MIAMI BEACH, FL, March 8, 2013 /PRNewswire/ - Auctions
International Inc. ("Auctions") (OTCPINK: AUCI) announces that
Rangemore Productions Corp. ("Rangemore"), with whom Auctions has
entered into a merger agreement, has negotiated an understanding
with Flick Me Productions Limited ("Flick Me") to acquire the right
to participate in the revenues of Flick Me's independently produced
film projects.
Flick Me, a privately held independent film
producer based in the United
Kingdom has agreed to grant Rangemore the right to purchase
certain interests in film projects produced by Flick Me in exchange
for cash and/or restricted stock. This understanding will
allow Rangemore to participate in the revenues of selected films
projects without being responsible for any funding, directing,
producing or distribution. Each film project will be subject to a
selection process and an independent royalty agreement. This
arrangement will add a lucrative dimension to Rangemore's current
business model by adding the ability to participate in film
projects without significant cash outlay.
The ability to participate in the payouts of the
independently produced movies is where the upside in the movie
industry lies. Low budget pictures produced by independent
production companies in the past have been able to routinely
generate revenues in excess of $2
million when one considers not only theater, but
pay-per-view, home video, foreign markets and ancillary revenues.
Looking at the top low budget independently produced pictures, the
average 10-year gross was in the neighborhood of $9 million while the top 8 grossed more than
$30 million and the number one
pictures earned just over $120
million. The lowest picture in the sample earned
approximately $2 million.
Occasionally, feature films produced for less than $50,000 will gross hundreds of thousands or even
break the multi-million dollar mark. It is the intention of
Rangemore, through the arrangement with Flick Me, to create a large
and diversified portfolio of film royalties in these types of
independently produced films. Rangemore's goal is to generate the
maximum amount of return for the minimum amount of
investment. Flick Me has two films in pre-production both of
which Rangemore is currently reviewing to establish if and to what
extent Rangemore will participate.
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.
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 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.