Amfil Technologies Inc. Green Lights the Reduction of the Company's Outstanding Share Count By a Minimum of 40%

TORONTO, ON / ACCESSWIRE / December 8, 2016 / Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to announce to its shareholders and the investment community that last week the company's attorney was given the go ahead to contact the Secretary of State of New York and complete any and all filings necessary to amend our articles of incorporation and create a preferred share class. The reason for this is because our CEO & President Roger Mortimer has committed to retiring between 250M to 350M of his common stock holdings in the company in exchange for preferred shares. This roll up of shares owned by our majority shareholder in exchange for non-trading preferred shares should emphasize the long term commitment to the shareholders, and furthermore provides the ability for us to make potential acquisitions in the future in a non-dilutive manner.

With the company's public float with the DTC being under 200M shares yet our outstanding share count being over 700M shares, there was a bit of a disconnect in terms of our overall share structure. By having approximately 250M to 350M shares of the company's outstanding common stock retired, shareholders should see a dramatic reduction by a minimum of 40% of the company's current outstanding share count.

The company cannot give the exact date that this share reduction will take effect at this time however it is working diligently to get this process completed as soon as possible and does not expect that it will take very long. An announcement will be made verifying completion once this has been finalized and we will also be addressing progress within our operating subsidiaries shortly as well.

We thank our shareholders for being a part of our company and are excited for what the future has in store for us.

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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