TORONTO, ON, May 21, 2018 (GLOBE NEWSWIRE) -- Amfil Technologies Inc. (OTC Pink: AMFE) is pleased to report a 35% increase in year over year Fiscal Q3 Revenue at $2,445,949, up from $1,809,064 for Q3 2017, with gross profits up from $827,874 to $1,450,649.
Cash on hand at the end of the quarter was $321,266 with total assets of $6,937,823 over total liabilities of $6,792,753. The total outstanding common share count of the company reduced during the quarter from 494,523,748 on January 1st 2018 to 479,253,160 on April 1st 2018.
Comparative year over year growth for the quarter saw a 35% increase despite Q3 being the company’s historically slowest quarter. The January to March quarter is not usually a large quarter for distribution which is a large part of the company’s overall revenue stream and is also affected by returns on holiday items, redemption of gift cards, and the industry-wide attendance dips during the post-holiday season, all which effects the bottom line.
The new Snakes & Lattes Inc. location, “Midtown” did not receive its liquor license until March and therefore did not contribute its full potential to the quarters bottom line. Having a 35% comparative growth rate within fiscal Q3 despite this reaffirms the growth trajectory the company is on. Moving into the end of the calendar year, sales historically increase dramatically and having ‘Midtown’ now fully operational for the full April to June quarter contributing to the top and bottom line should allow for larger growth into the calendar year end numbers and on into the future.
Expenditure on future initiatives during the quarter increased both financially and in staffing time and cost to bolster growth initiatives even further which the company expects to begin to bear fruit into the end of the 2018 calendar year. The Company mentioned the pursuit of the Morning acquisition which will significantly contribute to the distribution and publishing arm of the Snakes & Lattes Inc. business with new in-house developed titles and new presence in the European markets. The company expects this acquisition, once closed, to immediately impact the financial statements in a large and positive way. This acquisition is being structured as an all cash deal and is expected to close before the end of this month.
The Company has also recently announced the 4th Snakes & Lattes bar/cafe location set to open in Tempe, Arizona. This initiative which is currently underway with an expected grand opening set for a late summer before back-to-school season for all the colleges and universities in the Tempe area. The company expects this location to also have an immediate and positive impact on the financial statements moving in to the close of the calendar year 2018.
The Company is working on a number of promising initiatives across all subsidiaries which in turn is expected to continue to impact positively on the yearly aggregated growth of the company. The Company anticipates continued and consistent year over year growth as we continue to expand operations and increase revenue in existing business arms. As the audit process finally draws itself to a close, shareholders can expect continued updates in the near future on the immediate post-audit up-list, and the further collection of initiatives mentioned and additionally those currently being worked on behind the scenes by the company and its subsidiaries.
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.comwebsite 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.