Amfil Technologies Inc. Provides Annual Operational Recap for 2019
TORONTO, ON, Canada -- December 30,
2019 -- InvestorsHub NewsWire -- Amfil Technologies Inc (OTC: FUNN)
is pleased to provide shareholders with a summary overview of the
many accomplishments and growth initiatives successfully executed
over the previous year. The 2019 expansion strategy was
complemented by changes to the Company’s internal organizational
and financial procedures which have provided the foundational
infrastructure to propel and support further growth and expansion
throughout 2020.
Snakes &
Lattes:
Throughout 2019, the
Company’s primary subsidiary, Snakes & Lattes Inc., has enjoyed
significant growth and increased revenue through the development
and realization of new strategies and initiatives within its
retail, distribution & fulfillment, as well as publishing
divisions.
2019 has been a successful and rewarding year for
the Snakes & Lattes Expansion Team. The second US location,
located in Tucson, Arizona, was solidified. Certain renovations
were completed as allowed while waiting for the permits to be
accepted. All permits have been submitted and are expected to be
issued in the next two weeks.
Additionally, the development and implementation of
a new Expansion and Acquisition strategy, designed to minimize cost
through merging existing competitors, resulted in the successful
acquisition of “The Boardroom” in Guelph, Ontario. Transformation
of the existing cafe to a Snakes & Lattes venue is an important
achievement for the subsidiary, prescient of the company’s Canadian
expansion beyond the Toronto area in 2020. All permits for the new
Guelph location have been submitted and
approved.
Grand openings of the Tucson and Guelph Snakes
& Lattes locations will bring the total number of operational
venues to six (6). Several additional expansion initiatives are
underway, with another yet to be announced takeover expected to
occur in Ontario, Canada bringing the location count to seven (7).
We anticipate Tucson and Guelph along with the yet to be announced
expected takeover to be operational spring to summer
2020.
Further, in 2019, the Company shifted its focus
toward the development of the higher revenue producing fulfillment
business to ensure continued growth and expansion. The strategy
proved to be efficacious: in late 2019, Snakes & Lattes
acquired fulfillment operations of the second largest boardgame
fulfillment company, Starlit Citadel Logistics. The acquisition
signifies an important strategic partnership between the two
largest fulfillment houses in Canada, Snakes & Lattes and
Starlit Citadel Logistics, and it effectively extends the Snakes
& Lattes fulfillment division across Western Canada. Their
website has since been taken over by Snakes & Lattes Inc. and
customer transitions well underway.
In addition to retail, distribution, and
fulfillment expansion, the Snakes & Lattes Publishing SAS
division successfully released its first two in-house boardgames;
Kill the Unicorns (KTU) and Red Panda. As predicted through
European and Canadian presales, the game sold well over the Holiday
Season and is expected to generate ongoing revenue for the Company.
Importantly, the completion of the KTU release allows the
publishing division to focus on development and release of new
in-house games in 2020 through additional kickstarter campaigns as
well as other avenues.
2019 Snakes
& Lattes Achievements:
- Snakes &
Lattes signs lease for venue in Tucson, Arizona, located beside the
University of Arizona
- Snakes &
Lattes Tempe location patio opens
- Snakes &
Lattes Tempe location attracts new patrons through the development
of drink specials and interactive games, including the “Snakes
Shooter Game”
- New Social
Media Marketing strategy implemented including the revitalization
of the Snakes & Lattes Tempe social media
pages
- First Print
run of Kill the Unicorns (March), first game successfully published
through Snakes & Lattes Publishing SAS division and all
kickstarter backers fulfilled
- OTC ticker
symbol changed to “FUNN”, effective July 18th, to better reflect
the corporate brand within the board game entertainment
industry
- Renovations
on the Tucson, Arizona Venue begin
- Development
and implementation of new Acquisition Strategy, including a review
of existing competitors for merger
- Loyalty
program piloted in Tempe location receives overwhelming positive
response from public
- Transition
from distribution to fulfillment to cater to large orders and
support increased growth and expansion
- Experienced
event manager hired; rental revenues increased by nearly
100%
- Snakes &
Lattes acquires “The Boardroom” under new Acquisition
strategy
- CEO of
Boardroom states, “Snakes & Lattes is the ‘Gold Standard’ for
board game cafes worldwide, and is the all-in-one
model…”
- Successful
Kill the Unicorn presales in Europe and Canada
- Eglinton LRT
construction is moved, increased visibility and access to Midtown
Snakes & Lattes venue resulting in increase patronage and
sales
- November
2019 marks one of the best revenue months across Snakes &
Lattes venues
- Snakes &
Lattes acquires fulfillment operations of Starlit Citadel
Logistics, expanding operations to the West Coast of
Canada.
