Amfil Technologies Inc. is Pleased to Announce the Filing of the
FYE 2018 Audited and FYE 2019 Unaudited Financial Statements
Reflecting Approximately 47% YOY Revenue Growth to $11,373,432 USD
TORONTO, ON, Canada -- November 18, 2019 -- InvestorsHub
NewsWire -- Amfil Technologies Inc. (OTC: FUNN) has submitted
audited FYE 2018 and unaudited FYE 2019 and Q1 2020 financial
statements with the OTC Markets Exchange which will remove the
‘Stop Sign’ status and bring the company current in its reporting
obligations. In the last three years, following the acquisition of
its largest revenue generating subsidiary, Snakes and Lattes,
Amfil Technologies Inc. has had top line revenue growth of over
4900% from FYE 2016 of $230,985 to FYE 2019 of $11,373,432. Three
of four years have now undergone a rigorous audit process,
validating the company’s substantial growth.
The FYE 2016 through FYE 2018 audit has been a long and arduous
process for the company and shareholders alike. The extended
process was a result of the considerable growth of Snakes &
Lattes from a small privately-owned board game café to a public
company. The company subsequently required significant updating of
accounting procedures, a process which has now been completed. The
company will file the audited FYE 2019 statements once completed
and will continue moving forward with its growth-orientated
business strategy while awaiting the ‘current information’ status
on OTC Markets to be updated accordingly.
As previously stated, the company will remain current with its
reporting obligations moving forward regardless of audit status (we
do NOT expect delays moving forward now that we have implemented
new practices, procedures, and other professional accounting
support). Regardless, to uphold our commitment to maintain the
Current Information status, we will be submitting ALL REQUIRED
filings/submissions on time. If not audited immediately, they will
be filed audited once they have been audited and signed off on.
During the last two weeks of the FYE 2018 audit process, the
auditors recommended adjusting certain revenue, COGS, inventory,
and accounts payable numbers across the board for two major product
lines that the company sells / fulfills. This was due to a lack of
proper response from the supplier for ‘confirmation requests’ in
time for completion. As a result, the company was re-classified as
an ‘agent’ for those particular products rather than a
‘seller’.
Despite the fact that the company was established as a ‘seller’
as opposed to being in the exact same relationships through
previous audits, we reluctantly accepted this change and made the
concession in an effort to complete and file the final audit ASAP.
Trying to dispute this matter last minute would have resulted in
further delays to audit completion, something neither the Company,
nor its shareholders would benefit from, especially being that the
information is currently so dated. Ultimately, the reclassification
from ‘seller’ to ‘agent’ made no difference to the overall
statements; the balance between assets and liabilities remains the
same as the original, with different numbers. What was removed from
accounts payable and inventory was also removed from revenue and
COGS. (Cost of goods sold)
The FYE 2019 reports the company provided has additionally
removed the revenue, COGS, inventory and accounts payable from the
same supplier, for the same reasons regarding the two particular
products. If proper confirmations from suppliers are received, the
company will have the option of adjusting FYE 2019, and will cross
that bridge when it comes. The Company does not want to dwell on
these types of ‘accounting semantics’, which have little to no
bearing on the underlying business and financial position. Rather,
the Company is focused on, and looking forward to the rest of the
fiscal year 2020.
This main growth Strategy for FY 2020 and beyond will be the
acquisition / merging of existing board game cafes under the Snakes
and Lattes brand. AMFIL is in talks with several companies to have
them merge in or be acquired under the Snakes & Lattes
umbrella. While opening new corporate locations from scratch will
still be on-going, this new strategy is believed to add additional
locations at a faster rate and at a lower cost. Guelph, ON as
recently announced will be the first accomplishment of this new
focus. Amfil is also in discussion to acquire or merge-in a large
fulfillment company in the near future. We are really looking
forward to completing the required upgrades/renovations and having
both the Tucson, AZ and Guelph, ON locations up and running in the
very near future.
The Company remains steadfast in its originally announced plans
to spin off some of the AMFIL activities, namely GRO3 and
Interloc-Kings, leaving Snakes & Lattes as the stand-alone
entity under ticker symbol FUNN. The ticker change to FUNN was the
first step into that direction and the name change should be
completed in the coming months. The goal is to spinoff the GRO3 and
Interloc-Kings Inc. subsidiaries into a separate stand-alone public
entity and provide current shareholders with a special dividend of
shares in the new entity based upon their holdings at the time this
action is completed.
Snakes and Lattes has grown quite a lot over the past few years.
The company has identified the need and is actively working on a
new CEO for Snakes and Lattes that could help manage the company
during this growth phase. This delegation of duties shift would
allow Ben Castanie to be able to spend more time focusing on
additional growth initiatives on various levels for the company.
Interest has been expressed and there are ongoing discussions with
a gentlemen who helped expand a retail company into hundreds of
locations in the past to come on board in the near future.
