TORONTO, ON. , June 21, 2018 (GLOBE NEWSWIRE) -- Amfil Technologies Inc (OTC Pink: AMFE) is pleased to provide shareholders and the investment community with multiple updates/announcements relating to the expanding operations of Snakes & Lattes Inc., Morning Publishing, and discussion relating to the company’s ongoing audit process.
The company continues to rapidly expand on multiple fronts with key growth-related accomplishments being achieved on a regular basis. This time just a short year ago the Snakes & Lattes Inc. operations consisted of the ‘Annex’ and ‘College’ locations in Toronto, ON. Over the course of the past year, the company has essentially doubled in size with ‘Midtown’ now online and the first location in the USA coming online in approximately 6 weeks. This coupled with the recently announced acquisition of Morning and the expanding exclusivity of game titles has continued the aggressive expansion of the Snakes & Lattes Inc. subsidiary. As a direct result of this, the company is believed to be in the strongest position in its history and is firmly positioned to continue its growth trajectory into the foreseeable future.
The audit process has been a principle concern for the company and its shareholders, and we have received a number of queries relating to the projected completion date. This process has taken longer than expected, and we understand that previously released timeline updates created expectations of completion dates which unfortunately were not met. At this juncture, we are expecting the audit to be signed off on very soon, but we do not have an exact target date. To be absolutely clear, there is no indication that there are any issues of concern, and the company has no doubt that the audit will be completed. The company’s tremendous expansion over recent years will be verified shortly, at which point we intend to uplist to the OTCQB Venture Market and will continue to accelerate forward with our aggressive expansion plan.
Snakes & Lattes U.S. Expansion Team
The recently formed Snakes & Lattes USA Expansion team has already made significant strides in terms of growing the brand in the United States. We are currently in negotiations with 23 separate locations for potential Snakes & Lattes franchises/joint ventures by interested parties. Negotiations at this point are preliminary as we wait for the audited financial statements to be completed allowing us to discuss definitive franchise agreements. Once the audit is completed, we will move to the next step of negotiations and the U.S. expansion team will visit each proposed location to further qualify candidates, locations, and business plans. We will keep shareholders updated on visits to potential franchise locations thus providing local investors with the opportunity to meet with the Snakes & Lattes U.S. Expansion team and discuss potential opportunities. We intend to open additional corporate-owned U.S. locations shortly after Tempe is up and running. We are continually working on the overall U.S. expansion plan with the goal of opening multiple new U.S. locations over the course of the next 18 months.
The company will expand on this more in the near future.
Tempe Arizona Corporate-Owned Snakes & Lattes Location
The newest Snakes & Lattes corporate-owned retail location under development in Tempe, Arizona is progressing as planned. The company took possession of the property located at 20 W Sixth Street, which is just off Mill Avenue which is home to the highest concentration of cafes, restaurants, sports bars, microbreweries, unique shopping and nightlife than any other place in the area.
The architectural drawings for the location have been finalized and are now preparing for construction. We anticipate approximately 4-6 weeks of additional work and construction to get the location ready for opening.
We have hired a General Manager who is a veteran in the hospitality industry with extensive experience from casual dining to setting up franchise locations. This person also has significant work experience heading up a Dave & Busters location.
We have also hired a local game expert to lead the Snakes & Lattes game-gurus at the Tempe location. This person is a well-known gamer and meet-up organizer in the Phoenix area. This candidate is currently in Toronto undergoing training on Snakes & Lattes culture, processes, and procedures.
The remaining staff member hires will be finalized in the coming weeks as construction commences, and we approach nearer to opening.
Resumes for employment at Snakes & Lattes Tempe are now being accepted at Tempe@snakesandlattes.com
Snakes & Lattes Publishing / Acquisition of Morning
The all-cash acquisition of the Morning board game publishing and distribution company was completed at the end of May. The Morning acquisition was completed for $150,000 Euros and included all of the company assets minus all debt and/or liabilities as they were extinguished by the Tribunal in France prior to the acquisition. Morning has now been fully integrated into Amfil Technologies Inc. We have created a separate entity in France called ‘Snakes & Lattes Publishing SAS’ which now owns all of Morning’s assets including trademarks, websites, and all the game titles and intellectual property (IP) etc.
The recently created Snakes & Lattes team in France has finalized 3 board games which are now preparing for print/production. These game titles include; Kill The Unicorn, Red Panda, and Ikan. The team is now working to finalize the next new line of game titles including ‘BUURN’, and another Kickstarter campaign that is planned for early next year. The company expects to begin the manufacturing process for these titles before the end of the month.
Prototypes of Kill The Unicorn and Red Panda are being very well received at trade shows and conventions, including the 2018 Origins Game Fair which occurred from June 13-17th in Columbus, Ohio.
Snakes & Lattes Inc. will be the exclusive distributor of all Morning/Snakes & Lattes Publishing SAS games throughout the United States and Canada. For the time being, the remaining worldwide distribution will be taken care of by existing partnerships acquired with the Morning acquisition but could potentially change in the future if deemed feasible.
Morning/Snakes & Lattes Publishing SAS will have a presence this week end at “Paris est Ludique” which is one of the largest game conventions in France. We expect Morning games to be well recognized and received, which will further strengthen the brand recognition and further fuel our growth on the worldwide stage.
Amfil expects that the board game publishing business to be a significant contributor to revenue growth of the company in the future and anticipates the sales revenues matching and/or exceeding the numbers generated from distribution and retail.
Snakes & Lattes Distribution/Fulfillment
The distribution business continues to thrive and expand. Distribution sales have begun to increase after the historically slow Calendar Q1 quarter. Snakes & Lattes Inc. is working with the creators of Rory’s Story Cubes, BLANK and UNTOLD for the distribution of the subsequent titles they develop.
