Amfil Technologies Inc. Revenues Increased to $1,542,389 for Q2 2017 Posting a 4500% Growth Rate Over Q2 2016
January 25 2017 - 9:03AM
InvestorsHub NewsWire
SOURCE: Amfil Technologies Inc.
|
TORONTO, ON--(NewMediaWire - January 25, 2017) - Amfil
Technologies Inc. (OTC
PINK: AMFE) is pleased to report that revenues for Q2 2017
increased to $1,542,389 with gross profit of $956,918 compared to
$33,474 and $3,384 respectively for the same period Q2 2016. This
4500%+ increase in revenue year over year is a reflection of the
Snakes & Lagers Inc. acquisition that closed in September 2016.
Inventory has increased to $3,369,581 which primarily consists of
nearly 500 pallets of board game inventory held in leased storage
warehouse facilities close to the Snakes & Lattes
locations.
The company is currently looking into another site in Uptown
Toronto which is approximately 10,000 sq. ft. and will host up to
250 customers.
On January 13th 2017 the amendment to our articles was filed
with the Secretary of State to create a preferred class of
securities. Once this process is completed, there will be a
reduction of over 40% of the outstanding share count. We expect the
process to be completed shortly and will provide an update once
finalized. The public float of the company with the DTC remains
unchanged to date at 192,860,481.
Thus far into 2017, the company has been successful in executing
its growth based strategy for all subsidiaries, with multiple
projects in the works to increase revenues and shareholder value.
We intend to provide updates on further developments in the coming
weeks.
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 OTC Market or 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, market the technology, 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 INFORMATION
CONTACT:
Roger Mortimer
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: ir@amfiltech.com
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