MIAMI BEACH,
FL, April 29, 2013
/PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore")
(formerly Auctions International Inc.)(OTCPINK:RANF) would like
to announce that Rangemore is reporting gross revenue of just over
$90,000USD for the first quarter
ending March 31, 2013 and is on
target to meet the projected base annual earnings for the year
ended December 31, 2013. The
revenue being generated is from the studio operations which are the
finite portion of the Rangemore business model. The studio
operations are very simple - you have studio space and you rent
it. Each location will have a maximum amount of revenue it
can generate based on square footage and you grow by acquiring
additional space. The current studio facility is generating
revenue at approximately 70% of maximum capacity and management is
actively looking for additional space to acquire either under lease
or to purchase.
"The annual gross revenue from our studio
operation for the first year is anticipated to be $500,000 and we are on target with this
projection" stated Andrew
McLaughlin, President & CEO of Rangemore. "The current
studio operations are operating at approximately 70% capacity and
it is time we begun to look for additional space to grow this side
of our business" continued Mr. McLaughlin.
In addition to the studio operations, Rangemore
is currently in negotiations for royalties in two independent film
projects. The royalty side of the business is where the large
returns are going to be. Low budget pictures produced by
independent production companies in the past have been able to
routinely generate revenues in excess of $2
million. 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 1 picture 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.
"The royalty side of our business is where we
are going to get our exponential growth" continued Mr.
McLaughlin. "The studio operations are predictable and
measurable while the royalty side is where the excitement is - the
'Blue Sky'. Our end goal is to build a large portfolio of
royalties in independent films while maintaining to grow our studio
operations" concluded Mr. McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions
International Inc.)
Rangemore Film Productions Corp. (formerly Auctions International
Inc.) is a publicly traded company who 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.
Along with the studio operations, Rangemore will be actively
investing in and producing independent film productions.
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.
For more information on Rangemore please call
305-851-2469.
On the web go to
www.rangemorefilmproductions.com.
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.