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What makes you think it will be tweet or tweets only? It could be any sort of communication
We will see. I hope you are right
But this PR had nothing to do about the audits.
Personally I don’t wanna talk about the audits at all. Release them when they are finished, but talk to me about the business! How is the business going? Are there any updates they can talk about? Anything that helps change the topic of the audit.
That is not the issue. The issue is that he said that there would be an update before the month ends, and he is running very close to breaking the promise he made...again.
You don’t say that you are going to do something at a specific time, and then not do what you promised to do.
“... the Company is in the process of firming up this location. Further details regarding this location will be provided prior to the end of this month.”
This. Sadly, so much this.
Don’t confuse frustrated longs with bashers. We are simply frustrated, and we have every reason to be because Roger has given us the reasons to be.
The audits are his last excuse. Up until now we have blamed everything on the audits.
He could have contracted a PR firm even without the audits. He could have posted the Q4 and Q1 without the audits. Even if he was advised to not file the Qs until the audits hit, he could have issued a PR which discussed some numbers.
We are concerned PRECISELY because we are shareholders. If we weren’t shareholders, we wouldn’t care.
That is one good thing. One bad thing is that financial information is missing
RBSM holds no responsibility towards the shareholders of any entity. It’s responsibility is only with the company that contracted them for their services, Amfil Technologies.
The one responsible of its shareholders is Amfil Tech. Nobody else
I agree that AMFE is not upholding their fiduciary responsibilities. I wrote an email this morning. I hope that all shareholders start flooding his emails regarding this matter. This is not something that should be taken lightly.
But they can JV
Honestly man, those expansion trips are probably the most important thing going on right now. THEY are the ones bringing us to dollar land, not the audits.
Revenue is king. We are trading at 2x revenues. That is normal.
This is the true (current)
value of this company.
When revenue increases, the PPS will also increase.
We will only know that once the financials are reported.
Are there catalysts which can affect the revenues? Yes.
When they hit, we will see a change.
Will this trade in the dollars? Yes.
How soon? That depends on how much excitement the CEO can generate (honestly not looking too good right now) or the revenues reported.
This is anyways a long term hold for me.
Probably. But even if we don’t trade at a higher range than the normal 2x-3x we will still eventually trade in the dollars. That was my point
There is actually a very clear path for this stock to trade in the dollars. Even if it trades in the normal 2x-3x revenues range (there is of course the possibility it can trade in a higher range), but it all depends on the revenues.
We currently have 4 S&L locations, and the last known financial report showed that we had made $11 mill in 3 quarters. We have reason to believe that a full year, with 3 locations, can get us closer to $15 mill.
We now have 4 locations, and we are set to open 3 more locations by the first half of this year.
https://www.otcmarkets.com/stock/AMFE/news/Amfil-Technologies-Inc-Announces-3-New-US-Based-Snakes--Lattes-CafeBar-Locations-In-Progress-and-Additional-Locations-in?id=215154
If a full year with 3 locations brings us around $11-15 mill in revenues, then a full year with 7 locations should bring us around $23-32 mill in revenues.
If we were to set it more precisely, each location brings about $3-4mill
7 x 3 = 21
7 x 3.5= 24.5
7 x 4 = 28
We have to understand that S&L does not make its revenue only through retail. A big part of the business is distribution, and the company is currently working to replicate their successful business model in the US. Distribution + retail can and should bring us closer to $30 million in revs.
We are about to enter the world of self publishing. This could bring $XX,XXX,XXX in revs by itself...but it is very hard to gauge this at the moment, so I will just leave this as a side note.
So, recap: 7 locations + retail brings us about $30 mill in revenues.
But we won’t stay with only 7 locations will we? There are already 17 ADDITIONAL investors “ready to pull the trigger, should the right circumstances come up”.
https://www.otcmarkets.com/stock/AMFE/news/Amfil-Technologies-Inc-Announces-3-New-US-Based-Snakes--Lattes-CafeBar-Locations-In-Progress-and-Additional-Locations-in?id=215154
17 + 7= 24
24 x 3 = 72
24 x 3.5 = 84
24 x 4 = 96
A company that makes $72 million in revenue, and trades at the normal 2x earnings is worth $144 mill or about $1.42 per share.
A lot will now depend on the amount of locations that the expansion team can bring about.
A few things to point out is that this does NOT take into consideration EcoGro3 at all. It also does not take into consideration distribution at all, nor does it take into consideration self publishing at all.
This is not a minor detail. All of those points are MAJOR pillars of the business, and they bring SERIOUS revenue to the table.
We already KNOW that Tempe is a hit. If you don’t, check out the location, or the many mentions it has on Twitter. This is why more people want to invest in a location with us. Orlando will be a huge boon for us, since it is such a tourist heavy city, even MORE people will see what S&L is, and will want to invest in one.
I think we end this year with 10 + locations, but I would not be surprised to see 25+ next year, and 40+ the year after that.
Can anyone give me a quick run down on this stock? Thanks
I agree with him not giving dates or talking about the audits in general. The best way is to just put a tweet the day before filing, and file the next day. Just like he did with the last audit.
But I hate this radio silence. You have a business which is constantly moving forward, the stock is tanking (yes it’s tanking), give us something to be excited about!
