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MIAMI BEACH, FL, June 18, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK: RANF) announces the initial results of the previously announced studio
expansion plan.
The expansion plan calls for management to identify suitable properties
to service four key markets:
Asia
South Africa
Europe
North America
Target properties must meet minimum criteria:
Low cost per square foot
Easy conversion into usable studio space
Established local infrastructure
Limited or non-existent competition
Government incentives
After an extensive search, Rangemore has identified suitable properties
in the following locations:
Asia
Yangon, Myanmar (Burma)
Excellent positioning for Asian film market. Myanmar was known as
"Asian Hollywood" until the mid 1960's and has a very rich history of
film making. The Myanmar government is keen to reestablish its film
industry and increase its appeal as an international filming location.
With global film industries hungry for new and exotic places to
showcase to their audiences, Myanmar is starting to attract attention
on a global scale and as a result its movie industry is experiencing a
rebirth with 20th Century Fox leading the way by releasing its first film in Myanmar
since 1962. The management of Rangemore recognizes that the Myanmar
film industry is poised to take off and offers a unique opportunity to
get positioned in the Asian film market a very reasonable cost. It has
identified a number of properties that meet the minimum criteria and is
in the process of completing due diligence.
Saipan, Commonwealth of the Northern Mariana Islands (CNMI)
Another excellent location to service the growing Asian film industry.
CNMI is part of the Common Wealth of the United States which adds a
level of political stability and because of its favorable climate and
close proximity to Asia; the CNMI has the potential to become a prime
destination for the production of movies, television shows,
commercials, and music videos. Recent film shootings on the island
include the Japanese and Chinese versions of "Survivor" and a music
video by South Korean girl band "Secret". The Northern Marianas College
in the CNMI operates supportive and postproduction programs including
facilities for the film industry and the CNMI government is also very
progressive offering with incentive plans and partnership
arrangements. Rangemore is has identified one specific property that
meets requirements on the island.
South Africa
●
Santa Maria, Sal Island, Cape Verde - Burgeoning film industry. Just in its infancy but growing rapidly.
Cabo Verde International Film Festival is now in its fourth year and
gaining international recognition. Again, another opportunity to get
in on the ground floor with little up front capital. Cape Verde is
attempting to become part of the European Union which will add
stability and growth. Rangemore has identified one property that has
met the minimum criteria.
The identified acquisitions will be either purchased outright utilizing
a debt structure or leased on a short or long term basis. Andrew
McLaughlin, Rangemore's CEO, is currently heading up the expansion
project utilizing his contacts from years in the property development
industry.
"There are a number of real prospects for the expansion of our studio
operations" stated Andrew McLaughlin, CEO of Rangemore. "We know there
is huge growth projected for the Asia film industry and we want to be
well positioned to take full advantage. By acquiring properties in
Myanman, Saipan or both we will be able to participate in this
phenomenal growth at a fraction of the cost of studio facilities in
more traditional locations. We are very excited about the
opportunities we have uncovered and are aggressively moving forward to
develop each of these situations" continued Mr. McLaughlin.
About Rangemore Film Productions Corp. (Formerly Auctions International
Inc.)
Rangemore Film Productions Corp. is a publicly traded company who 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.
Source: http://www.articles.myanmaronlinecentre.com/rangemore-identifies-acquistions-for-studio-property-portfolio-sys/
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