FYE 2020, which ends June 30th 2020, should prove to be a very
exciting time for the Company. The company expects at the very
least to have an additional three locations in operation, which are
currently in various stages of progress, bringing the operational
Snakes & Lattes boardgame cafes/bars location count from 4 to
7. The new focus on merging and/or acquiring existing
locations alongside the potential for an injection of additional
capital on friendly terms, means that these numbers may
significantly exceed expectations.
Moreover, The Company is looking forward to an increase in the
distribution / fulfillment division sales, generated from the
potential partnering and acquisition of additional currently
operational houses and the official launch of our first in house
published game titles (which have received tremendous feedback thus
far). Margins on the in-house produced games are significantly
higher than what is received through the ‘traditional’ distribution
& fulfillment division and is anticipated to greatly contribute
to the requirements of the growing business, fuel new and ongoing
initiatives, and allow for faster and more aggressive expansion
moving forward by providing the additional cash flow.
We will have additional updates coming shortly on the various
on-going initiatives and expansion progress as it is made.
About Snakes & Lattes
For further updates from the Snakes & Lattes and its parent
company, Amfil Technologies Inc. please follow us on Twitter
@AmfilTech
For more information regarding the company, and its related
subsidiaries please visit the following websites:
Amfil Technologies Inc. www.amfiltech.com/
Snakes & Lattes Inc. www.snakesandlattes.com/
Morning (Snakes & Lattes Publishing
SAS) https://www.morning.us/
GRO3 Joint Venture http://gro3systems.com/
Interloc-Kings Inc. http://www.interloc-kings.com/
About Us:
Amfil Technologies Inc. is the parent company to three wholly
owned subsidiaries.
1). Snakes & Lagers Inc. holds the trade name and is the
owner of Snakes & Lattes Inc. which currently operates 3
tabletop gaming bars and cafes located in Toronto, Ontario and 1 in
Tempe, Arizona. The company is in the process of expanding
throughout North America. Snakes & Lattes Inc. was the first
board game bar and cafe in North America, is believed to be the
largest in the world and has the largest circulating public library
of board games in North America for customers to choose from.
Snakes & Lattes Inc. currently has a 100+ member staff and
recently acquired the exclusive distribution rights throughout
Canada for some of the most popular board games in the world. The
company also operates a lucrative fulfillment and distribution
division and has recently entered into the board game publishing
business through the acquisition of Morning which is expected to
add significant revenues to the bottom line. For more information
on Snakes & Lattes Inc. feel free to visit the website
at www.snakesandlattes.com.
2). The EcoPr03 GRO3 Antimicrobial System was jointly developed
between Amfil Tech and A.C.T.S. Inc. which recently rebranded its
technology under Advanced Ozone Integration as an extension of the
existing ozone technology being utilized in the food and beverage
industry and integrated by A.C.T.S. into companies such as Pepsi,
Nestle, Sysco, Sun Pacific and many others. The system is a
triple-function sanitization unit capable of naturally eliminating
99.9% of water and airborne pathogens and the typically problematic
pests that wreak havoc for cultivators (like aphids, whiteflies and
spider mites), as well as bacteria, fungus, microbes and mold on
surfaces, all without chemicals. The unit can also constantly
regulate a given facility's water supply, oxygenating the water and
maintaining a consistent PPM infusion of ozone that prevents the
formation of algae, bacteria or mold (allowing for comprehensive
water recycling), simultaneously removing the need to use
pesticides and/or dangerous, often carcinogenic products to treat
production problems, as is common throughout the industry today.
This environmentally-friendly solution also eliminates odors, while
slightly reducing the air temperature, lowering energy consumption
by the HEPA filtration and HVAC systems and could potentially allow
for a facilities process to be labeled certified organic in the
U.S.A. when the crop is no longer considered illegal on the federal
level, otherwise "Clean Green" or "Certified Kind" in the meantime.
The EcoPr03 GRO3 Antimicrobial System recently passed product
review by a registered USDA certifying agent for use in California
as well as Pennsylvania and surrounding states. The subsidiary has
developed a strategic partnership with Roto Gro, the creator of
proprietary rotary hydroponic technology. More information on this
product line can be found on
the www.gro3systems.com website or on twitter
@GRO3Systems.
3). Interloc-Kings Inc. is a hardscape construction company
servicing the Greater Toronto Area. This subsidiary is an
authorized Unilock installer. Unilock is North America's premier
manufacturer of concrete interlocking paving stones and segmental
wall products. Interloc-Kings Inc. has an A+ Rating with the Better
Business Bureau (BBB) and a 10/10 rating on homestars.com.
Specializing in stone and wood installations between $5,000 and
$150,000 per project, Interloc-Kings Inc. has quickly become a top,
high quality installation company of outdoor living areas in the
GTA. More information on this subsidiary can be found at the
website www.interloc-kings.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 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,", "will", "expect," "anticipate," "believe," "estimate,"
"confident," "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:
Ben Castanie
Snakes & Lattes Inc.
Telephone: (416) 500 2911
Email: ben@snakesandlattes.com
Or
Roger Mortimer
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: rmortimer@amfiltech.com
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