Auctions International Inc. Signs Binding Letter of Intent to Merge With Rangemore Productions Corp.
MIAMI BEACH, FLORIDA--(Marketwire - Oct. 24, 2012) - Auctions International Inc. ("Auctions") (PINKSHEETS:AUCI) is pleased to announce that, as a result of Management's ongoing commitment to shareholders to find and acquire undervalued opportunities, Auctions has entered into a binding Letter of Intent ("LOI") to merge with Rangemore Productions Corp. ("Rangemore"). Rangemore operates a film studio on the Isle of Man, known as Island Studios which is a complete film production facility providing producers and directors with a turnkey solution for their creative needs. Island Studios is located two miles outside the town of Ramsey and is approximately 7 acres in size and houses the following:
Film studio Sound studio
Animation studio Dressing rooms
Make-up studio Canteen & dormitory
Offices & administration Storage
The Studios have been operating since 2002 and generate up to $13,000 per week depending on the size and number of projects utilizing the facilities.
Along with the studio operations, Rangemore will be actively producing their own independent film productions. The Studio operations are the backbone of the business while the film productions provide the unlimited upside. The management of Rangemore is in the process of reviewing a number of projects and joint venture opportunities. For more information on Rangemore Productions please visit www.rangemoreproductions.com or call 305.851.2469.
The Letter of Intent provides for a period of due diligence which will lead to a formal agreement whereby Auctions and Rangemore will merge under one entity with the studio operations becoming a division of Auctions.
The decision to enter into the LOI will in no way effect the previously announced merger with Amero International Inc.
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 May 30, 2012, Auctions announced a merger with Amero International Inc. ("Amero"). Amero manufactures, distributes, and retails recreational products and collectibles via the internet. It owns and operates the web portal, CMC Mint, which offers mint collectibles and investment pieces, jewelry, coins, and antique replicas with varying quantities of gold and other precious metals. The company is based in Winnipeg, Canada.
For more information on Amero please visit: www.cmcmint.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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Auctions International Inc.