TORONTO, ON--(Marketwired - Jan 5, 2017) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to provide shareholders with an update regarding the Snakes & Lagers Inc. subsidiary. On the announcement of the acquisition, on September 28th 2016, we projected annual revenues of between $2 - $3 million dollars from the new subsidiary. Upon receipt of the final revenue figures for Snakes & Lattes Inc. year end 2016, we are excited to announce that our initial revenue projections appear to have been too conservative.
For the most recent year's end, Snakes & Lattes Inc. has posted revenues of $7,370,000 CAD with gross profits of approximately $1,640,000 CAD. With Snakes & Lagers' original owner/founder Ben Castanie leading the charge, Amfil intends to expand on the current business model with new products and strategic locations as we enter 2017.
As expected after such a major acquisition, the integration process presented a number of challenges to overcome. Primarily, the amalgamation of the previously separate Snakes & Lattes Inc. locations purchasing and sales, the online product sales, and any related billing and accounting, into the entity of Snakes & Lagers Inc. Our accounting team has been working diligently to ensure the alignment with the companies accounting practices. As such, we expect the Snakes & Lagers Inc. revenues to first reflect on the Amfil Technologies Inc. Q2 report with an increased reflection of revenues in Q3 and Q4 once the majority of the purchases, sales and invoicing is consolidated to the single entity. A thorough and complete integration will prove integral to operations as the brand begins significant expansion and franchising moving forward.
Over the coming weeks we will be providing updates as they develop on the outstanding share count reduction and deals within the GROzone subsidiary that have recently been announced by the company among other exciting works in progress.
The company would like to thank our shareholders for their continuing support into 2017 which is lining up to be the biggest year in company history.
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