SOURCE: Amfil Technologies Inc.

Amfil Technologies Inc.

August 29, 2017 08:00 ET

Amfil Technologies Inc. Discusses Upcoming 300M Authorized Share Count Reduction, Common Share Reduction & Other General Updates

TORONTO, ON--(Marketwired - 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.

Contact Information

  • CONTACT:
    Roger Mortimer
    Amfil Technologies Inc.
    Telephone: (647) 880-5887
    Email: ir@amfiltech.com