We shipped over 10,000 games last month which spread over 20+ unique campaigns as part of our fulfillment business. This was our best month thus far, and the pipeline remains full and expanding further into the foreseeable future. The warehouse operation continues to grow which has resulted in us having to add more staff members. One of our largest customers has released multiple new game titles this month, which is expected to translate into a significant spike in order volumes.
The company is pleased with its expansion and revenue growth achievements thus-far in 2018. We are poised to maintain forward momentum as we continue to execute on revenue generating initiatives through various businesses of our subsidiaries. The U.S Expansion of Snakes & Lattes, the worldwide publishing division, and the thriving distribution/fulfillment businesses will continue to fuel the company’s rapid and consistent growth in the foreseeable future.
This is a very exciting time for the company. The rate of expansion continues to accelerate, and the company has been able to fuel this growth in a sustainable fashion. The commitment remains on growing the Snakes & Lattes brand into a household name while delivering maximum value to our shareholders. The audit is expected to be completed soon, at which point there will be nothing holding the company back and it is the company’s belief that the internal success of the business will once again begin to reflect in the market. The company has experienced immense success in a very short period of time and everything is in place to continue propelling the business to higher levels.
A number of exciting initiatives designed to fuel the company’s growth continue to progress and develop behind the scenes, and updates can be anticipated more regularly moving forward. Amfil will continue to unwaveringly execute its business plans and growth strategy to ensure maximum value back to shareholders. Once again, we would like to thank our loyal shareholders for supporting us through this significant period of company growth and through the unfortunate periods of time where there appears to be a divergence between the company and the market. We do feel this will change in the near future and hopefully better reflect the growth and achievements that have put the company where it is today when comparing to last year during the same period. Bigger and better.
Updates relating to Amfil’s other subsidiaries will also be made moving forward.
For more information regarding the company, please visit www.amfiltech.com and follow us on Twitter for further updates @AmfilTech.
For more information on Snakes & Lattes Inc. please visit www.snakesandlattes.com
For more information on GRO3, please visit http://gro3systems.com/
For more information on Natural Stuff Inc., please visit https://www.naturalstuffinc.com/
For more information on Interloc-Kings Inc., please visit http://www.interloc-kings.com/
About Us:
Amfil Technologies, Inc. is the parent company to four wholly owned subsidiaries.
1). Snakes & Lagers Inc. holds the trade name and is the owner of Snakes & Lattes Inc. which currently operates 3 tabletop gaming bars and cafes located in Toronto, Ontario that brought in over $7M CAD in revenue last year. The company is in the process of franchising throughout North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, is believed to be the largest in the world and have the largest circulating public library of board games in North America for customers to choose from. Snakes & Lattes Inc. currently has a 100+ member staff and recently acquired the exclusive distribution rights throughout Canada for some of the most popular board games in the world. The company also operates a lucrative fulfillment and distribution division and has recently entered into the board game publishing business which is expected to add significant revenues to the bottom line. For more information on Snakes & Lattes Inc. feel free to visit the website at www.snakesandlattes.com.
2). The EcoPr03 GRO3 Antimicrobial System was jointly developed between Amfil Tech and A.C.T.S. Inc. which recently rebranded its technology under Advanced Ozone Integration as an extension of the existing ozone technology being utilized in the food and beverage industry and integrated by A.C.T.S. into companies such as Pepsi, Nestle, Sysco, Sun Pacific and many others. The system is a triple-function sanitization unit capable of naturally eliminating 99.9% of water and airborne pathogens and the typically problematic pests that wreak havoc for cultivators (like aphids, whiteflies and spider mites), as well as bacteria, fungus, microbes and mold on surfaces, all without chemicals. The unit can also constantly regulate a given facility's water supply, oxygenating the water and maintaining a consistent PPM infusion of ozone that prevents the formation of algae, bacteria or mold (allowing for comprehensive water recycling), simultaneously removing the need to use pesticides and/or dangerous, often carcinogenic products to treat production problems, as is common throughout the industry today. This environmentally-friendly solution also eliminates odors, while slightly reducing the air temperature, lowering energy consumption by the HEPA filtration and HVAC systems and could potentially allow for a facilities process to be labeled certified organic in the U.S.A. when the crop is no longer considered illegal on the federal level, otherwise "Clean Green" or "Certified Kind" in the meantime. The EcoPr03 GRO3 Antimicrobial System recently passed product review by a registered USDA certifying agent for use in California as well as Pennsylvania and surrounding states. The subsidiary has developed a strategic partnership with Roto Gro, the creator of proprietary rotary hydroponic technology. More information on this product line can be found on the www.gro3systems.com website or on twitter @GRO3Systems.
3). Interloc-Kings Inc. is a hardscape construction company servicing the Greater Toronto Area. This subsidiary is an authorized Unilock installer, Unilock being, North America's premier manufacturer of concrete interlocking paving stones and segmental wall products. Interloc-Kings Inc. has an A+ Rating with the Better Business Bureau (BBB) and a 10/10 rating on homestars.com. Specializing in stone and wood installations between $5,000 and $150,000 per project, Interloc-Kings Inc. has quickly become a top, high quality installation company of outdoor living areas in the GTA. More information on this subsidiary can be found at the website www.interloc-kings.com.
4). Natural Stuff Inc. For over 20 years, Natural Stuff Inc. has been distributing high-quality, value products. Since 1994, the business and delivery system have been satisfying grocery, chain, discount department, and convenience store customers. Wholesalers, vending and catering services are some of our best clients. Natural Stuff Inc. is always searching for new and exciting snack food & drink products to boost in-store sales and drive business.
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," "confident," "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.