TORONTO, Dec. 31, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amfil Technologies Inc. (AMFE) is pleased to provide shareholders with an overview of the many accomplishments as well as a summary of growth initiatives executed throughout 2018. These initiatives further bolstered the Company’s foundation in preparation for continued full scale growth and expansion throughout 2019 and beyond.
The Company continues to successfully execute on its expansion strategy. The company has recorded exceptional growth through its primary subsidiary, Snakes & Lattes Inc. This subsidiary experienced rapid expansion through its distribution & fulfillment, game publishing, and retail divisions. In addition, during 2018 the Snakes & Lattes subsidiary successfully launched its first US-based board game bar/café location in Tempe, Arizona. This marked the official penetration into the largest market in the world and was the first of many planned locations to come.
Additionally, in 2018 the newly formed Snakes & Lattes US Expansion Team explored numerous additional locations, across multiple cities and states. The company solidified commitments for 6 additional new locations. Furthermore, there are a total of 23 additional potential locations in various stages of the overall opening process. The Company is pleased to report that the Snakes & Lattes Inc. subsidiary has effectively doubled its market share and physical brick and mortar locations throughout 2018. This has laid the ground work to exponentially increase its footprint into 2019 and beyond.
Further, the Company completed an all cash acquisition of the France-based publishing company, Morning Games, as well as the rights to highly anticipated game titles such as Kill the Unicorns, BUURN, Red Panda, and IKAN. All of these titles were debuted over the summer at the largest board game convention in the world, Essen Spiel, and are expected to hit store shelves throughout 2019. The company anticipates the first print-runs to be shipped in calendar Q1 2019.
2018 Snakes & Lattes Achievements:
- Snakes & Lattes ‘Midtown’ location goes fully operational, including liquor license (March).
- Snakes & Lattes Tempe, Arizona location goes fully operational (September).
- Commitments received for Snakes & Lattes locations for Charlotte, Fort Collins, Houston, Denver, and two others yet to be announced which are expected to progress in 2019.
- Interested parties have led to an additional 23 locations throughout the United States at various stages of discussion.
- All-Cash acquisition of Morning Games.
- Enhanced working relationship with board game manufacturer Panda Games in Shenzhen, China.
- Prototypes of self-published titles through Morning; Kill the Unicorns, Red Panda, and Ikan were created, entered manufacturing stage, and orders received for big box retailers such as Wal-Mart with expected delivery date early 2019.
- Between Nov 1 2017 and Feb 28 2018, the distribution division grew from 20 retailers and 5 SKUs to 170 retailers and 35 SKUs.
- The Company provided a list of what has now grown to 60+ publishers and suppliers representing 580+ SKUs that were sold through October and November alone.
- Completed over 40 fulfillment campaigns for Kickstarter.
- Expanded warehouse space to cater to rapidly expanding distribution business.
- Awarded exclusive distribution rights in Canada for Hub Games, the makers of: ‘Rory’s Story Cubes’, ‘Untold’, and ‘Blank’. Also awarded all future developed game titles.
- Acquired exclusive Canadian Distribution rights to the game ‘Build Up’.
- Awarded exclusive distribution rights to The Awkward Yeti's game ‘OrganATTACK!’ in Canada.
- Awarded Galactic Sneeze's lineup of ‘Spank The Yeti’ and ‘Schmovie’, including the “Not Parent Approved” version.
- Awarded distribution rights in Canada to ‘Bananagrams’, ‘Fluff’, and ‘Skrawl’ focusing on the hobby market and to help the brand grow amongst retailers and toy stores.
Throughout 2018, the GRO3 Team has made significant strides toward penetrating the Cannabis Industry with their EcoPr03 Antimicrobial Technology, and its efforts have begun to bear fruit. The GRO3 Team successfully secured an exclusive agreement with Cannabis-Infused beverage maker, Kalvara, for an estimated 8 EcoPrO3 Antimicrobial Systems.
