MIAMI BEACH,
FL, JAN. 15, 2014 /CNW/ -
Rangemore Film Productions Corp. (the "Company")
(OTCPINK:RANF) announces that effective immediately FINRA has
approved and accepted the following corporate actions: corporate
name change from Rangemore Film Productions Corp. to
Cre8tive Works, Inc; a reduction in the authorized common
shares capital from 2,000,000,000 (two billion) down to 250,000,000
(two hundred fifty million); and a reverse split of the issued and
outstanding common shares on a 1 (one) for 250 (two hundred fifty)
basis. The changes will take effect on the opening of trading
January 16, 2014. The common
shares will trade under the symbol RANFD until February 14, 2014 when the stock symbol will
change to FILM.
Reasons for the restructuring:
- Price per share – the rollback will increase the price per
share to above $0.01. The
sub-penny markets are getting harder to trade and next to
impossible to finance.
- Funding – with a sub penny share price the Company was unable
to fund because of dilution. Post rollback the share price
should be well above $0.01 and allow
management to close on numerous funding opportunities that have
been presented.
- Meet listing requirements for CNSX - listing on the Canadian
National Stock Exchange (CNSX) requires a minimum $0.02 price per share.
- Stabilize the public market – with only a few million shares in
the public float and a listing on the CNSX, which is a broker
sponsored market, the price per share will stabilize and the day
traders will be forced to go elsewhere.
- Price appreciation - with a tighter stock structure and a
public float of only a few million shares, the price per share will
have a much better opportunity to appreciate as the Company
progresses. The potential return on investment will be
greater over the long term under the new structure.
- Larger potential audience – with a higher share price the
Company will have access to investors who do not trade sub penny
stocks such as institutions and Europeans.
- Listing in Europe – the
Company will now be able to list its common shares for trading on a
European Stock Exchange. Co-listings in Europe are not accepted with a sub penny share
price.
- Credibility - the Company was losing opportunities because of
the stigma that is attached to a sub penny share price and could
not attract key personnel.
- Acquisitions – the Company will be able to use common shares to
acquire larger assets and other industry related companies.
Currently management has identified three potential acquisition
targets.
The reverse split will not:
- Affect shareholder's percentage ownership interest in the
Company.
- Affect shareholder's proportionate voting power.
- Alter the rights of common stockholders.
Shareholders may at their discretion return any share
certificates they are holding to the transfer agent to be changed
to reflect the above corporate actions. Shareholders holding
stock in a brokerage account will not have to take any action.
The management of the Company ask that shareholders be patient
and allow the Company to properly fund and develop it business
plan. Management is confident that over the long term
shareholders will be rewarded for their patience.
The Company is in the process of updating the corporate website
to reflect the changes.
About Rangemore Film Productions Corp.
Rangemore Film
Productions Corp. is a publicly traded company in the business of
operating film studios and investing in independent film
productions.
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
basis.
Along with the studio operations, Rangemore will be actively
investing in and co-producing independent film productions.
Currently Rangemore has a preliminary agreement to participate in
the royalties of an independent film production being developed in
the United Kingdom and a 13
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 activities.
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 Corp.'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.
SOURCE Rangemore Film Productions Corp.