MIAMI BEACH, FL,
JAN. 15, 2014 /PRNewswire/ - 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 StatementsExcept 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.