TORONTO, ON--(Marketwired - Jan 25, 2017) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to report that revenues for Q2 2017 increased to $1,542,389 with gross profit of $956,918 compared to $33,474 and $3,384 respectively for the same period Q2 2016. This 4500%+ increase in revenue year over year is a reflection of the Snakes & Lagers Inc. acquisition that closed in September 2016. Inventory has increased to $3,369,581 which primarily consists of nearly 500 pallets of board game inventory held in leased storage warehouse facilities close to the Snakes & Lattes locations.
The company is currently looking into another site in Uptown Toronto which is approximately 10,000 sq. ft. and will host up to 250 customers.
On January 13th 2017 the amendment to our articles was filed with the Secretary of State to create a preferred class of securities. Once this process is completed, there will be a reduction of over 40% of the outstanding share count. We expect the process to be completed shortly and will provide an update once finalized. The public float of the company with the DTC remains unchanged to date at 192,860,481.
Thus far into 2017, the company has been successful in executing its growth based strategy for all subsidiaries, with multiple projects in the works to increase revenues and shareholder value. We intend to provide updates on further developments in the coming weeks.
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