TORONTO, ON, May 13, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amfil Technologies Inc. (OTC: AMFE), is pleased to provide the following announcements relating to the newest Snakes & Lattes retail location in Tucson, Arizona, the shipping date for the first print run of Kill the Unicorns, and provides updates relating to the 2018 audit process and enhancements to the Company’s accounting team.
Snakes & Lattes Tucson
The Snakes & Lattes retail division continues to thrive and expand its footprint across North America. Last week, the Company signed a lease with a landlord for the newest Snakes & Lattes café location in Tucson, Arizona. The venue selected is a two-story unit at 988 E. University Blvd, less than 100 yards from the main gate to the University of Arizona.
University Blvd is arguably the busiest street in the entire city which boasts a wide array of retail and thriving entertainment venues such as bars, restaurants, and nightclubs. This area is frequented by the local population of university students and young professionals.
The new Tucson location is expected to be up and running right around back-to-school season this fall and will be Snakes & Lattes’ fifth café location in total, and the second in the USA.
Snakes & Lattes Tempe
The first US based Snakes & Lattes location opened last September in Tempe, Arizona and has become a popular hangout for the local residents including students from the local universities. The management at the Tempe location, with support from head office, has continued expanding and improving their food menu and drink selections to suit the local market. Patronage has steadily risen since opening day. A key driver in drawing new patrons has been the creative drink specials, interactive games, and social media marketing which included an overhaul of the Snakes & Lattes ‘Tempe’ Instagram account (https://www.instagram.com/snakesandlattestempe/). Students from ASU were particularly drawn by the recently added “Snakes Shooters” game, where patrons roll a 20-sided die with shot names attached to the numbers and then have to do the corresponding shot. This has already been a big hit with the guests and often multiple rounds are ordered. When one group sees another group doing the Snakes Shooters, they often want to join in.
As the weather gets warmer, the patio at the Tempe location has become one of the most popular in the area. Tempe has also expanded its frozen drinks menu which have become a fan favorite to cool down from the heat. Additionally, the Tempe location received approval from the health department to allow dogs on the patio after some minor alterations are made, so guests can bring their four-legged friends to cool off from the Arizona sun with some cold drinks and fun games. There will even be a Dog’s menu which will include beef, chicken, or a “puppachino” which is made from whip-cream, ice, and a dog treat. The Snakes & Lattes patio is quickly becoming one of the best in the area.
Last weekend was the biggest sales weekend on record since Snakes & Lattes Tempe opened, and management is continuing the push to keep patronage and sales expanding. The management team is currently planning to rollout Special Events Packages in early June to capture more private events from local businesses as well as larger corporate events.
Kill the Unicorns
Through the acquisition of the French boardgame publisher, Morning, Snakes & Lattes officially entered into the board game publishing industry. Kill the Unicorns was one of the most highly anticipated titles to which Snakes & Lattes received the rights to through the acquisition. Originating from one of the more successful Kickstarter campaigns for a board game, nearly 8,000 backers pledged approximately $300,000 to ensure the concept became a reality. After some growing pains which created various delays and some production related hiccups, the Company is now pleased to announce that the first print run of Kill the Unicorns will begin shipping from the China-based manufacturer on May 23rd, 2019. This will mark the first game successfully published through the new Snakes and Lattes Publishing SAS division. The company will be looking into coordinating the second print run of KTU and to begin production of various other already developed and ready for market games.
https://www.kickstarter.com/projects/morningplayers/kill-the-unicorns
Updates regarding the other soon-to-be published and previously mentioned game titles from Snakes & Lattes Publishing SAS, such as Red Panda, will be provided as the titles continue to progress.
Audit and Accounting
Over the past few years the Company has grown significantly. After completing multiple acquisitions and a rapidly expanding scope of operations, significant pressure fell onto the shoulders of the accountant and bookkeeper to keep up with the Company’s rapidly expanding accounting needs. The accounts department needed to grow as the Company’s transactions were rapidly increasing. This became abundantly clear when the Company undertook the voluntary initiative to have a 3-year audit of its financial statements completed. Management determined it necessary to ensure the long-term growth of the business, a greater ability to expand operations, and deliver maximum value back to long-term shareholders. Immediate goals following the completion include the uplist to the OTCQB tier, the spinoff of the Interloc-Kings Inc. subsidiary, and the special dividend back to shareholders in the form of pro-rata shares in the new public entity.
The growth of the accounting team and its procedures is now catching up to compliment the rapid growth of the company’s operations. The Company began adding additional resources as the 2016 and 2017 year-end audits were being completed last year, in an attempt to ensure timely and cost-effective audits moving forward. The Company has continued improving procedures and adding resources during 2019 to ensure all future audits and reporting obligations are met moving forward. The benefits from these changes were not instantaneous but are being custom tailored to the Company’s needs with the intention of creating a seamless reporting procedure to streamline the tasks. The Company hired CFO Squad last year as the pre-audit team. The Company is now pleased to advise shareholders that it has added two additional accountants and two additional bookkeepers through a large bookkeeping and accounting firm, and they have already commenced the prep work for the 2019 year-end audit.
“This audit process has felt never ending but just like we got through and completed the 2016 and 2017 audits, we will complete 2018 and move forward with plans for more senior exchanges and spinoff plans,” stated Roger Mortimer, CEO. “Throughout the audit process, the Company continues to thrive and execute plans to grow the business. We are confident that the additional accounting team members and the implementation of streamlined accounting procedures, will allow us to stay ahead of the game moving forward with auditing and reporting obligations. We are hesitant to provide an exact completion date, however, CFO Squad and RBSM have been meeting frequently to finalize everything so that we can submit everything to OTC Markets. We expect this to be completed very soon and given the bolstering of the accounting team and procedures, we do not foresee delays with any future audits including Fiscal Year End 2019. In the meantime, the Company continues to execute on its short-term and long-term business objectives to ensure the continuous growth and deliver maximum value back to its shareholders.”
As we move closer to submitting the 2018 audit and subsequent quarters, shareholders can expect more frequent updates from the Company and its subsidiaries.
For further updates from the company please follow us on Twitter @AmfilTech
For more information regarding the company, and its related subsidiaries please visit the following websites:
Amfil Technologies Inc. www.amfiltech.com/
Snakes & Lattes Inc. www.snakesandlattes.com/
Morning (Snakes & Lattes Publishing SAS) https://www.morning.us/
GRO3 Joint Venture http://gro3systems.com/
Natural Stuff Inc. https://www.naturalstuffinc.com/
Interloc-Kings Inc. 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 and 1 in Tempe, Arizona. The company is in the process of expanding 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 through the acquisition of ‘Morning’ 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,", "will", "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.