SOURCE: Amfil Technologies Inc.

Amfil Technologies Inc.

March 08, 2017 08:00 ET

Amfil Technologies Inc. Provides Update on Recently Announced 47% Reduction in Outstanding Share Count and Snakes & Lagers Inc. Subsidiary

TORONTO, ON--(Marketwired - Mar 8, 2017) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to confirm that to date, 350M of the 370M shares slated for retirement have been exchanged for preferred by our transfer agent, American Stock Transfer & Trust. OTC Markets now reflects this change with our current outstanding share count reading 444,807,264, down from 794,807,264. An additional 20M shares is set to be retired in the near future once the exchange process is complete.

Patronage at the current Snakes & Lattes locations continues to surge, which we expect to continue into the opening of the new 250 seat location at Yonge & Eglinton. Snakes has recently become a top venue for film and television production which is helping develop the brand even further. The hit television show "Property Brothers" recently filmed at one of our Snakes & Lattes locations and the CTV mini-series "Cardinal" is also using the space for filming. Coinciding with the planned Snakes expansion, the added publicity and increased foot traffic is welcomed and will help drive awareness of the brand to ensure the third location is as busy as the existing locations when it opens for business.

Another development for the brand is the recently released "Secret Alliance" cream-ale style beer which was developed in collaboration with Mill Street Brewery. The beer is currently exclusive to the Snakes & Lattes locations and the popularity continues to grow at both locations.

Lastly, in our news published on November 16th 2016, Amfil Technologies Inc. mentioned a potential upcoming acquisition of a company that would assist with synergizing the internal workings of each subsidiary to prepare for large scale expansion and franchising opportunities. This company specializes in processes that automate the completion of financial reporting, tax compliance and streamlines the large scale purchasing, accounts receivable / payables and the many other systems needed for multiple locations and businesses. This deal is still in the works and is moving towards the later stages of the process. Related to this, a software suite which includes wait-list management, tip pooling, employee scheduling, pay software, shipping, inventory and most importantly the POS system has been internally developed and perfected. The company will keep the market updated in terms of the progression on this acquisition and an announcement will be made once a deal is finalized.

For more information, feel free to visit our website at www.amfiltech.com or to contact the company at ir@amfiltech.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 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, 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
    President
    Amfil Technologies Inc.
    Telephone: (647) 880-5887
    Email: ir@amfiltech.com