Amfil Technologies Inc. Discusses Upcoming 300M Authorized Share
Count Reduction, Common Share Reduction & Other General
Updates
TORONTO, ON--(NewMediaWire - Aug 29, 2017) - Amfil
Technologies Inc. (OTC PINK: AMFE) is pleased to provide the
shareholders and the investment community with a general update
regarding company activity.
Firstly, the company would like to confirm one of the topics
mentioned in the July 31st 2017 press release which came in
conjunction with our FY 2017 financial statements where we stated,
"The company will reduce the authorized share count down from 900M
in order to better reflect the cap we would like to have on the
outstanding going forward." The 900M A/S was structured many years
ago and had not been revisited since. The company will reduce this
number down from 900M to 600M to narrow the gap between the
authorized and the outstanding share count as the company no longer
requires the additional room for future increases.
That being the case, we are immediately reducing our authorized
share count to an even 600,000,000 shares which will go into effect
before FY Q1 2018 with the close being September 30th 2017. By FY
Q3 2018, we expect existing profits to fund further expansion over
and above the planned expansion outlined in our previous press
releases. At that time, we may look at a further reduction in the
issued and authorized numbers as a show of good faith and further
prove our long-term commitment to shareholders. Reducing the
Authorized Shares should enhance investor confidence and eliminate
any concerns of future dilution.
The Company continues to move ahead with the recently announced
acquisition of the cloud-based franchising software company and
future acquisitions may potentially be done so by way of preferred
stock to further this initiative.
It was previously mentioned that the company was going to reduce
the Outstanding Share Count by 20M common shares by way of an
exchange of common stock for preferred shares. This will occur
along with the authorized reduction, and we anticipate both will be
completed by September 30, 2017.
In other company related news:
Snakes & Lattes Inc. will be in attendance at
FanExpo, http://fanexpocanada.com which is one of the
largest fan expos in North America from August 31st to Sept. 3rd,
2017. Snakes and Lattes Inc. will be helping our largest
fulfillment customer set up shop, and will be manning a booth which
includes a game playing area, as well as taking care of behind the
scenes logistics such as payment processing and product deliveries.
This is coming off a successful trip to and participation in the
TAG Show Toys and Games Central last
week http://www.tagcentral.ca where the team met with
many of the distributors in Canada in order to better collaborate
and create distribution partnerships.
Further, Brian Allossery of the GRO3 Sales Team will be
attending the MJAC conference this coming weekend (Sept 1st -2nd
2017). As the conference is more geared towards funding, which the
project does not require, we have decided not to host a booth, but
to rather focus on networking with other companies as well as
attend scheduled meetings with industry leaders during the weekend
of the conference in Los Angeles.
The GRO3 Project continues to make significant strides regarding
the integration of the GRO3 EcoPRO3 systems into the cultivation
industry. The GRO3 Team has been working diligently to work through
the implementation requirements for the previously announced
$1Million+ order for our 4000k sq. ft. portion of the new up and
coming facility.
The GRO3 Team is in the process of finalizing a major deal for
the subsidiary resulting from a referral from our 4000 sq ft
portion on the recently announced up and coming Ontario facility.
We anticipate this deal to be finalized shortly. A full update
regarding the operations of the GRO3 subsidiary can be expected by
next week which will include updates on our 4000 sq ft portion of
this facility, as well as the new larger deal in the works, and a
number of other updates on projects related to this subsidiary.
For more information regarding the company please
visit www.amfiltech.com/ and follow us on twitter for
further updates from the company @AmfilTech
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 a 6,000
sq. ft. and a 7,500 sq. ft. tabletop gaming bar and cafe located in
Toronto, Ontario that brought in over $7M CAD 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 cafe 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 cafe 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 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. More information on
this product line can be found on
the www.grozone.biz 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 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.
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,"
"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.