Toronto, ON, Dec. 05, 2017 (GLOBE NEWSWIRE) --
Amfil Technologies Inc. (OTC Pink: AMFE) is pleased to provide our shareholders and the investment community with the following updates.
After some unexpected construction delays, Snakes & Lattes Inc. ‘Midtown’ will be opening tomorrow Wednesday December 6th 2017. ‘Midtown’ is Snakes & Lattes Inc.'s flagship location and is located in the bustling Yonge & Eglinton neighborhood of Toronto, known for its thriving social scene. “Midtown” is the 3rd and largest Snakes & Lattes Inc. location to open in Toronto, Ontario standing at 10,000 sq. ft. across three floors and an outdoor patio. We expect a positive acceptance of the new tabletop gaming bar/café to the area by the local community right out the gate. The launch of ‘Midtown’ further strengthens Snakes & Lattes Inc. presence and will showcase the Snakes & Lattes Inc. brand to potential franchise owners and be the benchmark for future corporate locations which are set for development in the near future.
The timing of the ‘Midtown’ opening coincides with the busy holiday season. The location has already gathered substantial attention from the public, which indicates the potential for increased retail holiday sales contributing to our fiscal Q2 quarterly numbers. Snakes & Lattes Inc. has signed a 10-year lease on the Midtown property and invested over $1M USD towards the renovations and upgrades. Management expects the location to immediately commence substantial contributions to the company’s bottom line and continue to add significant revenues for many years to come.
After the celebration welcoming the new patrons and associated media blitz, the company will immediately commence work on opening the next location. Details on this will be released in the near future. The company is still planning on holding a shareholder appreciation night at ‘Midtown’ however due to the holidays quickly approaching, we have elected to have this event in the New Year to allow more shareholders the opportunity to attend.
Looking into the new year, Snakes & Lattes Inc. franchising will be a large component of the continued expansion plan throughout 2018. Hamilton, and Waterloo will be kicking off in early 2018, bringing the total location count to five in Ontario and will also be looking at opening the Chicago headquarters in the early half of 2018. Further, we are in discussions with a number of interested potential franchisees throughout multiple regions of North America. More in-depth details can be expected to be announced as they continue to develop.
Audit Process Update
Our auditors and accountants have been working diligently towards the audit finalization and resultant up-list off of the pinks. While the process has taken a little longer then originally anticipated, we know the process will be finalized shortly. The biggest delay was waiting for confirmations from banks and government agencies.
On a positive note, the auditors have identified that a number of the sales were recorded at net as opposed to gross, which means our revenue figures may be significantly higher than originally reported. The auditors at RBSM are doing a great job and we look forward to wrapping up the current audit and utilizing their services on an on-going basis moving forward. Although we expected the process to have been completed already, we recognize that the catching-up process on a 3 year audit can be intensive, but only needs to occur once. The completion of the 3 year audit provides a smooth process for the ongoing quarterly reviews and yearly audits moving forward. Upon completion, we will make an announcement and outline the uplist, spin-off, and dividend plans.
We would like to thank our shareholders for their support throughout this process and for their patience through the delays on these initiatives. With the Midtown and Audit initiatives approaching finalization, we will be releasing the details of a number of further exciting developments which have progressed throughout recent weeks. The company and its subsidiaries are continuing to grow and expand on a number of fronts, significantly strengthening the company as we continue to accelerate into 2018. We are excited to close out fiscal Q2 and continue to increase our momentum into Calendar 2018.
Further updates related to Amfil Technologies Inc. and its subsidiaries can be expected shortly.
For more information regarding the company, please visit www.amfiltech.com and follow us on Twitter for further updates @AmfilTech.
For more information on Snakes & Lattes Inc. please visit www.snakesandlattes.com
For more information on GRO3, please visit gro3systems.com
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. 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.gro3systems.com 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.