Amfil Technologies Inc. Files Q1 2016 and Provides Shareholder Update
November 16 2016 - 9:00AM
Access Wire
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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