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SOURCE Auctions International, Inc.
MIAMI BEACH, FL, March 8, 2013 /PRNewswire/ - Auctions International Inc. ("Auctions") (OTCPINK: AUCI) announces that Rangemore Productions Corp. ("Rangemore"), with whom Auctions has entered into a merger agreement, has negotiated an understanding with Flick Me Productions Limited ("Flick Me") to acquire the right to participate in the revenues of Flick Me's independently produced film projects.
Flick Me, a privately held independent film producer based in the United Kingdom has agreed to grant Rangemore the right to purchase certain interests in film projects produced by Flick Me in exchange for cash and/or restricted stock. This understanding will allow Rangemore to participate in the revenues of selected films projects without being responsible for any funding, directing, producing or distribution. Each film project will be subject to a selection process and an independent royalty agreement. This arrangement will add a lucrative dimension to Rangemore's current business model by adding the ability to participate in film projects without significant cash outlay.
The ability to participate in the payouts of the independently produced movies is where the upside in the movie industry lies. Low budget pictures produced by independent production companies in the past have been able to routinely generate revenues in excess of $2 million when one considers not only theater, but pay-per-view, home video, foreign markets and ancillary revenues. 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 one pictures 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. It is the intention of Rangemore, through the arrangement with Flick Me, to create a large and diversified portfolio of film royalties in these types of independently produced films. Rangemore's goal is to generate the maximum amount of return for the minimum amount of investment. Flick Me has two films in pre-production both of which Rangemore is currently reviewing to establish if and to what extent Rangemore will participate.
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.
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