TORONTO, ON--(NewMediaWire - May 8, 2017) - Amfil Technologies, Inc. (OTC PINK: AMFE) is pleased to provide the shareholders and investment community an update regarding our Q3 2017 financial statements posted today.
- Revenues of $1,809,064 despite Q3 2017 historically being the slowest calendar quarter for the company's subsidiaries. This is up $266,675 or 17% compared to last quarter which is historically the best calendar quarter (the Christmas & Holiday Quarter).
Inventory increased $1,455,592 or 43.2% to $4,825,173 in Q3 2017 in comparison to $3,369,581 in Q2 2017 in preparation of expected future fulfillment and sales contracts throughout 2017.
Issued & Outstanding common share count reduction of 43.8% from 791,919,764 to 444,807,264.
Total Assets increased $1,376,652 or 27.5% from $5,007,437 in Q2 2017 to $6,384,089 in Q3 2017.
Visit www.otcmarkets.com/stock/AMFE/filings for the full Q3 report.
The company saw a 17% increase in revenues from $1,542,389 in fiscal Q2 2017 to $1,809,064 in fiscal Q3 2017. This is quite significant considering that Q2 (the Christmas and Holiday period) is historically the best performing quarter for the company's subsidiaries and this was beaten in what is known historically to be the slowest calendar quarter for the subsidiaries. This is very promising and on pace with our expectations of continued rapid growth and expansion for Amfil Technologies, Inc. and its group of companies.
January to March is usually a slow quarter for retail sales and therefore lower margins due to a significant portion of revenue being received through Amazon and other lower margin purchasing outlets. Returns and markdowns following the holiday season historically had a large impact on the fiscal Q3 numbers produced by Snakes & Lattes Inc. The fact that fiscal Q3 2017 revenues surpassed that of the high margin retail sales holiday quarter of fiscal Q2 is just one of many confirmations of the company's expected and continued growth over the next two calendar quarters and into the 2017 Holiday quarter leading the company to expect a blockbuster year.
Net profit of $28,803 and cash at closing of $64,870 being lower in comparison to the previous quarter is a combination of the above factors as well as a large portion of profits being injected into the new third Snakes & Lattes Inc. location opening this summer in Toronto, ON near Yonge & Eglinton. Pre-paid expenses increased to $213,895 and deposits on the lease as well as for construction which is now under-way contributed to these numbers. The company intends to be aggressive on the timeline of opening the third Snakes & Lattes location as it will immediately and dramatically increase numbers throughout the rest of 2017 and beyond. Instead of sitting on cash, the company is utilizing the increased revenues to fuel further growth and expansion at the highest rate we can comfortably support. This ensures continued revenue growth long term and maximum value to our shareholders.
The excitement continues to flourish at Amfil Technologies, Inc. across all of our subsidiaries. The immediate positive impact to the financial statements through the Snakes & Lagers Inc. / Snakes & Lattes Inc. acquisition last year has been paramount to the company's bottom line. The subsidiary continues to impress through the expansion of the retail division and the rapid growth in the distribution business. We are positive and excited to see what the coming quarters will bring as the expansion and growth of this thriving subsidiary continues.
Further to the overwhelming success of the Snakes & Lattes brand, the Interloc-Kings Inc. subsidiary is beginning its summer season and has many unique and exciting projects lined up for the coming months that will add to the bottom line. The recent explosion of interest in the EcoPrO3 GROzone Antimicrobial System has opened up strategic relationships and multiple ongoing discussions with potential near term customers for the subsidiary. The Amfil management teams are anticipating a monumental 2017, setting a benchmark which we will continually strive to beat year over year through consistent growth and expansion of the Amfil Group of Companies.
We would like to thank all of our shareholders for their continued support as the company continues to expand and grow revenues, profits and shareholder value. Stay tuned for further developments from our operating subsidiaries in the near future.
For more information on Amfil Technologies, Inc. please visit our website at www.amfiltech.com or follow us on twitter at @AmfilTech.
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 a 6,000 sq. ft. and a 7,500 sq. ft. tabletop gaming bar and café located in Toronto, Ontario that brought in over $7M CDN in revenue last year. It is in the process of opening a third location at 10,000 sq. ft., the largest to date. Snakes & Lagers Inc. is also the procurement officer of all existing and future Snakes & Lattes Inc. franchises and has the exclusive rights to sell franchise locations globally. Snakes & Lattes Inc. was the first board game bar and café in North America, is believed to be the largest in the world and have the largest circulating public library of board games in North America for customers to choose from. Snakes & Lattes Inc. currently has a 90 member staff and recently acquired the exclusive distribution rights throughout Canada for some of the most popular board games in the world such as Cards Against Humanity and Exploding Kittens. BlogTO.com recently named Snakes & Lattes Inc. the best late night café in Toronto and has also been named the best fulfillment house in Canada by Jamey Stegmaier, the most influential blogger within the board game fulfillment sphere. For more information on Snakes & Lattes Inc. feel free to visit the website at www.snakesandlattes.com
2). The EcoPr03 GROzone 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 GROzone Antimicrobial System recently passed product review by a registered USDA certifying agent for use in California as well as Pennsylvania and surrounding states. More information on this product line can be found on the www.grozone.biz website.
3). Interloc-Kings Inc. is a hardscape construction company servicing the Greater Toronto Area. This subsidiary is an authorized Unilock installer, Unilock being, 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
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