MIAMI BEACH, FL, Dec. 4, 2012 /PRNewswire/ - Auctions International, Inc. ("Auctions") (OTCPINK: AUCI) is pleased to announce that in anticipation of the closing of the merger between Auctions and Rangemore Productions Corp. ("Rangemore"), both parties have completed their pre-condition due diligence and are moving forward to signing and closing a definitive Merger Agreement.
About Auctions International, Inc.
Auctions International, Inc. is a publicly traded company whose core business is 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.
On October 24, 2012, Auctions announced that it had entered into a binding Letter of Intent to merge with Rangemore Productions Corp.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.