TORONTO, ON, Dec. 30, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amfil Technologies Inc (OTC: FUNN) is pleased to provide shareholders with a summary overview of the many accomplishments and growth initiatives successfully executed over the previous year. The 2019 expansion strategy was complemented by changes to the Company’s internal organizational and financial procedures which have provided the foundational infrastructure to propel and support further growth and expansion throughout 2020.
Snakes & Lattes:
Throughout 2019, the Company’s primary subsidiary, Snakes & Lattes Inc., has enjoyed significant growth and increased revenue through the development and realization of new strategies and initiatives within its retail, distribution & fulfillment, as well as publishing divisions.
2019 has been a successful and rewarding year for the Snakes & Lattes Expansion Team. The second US location, located in Tucson, Arizona, was solidified. Certain renovations were completed as allowed while waiting for the permits to be accepted. All permits have been submitted and are expected to be issued in the next two weeks.
Additionally, the development and implementation of a new Expansion and Acquisition strategy, designed to minimize cost through merging existing competitors, resulted in the successful acquisition of “The Boardroom” in Guelph, Ontario. Transformation of the existing cafe to a Snakes & Lattes venue is an important achievement for the subsidiary, prescient of the company’s Canadian expansion beyond the Toronto area in 2020. All permits for the new Guelph location have been submitted and approved.
Grand openings of the Tucson and Guelph Snakes & Lattes locations will bring the total number of operational venues to six (6). Several additional expansion initiatives are underway, with another yet to be announced takeover expected to occur in Ontario, Canada bringing the location count to seven (7). We anticipate Tucson and Guelph along with the yet to be announced expected takeover to be operational spring to summer 2020.
Further, in 2019, the Company shifted its focus toward the development of the higher revenue producing fulfillment business to ensure continued growth and expansion. The strategy proved to be efficacious: in late 2019, Snakes & Lattes acquired fulfillment operations of the second largest boardgame fulfillment company, Starlit Citadel Logistics. The acquisition signifies an important strategic partnership between the two largest fulfillment houses in Canada, Snakes & Lattes and Starlit Citadel Logistics, and it effectively extends the Snakes & Lattes fulfillment division across Western Canada. Their website has since been taken over by Snakes & Lattes Inc. and customer transitions well underway.
In addition to retail, distribution, and fulfillment expansion, the Snakes & Lattes Publishing SAS division successfully released its first two in-house boardgames; Kill the Unicorns (KTU) and Red Panda. As predicted through European and Canadian presales, the game sold well over the Holiday Season and is expected to generate ongoing revenue for the Company. Importantly, the completion of the KTU release allows the publishing division to focus on development and release of new in-house games in 2020 through additional kickstarter campaigns as well as other avenues.
2019 Snakes & Lattes Achievements:
- Snakes & Lattes signs lease for venue in Tucson, Arizona, located beside the University of Arizona
- Snakes & Lattes Tempe location patio opens
- Snakes & Lattes Tempe location attracts new patrons through the development of drink specials and interactive games, including the “Snakes Shooter Game”
- New Social Media Marketing strategy implemented including the revitalization of the Snakes & Lattes Tempe social media pages
- First Print run of Kill the Unicorns (March), first game successfully published through Snakes & Lattes Publishing SAS division and all kickstarter backers fulfilled
- OTC ticker symbol changed to “FUNN”, effective July 18th, to better reflect the corporate brand within the board game entertainment industry
- Renovations on the Tucson, Arizona Venue begin
- Development and implementation of new Acquisition Strategy, including a review of existing competitors for merger
- Loyalty program piloted in Tempe location receives overwhelming positive response from public
- Transition from distribution to fulfillment to cater to large orders and support increased growth and expansion
- Experienced event manager hired; rental revenues increased by nearly 100%
- Snakes & Lattes acquires “The Boardroom” under new Acquisition strategy
- CEO of Boardroom states, “Snakes & Lattes is the ‘Gold Standard’ for board game cafes worldwide, and is the all-in-one model…”
- Successful Kill the Unicorn presales in Europe and Canada
- Eglinton LRT construction is moved, increased visibility and access to Midtown Snakes & Lattes venue resulting in increase patronage and sales
- November 2019 marks one of the best revenue months across Snakes & Lattes venues
- Snakes & Lattes acquires fulfillment operations of Starlit Citadel Logistics, expanding operations to the West Coast of Canada.
