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SOURCE Rangemore Film Productions Corp.
MIAMI BEACH, FL, Oct. 9, 2013 /PRNewswire/ - Rangemore Film Productions Corp. ("Rangemore") (OTCPINK:RANF) announces that it is on schedule with the execution of its studio
expansion plan and is now entering the due diligence and acquisition
PLANNING PHASE - COMPLETED
On May 14, 2013, Rangemore announced that management had approved a plan
to commence the search for potential acquisitions to expand its studio
operations. The expansion plan would identify suitable properties in
four key markets: Asia; South Africa; Europe and North America.
Potential acquisition sites would 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.
RESEARCH PHASE - COMPLETED
On June 18, 2013, Rangemore announced the initial results of the
previously announced studio expansion plan. Management of Rangemore
had identified suitable properties in the following locations: Yangon,
Myanmar (Burma); Saipan, Commonwealth of the Northern Mariana Islands
(CNMI); and Santa Maria, Sal Island, Cape Verde.
DUE DILIGENCE AND ACQUSITION PHASE - ON GOING
After careful consideration the management of Rangemore has decided to
focus on Saipan, Commonwealth of Northern Mariana Islands for the
Asian film industry is growing at an exponential rate and is currently
being under serviced.
Saipan is easily accessible from Japan and China to capitalize on this
Saipan is a member of the Common Wealth of the United States which adds
a level of political stability.
Progressive government willing to work together to create jobs and
develop a sustainable film industry.
Cost effective and readily available labor force.
Low per square foot lease costs.
Beautiful tropical environment which is always in season.
Colorful marine life making for exceptional underwater filming.
Growing film industry. Just in its infancy but quickly gaining
Good inventory of properties suitable for cost effective conversion into
movie or television studio.
Andrew McLaughlin, Rangemore's CEO is in Saipan during the month of
October 2013 to:
Meet with the local government officials to discuss vision and to
establish working relationship.
View potential properties with intent to identifying properties suitable
for conversion into film and sound studios.
Complete due diligence on suitable properties.
Meet with property agents and owners to discuss leasing terms.
Look for other opportunities.
"As part of any asset acquisition or expansion you must do due
diligence, go visit the sites, meet with the local government
officials, establish working relationships, set up infrastructure and
get your presence known. Andrew is over there doing all that right
now." stated Richard Smith, Secretary and Treasurer of Rangemore. "We
have identified a number of exceptional opportunities in Saipan and we
are now positioning ourselves to be able capitalize. We are very much
looking forward to seeing the results of Andrew`s trip and moving
forward to the operating phase of our expansion plan" continued Mr.
About Rangemore Film Productions Corp.
Rangemore Film Productions Corp. is a publicly traded company who is in
the business of operating film studios and co-producing independent
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 revenue sharing agreement with an independently produced feature
film and a second agreement with a ten 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
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 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.
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