Amfil Technologies Inc. Provides Update on Recent Snakes & Lagers Inc. Acquisition
January 05 2017 - 8:16AM
InvestorsHub NewsWire
TORONTO, ON -- (NewMediaWire - Jan 5, 2017) - Amfil
Technologies Inc. (OTC PINK: AMFE) is pleased to provide shareholders with
an update regarding the Snakes & Lagers Inc. subsidiary. On the
announcement of the acquisition, on September 28th 2016, we
projected annual revenues of between $2 - $3 million dollars from
the new subsidiary. Upon receipt of the final revenue figures for
Snakes & Lattes Inc. year end 2016, we are excited to announce
that our initial revenue projections appear to have been too
conservative.
For the most recent year's end, Snakes & Lattes Inc. has
posted revenues of $7,370,000 CAD with gross profits of
approximately $1,640,000 CAD. With Snakes & Lagers' original
owner/founder Ben Castanie leading the charge, Amfil intends to
expand on the current business model with new products and
strategic locations as we enter 2017.
As expected after such a major acquisition, the integration
process presented a number of challenges to overcome. Primarily,
the amalgamation of the previously separate Snakes & Lattes
Inc. locations purchasing and sales, the online product sales, and
any related billing and accounting, into the entity of Snakes &
Lagers Inc. Our accounting team has been working diligently to
ensure the alignment with the companies accounting practices. As
such, we expect the Snakes & Lagers Inc. revenues to first
reflect on the Amfil Technologies Inc. Q2 report with an increased
reflection of revenues in Q3 and Q4 once the majority of the
purchases, sales and invoicing is consolidated to the single
entity. A thorough and complete integration will prove integral to
operations as the brand begins significant expansion and
franchising moving forward.
Over the coming weeks we will be providing updates as they develop
on the outstanding share count reduction and deals within the
GROzone subsidiary that have recently been announced by the company
among other exciting works in progress.
The company would like to thank our shareholders for their
continuing support into 2017 which is lining up to be the
biggest year in company history.
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
President
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: ir@amfiltech.com
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