Rangemore to commence process to become fully reporting
MIAMI BEACH, FL, Sept. 3, 2013 /PRNewswire/ – Rangemore Film Productions Corp. (“Rangemore”) (OTCPINK:RANF) today announces that management has approved the decision to commence
the process to become fully reporting with the Securities and Exchange
Commission. Management has also recommended looking into the process
of quoting its preferred shares under an independent CUSIP number and
Becoming fully reporting involves:
-- retaining a PCAOB registered auditing firm; -- meeting with auditors and lawyers to map out process; -- auditing the financial statements; -- completing and filing a Registration Statement with the SEC; -- filing a FORM 211 with FINRA; -- filing documents electronically with EDGAR.
Upon approval Rangemore will be able to:
-- quote its common shares on the OTC-QB of the OTC Markets tiered marketplace; -- quote its common shares on the OTC-Bulletin Board.
Advantages of being fully reporting:
-- transparency; -- credibility; -- possibility of quoting preferred shares; -- opens the doors to new funding opportunities; -- ability to co-list in Europe; -- ability to offer incentive options to encourage high-end personnel.
“Now that we have successfully reached ‘Current Information’ status with
OTC Markets, the next step is to become fully reporting with the
Securities and Exchange Commission” stated Richard Smith,
Secretary/Treasurer of Rangemore. “Becoming fully reporting will add
credibility, transparency, allow us to co list in Europe, and open up
the possibility of quoting the preferreds under their own CUSIP number
and symbol. We are looking at all options available but the first step
is to get the fully reporting status underway then decide where to go
from there. We are now meeting with our auditors and lawyers to
clearly establish the steps, the cost and timing. We will keep
shareholders updated as we progress” concluded Mr. Smith.
About Rangemore Film Productions Corp. (Formerly Auctions International
Rangemore Film Productions Corp. is a publicly traded company who in the
business of operating film studios and co-producing independent film
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
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
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 Auction
International Inc’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.