GRO3
The partnership established by the GRO3 Team with Cannabis-Infused beverage producer, Kalvara, proved to be lucrative in 2019. Two purchase orders were procured from Vessl Inc., (owner of Kalvara) for GRO3’s ozone-based antimicrobial technology. The EcoPr03 -10SS and 20SS Ozone Side Stream Systems were successfully built, shipped, received and installed. Currently, they are fully operational, providing all-natural sanitization and antimicrobial solutions in their production process.
The GRO3 subsidiary is looking forward to continued partnership with Kalvara, and it is exploring additional initiatives and partnerships across multiple sectors of the cannabis market including cultivation, extraction, and infusion. Several exciting proposals are currently under review, details of which can be expected in the new year.
Corporate Initiatives and Accomplishments
The completion and finalization of Fiscal 2016 through 2018 audits were a significant accomplishment within the Company. Across 2019, the extended audit process produced significant challenges and frustration within the Company and shareholders alike. The audit, however, additionally provided an opportunity to identify and adjust internal structural and organizational processes. Corporate management responded by implementing several initiatives to improve financial reporting procedures, including onboarding two additional accountants and bookkeepers, retaining the services of LIVE CA, an accounting firm specializing in high-growth start-up companies, and reorganizing the companies structural leadership to better reflect and facilitate the Company’s ongoing growth strategy. Completion and finalization of the 2018 audit and subsequent interim unaudited filings brings the company up to date with reporting obligations and reinstated the “current information” status.
Despite the challenges experienced in 2019, the Company remains committed to the continued success and realization of it’s overarching corporate strategy in 2020, including the uplist, spinoff of the Interloc-Kings Inc and GRO3 subsidiaries, a resultant dividend back to shareholders, and some other exciting ideas being worked on by the company. The transition to the “FUNN” ticker symbol represented the first step toward achieving these corporate initiatives.
A Final Word From Management
The company remains on an upward trajectory in terms of revenue, growth, and expansion; recording topline revenue growth of almost 5000% over the past three years from FYE 2016 to FYE 2019.
Continued growth and expansion of the Company is predicted for 2020, fuelled by the implementation of the new strategic acquisition strategy within the Snakes & Lattes subsidiary. The strategy is expected to accelerate expansion at lower cost, increasing shareholder value. Accordingly, Amfil is currently in acquisition/merger negotiations with several existing boardgame cafes, which started with the “The Boardroom”, in Guelph, Ontario.
The company remains committed to delivering maximum value back to our shareholders in 2020. Increases in revenue contributions from all subsidiaries are expected as the company continues to expand its operational focus and extend its reach into new industry sectors and geographical markets. The recently announced acquisition of Western Canadian fulfillment company, Starlit Citadel Logistics, and the expected opening of Snakes and Lattes venues in Tucson, AZ, Guelph, Ontario, and another yet to be named location in Ontario represent exciting expansion initiatives that are intended to increase and retain shareholder value.
In addition to ongoing expansion and growth efforts, the company is determined to continue adjusting and improving its internal processes to ensure maximum efficacy of all reporting and organization procedures. In 2019, in response to the Company’s overwhelming growth in previous years, a number of changes were instigated to streamline reporting and organizational procedures. The Company is confident that these changes will ensure comprehensive, current, and accurate reporting procedures, prevent future interruption and ensure ongoing effectiveness of the Company’s corporate leadership division.
In recognition that the extended audit process presented significant challenges in 2019, the management team would like to thank shareholders for their continued support. Ben Castanie, CEO of Snakes & Lattes Inc,. states: “Reflecting on 2019, I think we faced some challenges and learned a lot. Despite adversity generated by the audit, Snakes & Lattes Inc. continued to focus on its priorities; expanding revenue and increasing value for shareholders. As a result, the Company was able to rebound and ultimately come out on top. As we move into 2020, we are excited about the multiple projects we are working on, and we are confident that the existing hurdles we faced in 2019 will be overcome. We can’t thank shareholders enough for their ongoing support and belief in the Company and its initiatives, and we look forward to sharing ongoing prosperity in the New Year.”
For further updates from Snakes & Lattes and its parent company, Amfil Technologies Inc. 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/
Interloc-Kings Inc. http://www.interloc-kings.com/
About Us:
Amfil Technologies Inc. is the parent company to three 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 has 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 is 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
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.