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SOURCE Auctions International, Inc.
MIAMI BEACH, FL, March 12, 2013 /PRNewswire/ - Auctions International Inc. ("Auctions") (OTCPINK: AUCI) announces that Rangemore Productions Corp's. ("Rangemore") new joint venture partner Flick Me Productions Limited ("Flick Me") has been approved by the Her Majesty's Revenue and Customs (HMRC) to issue tax credits under the HMRC Enterprise Investment Scheme.
This approval will allow Flick Me to issue a 30% tax credit for any cash investment made into one its independent films for up to £16 million annually and traditionally there is a very strong demand for these types of investments. Public companies cannot apply for this tax credit scheme, so the intent is to raise funds for the film productions under Flick Me using the Enterprise Investment Scheme and then allow Rangemore to purchase royalties in each of the films by issuing preferred stock to Flick Me once the initial funding has been completed.
"Flick Me's ability to now issue tax credits is a huge plus for us" stated Andrew McLaughlin, President & CEO of Rangemore Productions. "Flick Me will be able to raise up to £16 million per year without having to rely on Rangemore issuing large blocks of stock at a very low price to fund the film productions. The combination of the tax credits along with the preferred stock issuances for the royalties was the only feasible solution we could see whereby Rangemore could participate in the profit sharing of the Flick Me films without experiencing massive dilution." finished Mr. McLaughlin.
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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