MIAMI BEACH,
FL,
JAN. 15, 2014 /PRNewswire/
- Rangemore Film Productions Corp. (the "Company") (OTCPINK:RANF)
announces that effective immediately FINRA has approved and
accepted the following corporate actions: corporate name change
from Rangemore Film Productions Corp. to Cre8tive Works, Inc; a
reduction in the authorized common shares capital from
2,000,000,000 (two billion) down to 250,000,000 (two hundred fifty
million); and a reverse split of the issued and outstanding common
shares on a 1 (one) for 250 (two hundred fifty) basis. The
changes will take effect on the opening of trading
January 16, 2014. The common shares will
trade under the symbol RANFD until
February
14, 2014 when the stock symbol will change to FILM. Reasons
for the restructuring: Price per share – the rollback will increase
the price per share to above
$0.01. The sub-penny markets are getting
harder to trade and next to impossible to finance. Funding – with a
sub penny share price the Company was unable to fund because of
dilution. Post rollback the share price should be well above
$0.01 and allow management to close
on numerous funding opportunities that have been presented. Meet
listing requirements for CNSX - listing on the Canadian National
Stock Exchange (CNSX) requires a minimum
$0.02 price per share. Stabilize the public
market – with only a few million shares in the public float and a
listing on the CNSX, which is a broker sponsored market, the price
per share will stabilize and the day traders will be forced to go
elsewhere. Price appreciation - with a tighter stock structure and
a public float of only a few million shares, the price per share
will have a much better opportunity to appreciate as the Company
progresses. The potential return on investment will be
greater over the long term under the new structure. Larger
potential audience – with a higher share price the Company will
have access to investors who do not trade sub penny stocks such as
institutions and Europeans. Listing in
Europe – the Company will now be able to list
its common shares for trading on a European Stock Exchange.
Co-listings in
Europe are not
accepted with a sub penny share price. Credibility - the Company
was losing opportunities because of the stigma that is attached to
a sub penny share price and could not attract key personnel.
Acquisitions – the Company will be able to use common shares to
acquire larger assets and other industry related companies.
Currently management has identified three potential acquisition
targets. The reverse split will not: Affect shareholder's
percentage ownership interest in the Company. Affect shareholder's
proportionate voting power. Alter the rights of common
stockholders. Shareholders may at their discretion return any share
certificates they are holding to the transfer agent to be changed
to reflect the above corporate actions. Shareholders holding
stock in a brokerage account will not have to take any action. The
management of the Company ask that shareholders be patient and
allow the Company to properly fund and develop it business
plan. Management is confident that over the long term
shareholders will be rewarded for their patience. The Company is in
the process of updating the corporate website to reflect the
changes. About Rangemore Film Productions Corp.Rangemore Film
Productions Corp. is a publicly traded company in the business of
operating film studios and investing in 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 and a 13
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 activities.
Forward Looking StatementsExcept 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.