SOURCE: Amfil Technologies Inc.

Amfil Technologies Inc.

April 04, 2016 09:00 ET

Amfil Technologies Inc. Signs L.O.I. to Acquire Snakes & Lagers Inc; Anticipates $2 Million - $3 Million in Additional Annual Revenue

TORONTO, ON--(Marketwired - Apr 4, 2016) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to announce that it has signed a Letter Of Intent for the acquisition of all the assets and rights, therein owned by Snakes & Lagers Inc., as well as the first right of refusal on all future Snakes & Lattes Inc. franchises worldwide.

Snakes & Lagers Inc. will be licensed to distribute products to all the Snakes & Lattes Inc. locations, in addition will have the right to acquire franchising rights from Snakes & Lattes Inc. for new locations and will be responsible for all future purchasing for those new locations. 

The current management structure of Snakes & Latte's / Lagers will remain intact throughout the L.O.I. process and after the definitive agreement is signed. Ben Castanie, the current owner of the company, will spearhead the future expansion of the Snakes & Latte's / Lagers franchise and his management team will continue to operate the day to day business and affairs of the existing locations as well as any future franchises.

The purchase price has been set at 20M restricted shares of Amfil common stock.

Snakes & Lattes Inc. opened its doors in August of 2010 as North America's first board game café in a small space at 600 Bloor St. West, downtown Toronto. Over the years, this first location was expanded to take over the space at 602 Bloor St. West and then 604 Bloor St. West. This has allowed Snake and Latte's Annex to grow to a 5000 sq. ft. location and increased the seating capacity from 45 to 150 seats. A second, even larger location was opened with 7500 sq. Ft. featuring space for 240 guests at 489 College St. named Snakes & Lattes College. This location is one of, if not, the largest board game café and bars in the world and combined has North America's largest public game library. A warehouse was also acquired to deal with the online and retail sales of their products. More information can be found online https://en.wikipedia.org/wiki/Snakes_and_Lattes or their website at http://www.snakesandlattes.com .

Amfil Technologies Inc. anticipates this acquisition will currently add an additional $2M - $3M in immediate annual revenue, however it is likely that this number will increase significantly in the future as the company continues to grow and deals they are working on come to fruition. Amfil Technologies Inc. feels there will also be some added synergies between the companies as Snakes & Latte's Inc. has expensed well over $1M in expansion costs that are construction related as they have continued to grow and Amfil's construction and installation subsidiary could provide cost savings on future expansions while also adding those funds to the revenue stream.

Since 2010, the tabletop board game industry has seen purchasing rising by between 25% and 40% annually. Even if you are not a gamer, most people have at one point or another in their lifetime played the basic well known games such as Monopoly, Risk, Trivial Pursuit, Checkers and Chess. The acceptance of getting together with friends at the bar or café and playing a game such as the increasingly popular Cards Against Humanity or any other personal favourite instead of being glued to your cellphone or the television has been having ever increasing demand. Only until recently, while this concept was popular in other parts of the world, it was virtually unavailable in North America. When walking into a board game bar or café such as one of the Snakes & Latte's locations it will quickly become noticeable that the seats are not filled mostly with kids, but rather with adults. Adults who want to socialize and have something fun to do while they drink alcoholic or non-alcoholic beverages and eat great food. The targeted demographic has the financial means to enjoy a number of lagers or latte's and items from the menu during their stay as well as paying a small cover to occupy space at a table which now creates a business model that generates superior revenue to a standard bar or restaurant. It is unique and in an unsaturated market. Almost any city could support an operation like this and the majority of cities do not have anything like it. 

The Snakes & Lagers / Lattes management team and employees are filled with young, energetic and very positive people that have clearly established their ability to run a successful operation in a growing industry. Amfil Technologies Inc. is excited to have Snakes & Lagers Inc. added under its umbrella in the near future and is confident that this division will continue to do very well for the company.

Further details on the acquisition as well as updates on Amfil Technologies Inc.'s other current initiatives will be announced in the near future. 

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: rmortimer@amfiltech.com