SOURCE: Amfil Technologies Inc.

Amfil Technologies Inc.

January 25, 2017 08:00 ET

Amfil Technologies Inc. Revenues Increased to $1,542,389 for Q2 2017 Posting a 4500% Growth Rate Over Q2 2016

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.

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

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