Rangemore/Flick Me identifies additional UK tax relief for film projects
MIAMI BEACH, FL, March 14, 2013 /PRNewswire/ – Auctions International Inc.
(“Auctions”) (OTCPINK: AUCI) announces that Rangemore Productions Corp.
(“Rangemore”) and its new joint venture partner Flick Me Productions
Limited (“Flick Me”) has identified and will be utilizing the UK Film
Tax Credit Program to subsidize its independently produced film
The Film Tax Credit Program works independently of the HMRC Enterprise
Investment Scheme, which was previously announced. The UK Film Tax
Credit Program is a TAX REFUND issued by HMRC directly to the producer
of a film project. Each film project can apply for a tax refund for up
to a total of 25% of approved expenditures incurred in its development
and production which can then be passed on to the initial investors or
reinvested into future projects. This is different from the HMRC
Enterprise Investment Scheme which allows Flick Me to issue a 30% tax
credit to investors for any cash investment made into one of its
independent films. The HMRC Enterprise Investment Scheme will be used
to raise the funds necessary to bring the film projects into production
while the UK Film Tax Credit will be filed to get to a 25% refund of
“The combination of the ability to issue a 30% tax credit for investment
dollars combined with up to 25% tax refund of expenditures makes an
investment into any one of Flick Me’s productions very attractive”
stated Andrew McLaughlin, President & CEO of Rangemore. “Rangemore
will benefit by being able to participate in the royalties under any
partnership arrangement we make in individual Flick Me Production’s
projects as well as providing the studio and production facilities to
those projects” 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.
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.