Toronto, ON, Canada -- July 1, 2021 -- InvestorsHub NewsWire --
Amfil Technologies Inc. (OTC:
FUNN), has had tremendous quarterly success thanks to the
continued efforts of our teams in Canada and the USA. In our
Snakes & Lattes division, we are looking forward to opening our
seventh and newest location in Guelph, Ontario this quarter,
provided that Canada’s reopening continues at the current pace. We
have opened Snakes & Lattes 'Tucson' to rave reviews since
the last quarterly update. Interloc-Kings Inc. continues to
deliver solid results as the renovation and hardscaping business
enjoys brisk demand.
Over the past several quarters, we’ve benefitted from the
leadership of Rogen Chhabra as our interim CEO. Rogen took
the job in order to get the company on solid footing, get our audit
process fixed, prioritize communication, navigate a global
pandemic, and get us on track for the next phase of growth as a
company. No small task, to be sure, but Rogen has kept us not
only surviving, but growing and exploring new opportunities over
the past several months. As Rogen’s contract comes to an end,
we are proud of all we’ve accomplished together and wish him the
best in his new ventures. As we fill our corporate ranks,
Snakes & Lattes Founder, Ben Castanie and COO, Aaron McKay will
take on the interim duties of CEO. The plan is to recruit a
CFO, engage with several strategic partners for contracted work in
legal, HR, PR/Marketing, then the board will form a search
committee to hire a permanent CEO.
Our outside accounting firm has begun to submit all
documentation necessary for our unfinished audits to be completed,
and we have identified several opportunities to implement process
improvements so that future audits are done in a timely
manner. In addition to building our internal capacities, we
have added more automation to our GL coding and invoice processing,
which will both save time and improve our ability to analyze and
make adjustments to our operations. As soon as the auditors
have finished, we will keep stakeholders informed of our
progress.
With Snakes & Lattes 'Tempe' leading the way, our US Snakes
& Lattes locations are seeing steady growth as the country
re-opens. Tempe has been consistently breaking sales records,
and is on pace to surpass $1 million in revenue for the first six
months of 2021. Our Snakes & Lattes 'Tucson' location was
completed and had a Grand Opening at the end of April.
Reviews have been overwhelmingly positive, the team has really come
together, and we are very happy with the setup heading into the
fall, when we will welcome U of A students back for in-person
learning. In anticipation of more foot traffic and in
combination with the loyal following we’ve developed, we’ll be
rolling out brunch in August so that we are able to maximize
revenue. In spite of all the challenges we’ve faced in
opening this location due to Covid, we are excited to see it
realizing so much potential. We feel more confident than
ever that pushing through and getting it open was the right
decision. As Snakes & Lattes "Chicago" reopens, we are
seeing very encouraging signs of interest in group business.
The sounds of a dining room full of happy people enjoying games
together has been a welcome return to form for this amazing
location; we remain confident that the Chicago location has been a
canny investment in the future of our brand. Subleasing the
extra space in the basement, opening our private dining rooms, and
getting back to regular events like Trivia Night are opportunities
for us to increase revenue in the upcoming quarter. We are
seeing more interest from the public, as well as local media
outlets, and we are pleased to be able to have more opportunities
for earned media exposure, which we will pass along in the coming
weeks.
While the Snakes & Lattes Canadian locations continue to be
impacted by Covid, we are grateful to have access to Federal and
Provincial grants which subsidize up to 90% of the rent and 75% of
the labor, allowing us to keep our locations and people in place
while we await imminent re-opening in Ontario. This should
coincide with opening our Snakes & Lattes "Guelph" location,
which has all licensing in process, a menu ready to go, and
construction is almost completely finished. A semi-permanent
sidewalk patio has been granted for three years, which will allow
us to capture more revenue. The College Street location has
also been granted use of sidewalk space for outdoor seating, and
we’ve additionally been able to monetize unused space through our
partnerships with a ghost kitchen business. In addition to
providing revenue, we’ve also seen some good earned media coverage
from this partnership. During the shutdown, we’ve taken the
opportunity to renovate and upgrade our Cafes. The Snakes
& Lattes "Annex" location has had a complete interior
renovation. The washrooms, lighting and décor at Snakes &
Lattes "College" have gotten a refresh.
As we look to the new fiscal year, we are exploring options for
expansion to new markets, so that we can ramp up our footprint to
meet pent-up demand for the entertainment and hospitality we
provide at Snakes & Lattes Inc. Transitioning from
survival to growth will be a much appreciated change, and we look
forward to welcoming everyone back to spend time together with the
games, food, and drinks our teams are so amazing at providing and
recommending. Focusing our energies on rebuilding our teams,
engaging with strategic partners, and thoughtfully evaluating all
the opportunities that the great reopening presents will be our
path for the next quarter. We have recently expanded our
partnerships with Propeller Coffee, several local breweries in each
market, and have been re-engaging with our wholesale partners to
refresh our game libraries.
In the coming months, our board will be focusing on strategy,
governance, and risk management. Our communication strategy
will also be evolving to be more focused on transparency, setting
realistic expectations, and delivering on our commitments.
Above all else, we will continue to explore new opportunities and
work to take good care of our teams, shareholders, and the
communities we serve.
Thank you and have FUNN,
Ben & Aaron
About Snakes & Lattes Inc.
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
Interloc-Kings Inc. http://www.interloc-kings.com
Amfil Technologies, Inc. is the parent company to three wholly
owned subsidiaries:
- 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, 2 in Arizona
(Tempe, Tucson) and 1 in Chicago, Illinois. 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, and is
believed to be the largest in the world. Our board game cafes have
the largest circulating public library of board games in North
America for customers to choose from. For more information on
Snakes & Lattes Inc., please visit the website at www.snakesandlattes.com.
- FUNN Dispensaries, Inc. was incorporated as a Canadian Federal
Corporation in January 2021. FUNN dispensaries is entering the
Canadian cannabis dispensary market with its first dispensary
expected to open by summer of 2021 and a goal of significant
expansion throughout Canada.
- 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 become a top, high
quality installation company of outdoor living areas in the Greater
Toronto Area. 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
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