|By PR Newswire||
|January 15, 2014 02:30 PM EST||
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.
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