial results generated by Hub, the management of Rangemore
is creating a film advisory board to be responsible for vetting and
approval of potential film projects. The advisory board will be
independent of Rangemore and comprised of individuals with experience
in film production, film finance, and distribution. Having an
independent board responsible for the screening for suitable film
projects will significantly speed up the review process and allow the
management of Rangemore to focus on the ongoing studio expansion and
general corporate development. The management of Rangemore is
currently interviewing potential board appointees.
In addition, the management of Rangemore and Hub are in the process of
establishing corporate structure guidelines for the oncoming film
projects. The guidelines will identify which corporate structures are
best for which projects, which funding mechanisms to utilize and when,
any available tax incentives and government grants, ongoing accounting
and reporting requirements, and other corporate related issues. The
purpose of the guidelines is to streamline the development of the
corporate infrastructure for each film project and to ensure that the
end result is maximizing investment potential and return.
"We are extremely pleased with the initial results from Hub," stated
Richard Smith, Secretary and Treasurer of Rangemore. "The projects
coming in are first rate and because of Hub, the film investment side
of our business is moving forward at a much faster pace than we
anticipated. We have a lot of work ahead us researching and
establishing the correct corporate structures and related precedents as
well as negotiating the terms with all the producers and directors for
the different film projects. It is going to be a very busy last
quarter of 2013 and spring 2014 but we are very much looking forward to
it," continued Mr. Smith.
About Rangemore Film Productions Corp.
Rangemore Film Productions Corp. is a publicly traded company who is in
the business of operating film studios and co-producing independent
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;
established 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 revenue sharing agreement with an independently produced feature
film and a second agreement with a ten episode cartoon series.
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
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 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:
For more information on Rangemore Film Productions Corp. please call 786.924.6579 or go to www.rangemorefilmproductions.com