MIAMI BEACH, FL, June 6, 2013 /CNW/ - Rangemore Film Productions Corp. ("Rangemore") (formerly Auctions
International Inc.)(OTCPINK:RANF) today announces that it has made available to the public its first
quarter results. The March 31, 2013 financial statements are available
for download on the Company's website at www.rangemorefilmproductions.com and will be posted to OTC Markets as part of the ongoing process to
become a 'Current Information' filer.
The highlights of the report are:
Current assets have grown from $1,493 in March 2012 to $363,653 in March
Due to management liability has increased by $117,448 compared to 2012.
This is due to management supporting the company and paying corporate
Due to stockholders liability has decreased $64,815 as a result of a
debt settlement negotiated by previous management.
Revenue for March 2013 is $93,959 compared to $0 generated during the
same period last year.
Operating loss for the first quarter in 2013 is $52,713 compared to
$9,085 in previous year.
"The financial statements clearly demonstrate that there is a new and
growing business" stated Andrew McLaughlin, CEO of Rangemore. "It is
always difficult turning a company around with limited capital and a
sub penny share price but I think management has done a commendable job
given the inherited situation. We still have a lot of work to do but
we are well on our way to making Rangemore a success and as each day
goes by we get a little stronger." continued Mr. McLaughlin.
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:
For more information please call 305-851-2469
On the web go to www.rangemorefilmproductions.com