MIAMI BEACH, FL,
Nov. 15, 2013 /PRNewswire/ -
Rangemore Film Productions Corp. ("Rangemore")
(OTCPINK:RANF) announces its 2013 third quarter results.
The September 30, 2013 financial
statements along with a quarterly report are available for download
from the OTC Markets website at www.otcmarkets.com.
The highlights of the report are:
- Current assets have grown from $195 at September
2012 to $374,521 at
September 2013, an increase of
$374,326 over a one year
period. This is as a result of the operations merged in on
March 31, 2013.
- Total assets have increased from $443,919 at September
2012 to $691,523 at
September 2013.
- Accounts payable increased from $0.00 at September
2012 to $39,293 at
September 2013. This is a
result of sustaining the existing operations and uplifting the
quotation of the common shares as well as commencement of expansion
of both the studio and film funding operations.
- Amounts owing to management increased to $55,876 due to management paying corporate
expenses.
- Due to stockholder's liability has decreased $96,283 as a result of settlement.
- Common stock issued increased by 87,530,070 during the
period. This was a result of debt settlement.
$87,530 of debt was settled at
$0.001 par value and subject to Rule
144 restriction. This was double the current market price at
the time.
- Notes Payable increased for $0 to
$382,735. This was a result of debt
consolidation. The majority of amounts are due to management
and shareholders for expenses and services.
- Revenue for the nine months ended September 2013 was $155,553 compared to $0 generated over the same period last year.
During the third quarter of 2013 management
continued to execute on its previously announced six month
goals. It sourced and begun reviewing one television and four
independent film projects. It is currently developing the
corporate and funding structures for these projects. It also
continued its due diligence on the identified film studio
properties targeted for acquisition. This process is
ongoing.
Now that the third quarter is completed, the
management is starting the process to become fully reporting in
the United States. This
involves a two year audit and filing a Form 10. Once this has
been cleared by the SEC, an application to list on the CNSX will be
completed and submitted along with a Prospectus filed with the
BCSC.
About Rangemore Film Productions Corp. (Formerly Auctions
International Inc.)
Rangemore Film Productions Corp. is a publicly traded company in
the business of operating film studios and co-producing independent
film productions.
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 basis.
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 activities.
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 Rangemore Film Productions Corp'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.