GRO3
The partnership established by the GRO3 Team with
Cannabis-Infused beverage producer, Kalvara, proved to be lucrative
in 2019. Two purchase orders were procured from Vessl Inc., (owner
of Kalvara) for GRO3’s ozone-based antimicrobial technology. The
EcoPr03 -10SS and 20SS Ozone Side Stream Systems were successfully
built, shipped, received and installed. Currently, they are fully
operational, providing all-natural sanitization and antimicrobial
solutions in their production process.
The GRO3 subsidiary is looking forward to continued
partnership with Kalvara, and it is exploring additional
initiatives and partnerships across multiple sectors of the
cannabis market including cultivation, extraction, and infusion.
Several exciting proposals are currently under review, details of
which can be expected in the new year.
Corporate
Initiatives and
Accomplishments
The completion and finalization of Fiscal 2016
through 2018 audits were a significant accomplishment within the
Company. Across 2019, the extended audit process produced
significant challenges and frustration within the Company and
shareholders alike. The audit, however, additionally provided an
opportunity to identify and adjust internal structural and
organizational processes. Corporate management responded by
implementing several initiatives to improve financial reporting
procedures, including onboarding two additional accountants and
bookkeepers, retaining the services of LIVE CA, an accounting firm
specializing in high-growth start-up companies, and reorganizing
the companies structural leadership to better reflect and
facilitate the Company’s ongoing growth strategy. Completion and
finalization of the 2018 audit and subsequent interim unaudited
filings brings the company up to date with reporting obligations
and reinstated the “current information”
status.
Despite the challenges experienced in 2019, the
Company remains committed to the continued success and realization
of it’s overarching corporate strategy in 2020, including the
uplist, spinoff of the Interloc-Kings Inc and GRO3 subsidiaries, a
resultant dividend back to shareholders, and some other exciting
ideas being worked on by the company. The transition to the “FUNN”
ticker symbol represented the first step toward achieving these
corporate initiatives.
A Final Word From
Management
The company remains on an upward trajectory in
terms of revenue, growth, and expansion; recording topline revenue
growth of almost 5000% over the past three years from FYE 2016 to
FYE 2019.
Continued growth and expansion of the Company is
predicted for 2020, fuelled by the implementation of the new
strategic acquisition strategy within the Snakes & Lattes
subsidiary. The strategy is expected to accelerate expansion at
lower cost, increasing shareholder value. Accordingly, Amfil is
currently in acquisition/merger negotiations with several existing
boardgame cafes, which started with the “The Boardroom”, in Guelph,
Ontario.
The company remains committed to delivering maximum
value back to our shareholders in 2020. Increases in revenue
contributions from all subsidiaries are expected as the company
continues to expand its operational focus and extend its reach into
new industry sectors and geographical markets. The recently
announced acquisition of Western Canadian fulfillment company,
Starlit Citadel Logistics, and the expected opening of Snakes and
Lattes venues in Tucson, AZ, Guelph, Ontario, and another yet to be
named location in Ontario represent exciting expansion initiatives
that are intended to increase and retain shareholder
value.
In addition to ongoing expansion and growth
efforts, the company is determined to continue adjusting and
improving its internal processes to ensure maximum efficacy of all
reporting and organization procedures. In 2019, in response to the
Company’s overwhelming growth in previous years, a number of
changes were instigated to streamline reporting and organizational
procedures. The Company is confident that these changes will ensure
comprehensive, current, and accurate reporting procedures, prevent
future interruption and ensure ongoing effectiveness of the
Company’s corporate leadership division.
In recognition that the extended audit process
presented significant challenges in 2019, the management team would
like to thank shareholders for their continued support. Ben
Castanie, CEO of Snakes & Lattes Inc,.
states: “Reflecting on 2019, I think we faced some
challenges and learned a lot. Despite adversity generated by the
audit, Snakes & Lattes Inc. continued to focus on its
priorities; expanding revenue and increasing value for
shareholders. As a result, the Company was able to rebound and
ultimately come out on top. As we move into 2020, we are excited
about the multiple projects we are working on, and we are confident
that the existing hurdles we faced in 2019 will be overcome. We
can’t thank shareholders enough for their ongoing support and
belief in the Company and its initiatives, and we look forward to
sharing ongoing prosperity in the New
Year.”
For further updates from 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.comwebsite 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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