MIAMI BEACH,
FL, March 15, 2013
/PRNewswire/ - 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 film
royalties.
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 Mr. McLaughlin.
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.