Amfil Technologies Inc. Files Q1 2016 and Provides Shareholder Update

TORONTO, ON / ACCESSWIRE / November 16, 2016 / Amfil Technologies Inc. (OTC Pink: AMFE) has filed its Q1 2016 Report with OTC Markets showing Revenues of $28,477, Cost of Goods Sold of $17,139 leaving a gross profit of $11,338.00. After Operating Expenses of $43,826.00 the company had a net loss on the quarter of $32,488.00 This is in comparison to Q1 2015 Revenues of $78,599.00, Cost of Goods Sold of $25,992.00 leaving a gross profit of $52,607.00. After Operating Expenses of $40,202.00 the company had a net profit of $12,405.00.

Our outstanding share count and public float with the DTC did see a slight increase this quarter to 741,043,098 and 192,859,481 respectively. This was attributable to a combination of debt reduction mostly related to audit/accounting costs, long standing funders who believe in the company's success and the acquisition (bearing restrictive legend). This is quite rare for our company to anyone that has been following for some time but was necessary to help clean up some overhanging debt and help our positioning moving forward. The company has for the vast majority always funded in-house so to speak through friends, family and close friendly shareholders and has never in the past or will in the future sign a toxic financing deal which is one of the major contributing factors to our public float being 192,859,481 which is cumulative since the company's inception in 1985. Additionally, the company has also never had to recapitalize or roll back its shares over the past 31 years and is proud to have every shareholder big or small from the past, still a part of our company today. Of the $494,297 in remaining liabilities, $239,171 is loans from management to the company and non interest bearing, sales tax payable of which the vast majority has been paid off in Q2, accounts payable and accrued liabilities from ongoing day to day business and prior audit fees which a large portion has been paid and will continue to be paid throughout Q2 as well as a convertible note to a family member of management and two long standing shareholders of the company.

At first glance, the Q1 year over year reduction in revenue and profit would appear to be a negative or that the company has downsized its current revenue generating subsidiary Interloc-Kings Inc. Quite the opposite is true however and the reduction is directly attributable to our recent hiring of additional crews for this subsidiary and an increased amount of larger scale open projects and work in progress as at September 30th 2016 that will be rolled over and reflected on our Q2 financial statements. In Q1 we took on two additional crews to help keep up with the increased demand for stone and wood installations this subsidiary provides and feel this will help us tremendously throughout the rest of this season and certainly next year.

There were also some additional expenses related to the recent acquisition of Snakes & Lagers Inc. however the company feels it was necessary and minimal in comparison to the benefit this deal will bring to Amfil Technologies Inc. In the future. Revenues from this subsidiary will begin to be reflected on our Q2 2016 financial statement. As stated previously we estimate approx. $2M - $3M in additional yearly revenues from this subsidiary and is very likely to be much higher in the future as current deals in progress and planned expansion comes to fruition.

The first goal of Amfil Technologies Inc. with regards to the recent acquisition is to assist and help support the team in place open an additional three Snakes & Lattes locations to add under the umbrella. We are currently and will be in the near future working on finalizing the franchising agreements so future would-be owners can gain access to the brand and help an exponential expansion. The company has been contacted by various potential candidates from all across North America looking to get into the business and wanting to purchase a franchise.

In order to properly meet the across the board demands that we know is needed to facilitate a large expansion Amfil Technologies Inc. is looking at potentially acquiring a company that it has been having discussions with regarding this process. This company appears to have the knowledge and technical skill to assist the company to franchise out our existing subsidiaries. It is potentially a great acquisition for under the Amfil umbrella to synergize the internal workings of each subsidiary to prepare for large scale expansion. Specializing in organizing processes that automate the completion of financial reporting, tax compliance and streamline the large scale purchasing, accounts receivable / payables and the many other systems needed for multiple locations and businesses. This potential addition could prove to be a major cog in the Amfil wheel of planned expansion and franchising of its existing subsidiaries.

As for the GROzone initiative, the company has been in discussions with highly qualified individuals who could be very capable marketers and lead generators for the GROzone product line. Previously while the company was having success with the technology and the GROzone 60 system, we lacked a proper sales network for the product and being able to showcase the positives the technology brought to the industry. Having marketers of the products focusing 100% of their time and effort into a space that they know, understand and are comfortable in we feel will lead to increasing sales for the subsidiary. North America has been pushing closer and closer towards full "Medical Marijuana" acceptance with there now being 36 licensed producers in Canada and with 26 states and the district of Columbia having legalized marijuana in some form. Three additional states appears will soon join that list and therefore while some would say we started early on this product, we feel we are ahead of the game and will need to use this to our advantage now to capitalize on this growth for the good of the GROzone venture.

That being said, we really appreciates all of our shareholders and we want to thank everyone on board for being a part of our company. We feel there are going to be some very exciting times ahead and having laid the groundwork for some large scale expansion across all of our subsidiaries, we hope you will be a part of the company as it unfolds. We will have some more detailed information on each of the respective subsidiaries and the work going on behind the scenes relating to each one in the very near future. Stay tuned and we hope you are excited as we are for what the future may hold for our company.

For more information, feel free to visit our website at www.amfiltech.com or to contact the company at ir@amfiltech.com.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

CONTACT:

Roger Mortimer
President
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: ir@amfiltech.com

SOURCE: Amfil Technologies Inc.

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