Additionally, GRO3 has 8 additional deals/contracts progressing behind the scenes across multiple sectors of the cannabis market including cultivation, extraction, and infusion. Further details about these upcoming deals can be expected as we move into 2019, and we continue to receive inquiries from the industry.
GRO3 continues to work with an Ontario cultivation facility on the build out of their operation and will be outfitting the facility with GRO3 EcoPrO3 units which will provide an organic, environmentally friendly alternative to harsh pesticides and chemicals. This project has taken longer than expected due to unforeseeable personal circumstances with the facility’s management but is expected to continue throughout 2019 while the company awaits the greenlight to outfit the facility.
Corporate Initiatives and Accomplishments
As the Company’s shareholders are undoubtedly aware, the company undertook the process of auditing the most recent three years of financial statements and submitted for up-listing to the OTCQB in 2017. The process has taken longer than expected, but the Company’s auditors successfully completed and signed off on the 2016-2017 audit of the company’s financial statements which were submitted in September 2018. The Fiscal 2018 audit is expected to be completed in early calendar 2019, bringing the company up do date with audited reporting obligations and will allow the company to complete the up-list to the OTCQB Venture exchange.
A Final Word From Management
The company remains on an upward trajectory in terms of revenues, growth, and expansion which management expects to continue into the foreseeable future. The company continues its aggressive approach to the mass expansion of all related subsidiaries and business divisions, and total commitment to increasing shareholder value with year over year growth. A number of new and exciting developments will be released in the coming weeks as we enter into calendar 2019 which is expected to be the largest year in company history. With each of the past two years setting new company records in terms of year over year growth and revenues and the expectation of 2019 yet again setting a new record, the company is currently on a path to success.
The company remains steadfast in its commitment to deliver the maximum value back to our shareholders as we continue to accelerate into the new year. Significant increases in revenue contributions from all subsidiaries are expected throughout 2019, as the company continues to expand its operational focus and extend its reach into new industry sectors and geographical markets. While the market itself did not provide or reflect the same growth as the underlying business achieved in 2018 in a similar way to 2017, it is felt that the longer than originally anticipated timeline for audit completion and up-list was a large factor in that outcome. Once the company gets past this final step in the up-list process, being the 2018 audit which is expected very early 2019, the company feels the markets reflection of the company should also change.
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 just 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 fully online since March and the first location in the USA, ‘Tempe’ also opening its doors in October. It has also been mentioned that the company expects two additional locations to begin construction in early 2019.
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. In-house published game titles are expected to begin hitting shelves in 2019 and so 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 into the foreseeable future.
"We are very excited to continue the USA expansion of the Snakes and Lattes brand," said Ben Castanie, founder and CEO of Snakes and Lattes. "We will have a large focus throughout 2019 on adding additional brick and mortar locations throughout the USA as well as beginning to implement a fulfillment/distribution arm state side similar to the one we have successfully developed in Canada."
“The Company continues to fire on all cylinders,” states Amfil’s CEO, Roger Mortimer. “The audit process has unfortunately overshadowed the monumental successes of Snakes & Lattes, and the recent breakthroughs and potential of the GRO3 joint venture. Soon enough, the growing pains which were necessary for the long-term success of the organization will be completed, and we can shift the focus back to the massive achievements made on an ongoing basis. We accomplished a great deal throughout 2018 and the audit/uplist process will strengthen the company on a corporate level and provide opportunities which would have been otherwise impossible. We would like to thank our shareholders for supporting us throughout this process and will continue to execute our business objectives to ensure their patience be rewarded. We are very excited for the new year and intend to continue to capitalize on opportunities and execute on our business plan to significantly increase revenues, expand operations, and deliver maximum value back to our loyal shareholders.”
Stay tuned, as 2019 is expected to be the biggest year on record!
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/
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 4 tabletop gaming bars and cafes, 3 of which are located in Toronto, Ontario that brought in over $8M USD in revenue last year and one recently opened in Tempe, Arizona. 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,", "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.
Amfil Technologies Inc.
Telephone: (647) 880-5887