SOURCE: Amfil Technologies Inc.

January 05, 2017 08:00 ET

Amfil Technologies Inc. Provides Update on Recent Snakes & Lagers Inc. Acquisition

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.

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," "intend," "plan," and other similar expressions. Our actual results, such as the Company's ability to finance, market the technology, 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

    Roger Mortimer
    Amfil Technologies Inc.
    Telephone: (647) 880-5887