[b]AUCI HUGE Auctions - Rangemore Merger Summary and Update
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PR Newswire
MIAMI BEACH, FL, Feb. 12, 2013
MIAMI BEACH, FL, Feb. 12, 2013 /PRNewswire/ - Auctions International Inc. ("Auctions") (OTCPINK: AUCI) would like to update shareholders of Auctions and Rangemore Productions Corp. ("Rangemore") regarding the ongoing merger between the two parties.
The following events have occurred to-date:
October 24th, 2012, a Binding Letter of Intent was signed between Auctions and Rangemore to merge the two entities and take over operations of Island Studios.
December 4th, 2012, it was announced that both parties had completed their due diligence and had agreed to move into a formal merger agreement.
December 31st, 2012, a definitive Merger Agreement was signed between Auctions and Rangemore.
January 22nd, 2013, a transitional management team was announced.
January 24th, 2013, the management of Auctions commenced the process for changing its name from Auctions International Inc. to Rangemore Film Productions Corp. in anticipation of the closing of the previously signed merger.
January 31st, 2013, Auctions received majority shareholder approval to change its name from Auctions International Inc. to Rangemore Film Productions Corp.
The following events still have to be completed:
A Certificate of Amendment to be filed with the State of Nevada reflecting the change in name from Auctions International Inc. to Rangemore Film Productions Corp.
Issuer Company-Related Action Notification Form to be filed with FINRA to reflect the change in name and request a new trading symbol.
The financial statements for both Auctions and Rangemore to be completed for the fiscal year ending December 31, 2012.
An Articles of Merger to be prepared and filed with the State of Nevada.
An updated Information and Disclosure Statement to be completed and filed with OTCMarkets.
Consolidated financial statements to be completed and filed with OTCMarkets.
"We are very pleased and excited that the merger between Auctions and Rangemore is moving ahead as planned" stated Andrew McLaughlin, CEO of Auctions. "There is still a lot of work to be done but we are right on schedule and confident that we will close the transaction on or before March 31, 2013" continued Mr. McLaughlin.