At the same time I also understand that we are so close to being in the QB, it makes sense to hold as much news as posible until there is a better audience to receive it.
That said, I hate to burst everyone’s balloon, but being in the QB doesn’t automatically mean that the PPS will skyrocket. There is another stock which recently uplisted from the pinks to the QB, (SSFT*) and yes, the first day it popped, after that it came back to the same price it was before.
What we ultimately need are the revenues. The market cap is currently 34 million. The last reported revenues are 11 mill. We have reason to believe that the company made 15 million last year. If that’s the case, we are trading at a little more than 2x revenues. Most companies trade at 2-3x revenues.
Franchising/ JV will push that number up quickly. So will distribution. So will the self published games. All in all, I think that it’s not out of the ball park to asume that Amfil might reach $30-45 million in revs for the next year:
We already know that Canada brought us about $15 mill, and that was BEFORE multiple exclusivity deals were announced. So Canada might get us anywhere from $15-19 mill in revs for next year.
We also know that, besides Tempe, there are 3 more locations in the US being targeted for the first half of this year. With 4 locations each moving around $3mill we get to $24-28 mill (I’m counting US+Canada)
That brings us to distribution and self publishing. We already KNOW that their business model works. How well will they be able to implement it in the US? How quickly? I think that Distribution can push us over $30 mill.
How will the self published games sell? They can go anywhere from being really bad to really good. I don’t mind if these games flop, these games where made by Morning without the input from Snakes. Moving forward is what interests me.
But what if they don’t flop? CAH made $50 mill in one year. What if KAU made $30 mill? Now we are talking about Amfil having $60 mill in revenue.
...of course, I don’t think it’s wise to aim that high.
But just consider, this is only taking into consideration 7 locations. The last PR mentioned that there were 17 ADDITIONAL locations which could be worked on at any given time if the correct circumstances presented themselves. This means that, either now or later, the chances of us getting 17 ADDITIONAL locations is really high. What does that mean in numbers?
17 x 3 = 51
17 x 3.5 = 59.5
17 x 4 = 68
Up until now we are considering 7 locations, which we can assume will bring us anywhere between 24-28 mill in revs for next year.
Now add to that what the additional 17 locations bring and we get anywhere between 51-68 million dollars
So, just to put everything into perspective, we could be talking about $75- 96 mill in revs.
And that my friends, puts us in dollar land.
As frustrated as I am with the stock price, the future of the company looks very bright.
4 current S&L locations with 3 more to open in this year. There are also 17 more investors “ready to pull the trigger” once the right circumstances come up.
These are people in advanced talks to open a S&L.
Assuming that each S&L brings between 3-4 million in revs:
7 locations x $3mill (conservative)= $21 mill in revs
7 locations x $3.5mill = $24.5 mill in revs
7 locations x $4 mill = $28 mill in revs
This is only considering how each location will help the bottom line. A big part of the business is the Distribution branch, which currently only operates in Canada. If they can integrate their existing model in the US, that means we might see a huge increase in revenue.
Also, the company is set to publish their own games this year. This would be their first foray in this part of the business. While we would be naive to expect every game to be a hit, it is true that a single game may bring $XX,XXX,XXX in revenues in itself.
2018 saw about $15 mill in revenues. This was with 3 locations, and operating only in Canada.
Even so, we have secured multiple exclusivity deals in Canada, so we can expect to be able to make MORE than $15 million in Canada in the future...and the US?
With 3 locations in the US, even without distribution, we might see $9 mill more in revs by the end of this year.
I think it is reasonable to expect $20-25 million dollars in revs by the end of this year
... for a new Snakes & Lattes location in Orlando, Florida. The Company has found a suitable corner unit, in a prime entertainment district which has become available and the Company is in the process of firming up this location. Further details regarding this location will be provided prior to the end of this month.
I don’t care whose fault it is.
I care that we don’t have the Q4 numbers.
I care that the financials aren’t filed
Don’t misunderstand me. I am still long on AMFE, but I am not happy at all with the fact that there is still a STOP sign on the stock.
I am very happy to see new locations announced.
I will be even happier when the revenues get announced.
I will be even happier when distribution starts in the US.
There are plenty of things to be happy about the company, but not many things to be currently happy about with the stock.
Guys, please. The Stop sign is not inconsequential and many investors do care about it. As they should.
Every single one of us should care that the financials are not current. That is precisely the issue why the PPS is where it’s currently at.
No one should be defending Roger over this. Absolutely nobody.
Can I understand why this situation came to be? Yes. Should I be ok with it? Absolutely not.
I think that one of the most basic things we as investors must know about the company we are investing in is if they are making money or if they are losing money.
Please don’t say that the Stop sign is inconsequential. It is not.
I want the quarterly report.
Yes I know. Eventually the information will come out.
Sadly we do not have public information on how the JVs work. We only know that:
4 are corporate owned
3 more will be opened this year, with the target being the first half of 2019
17 locations are set to be worked on as long as the right circumstances come up.
Everything else is set for speculation, or not confirmed with public information.
I am sure that we will see at least one PR in the near future explaining how the JVs help the company.
What we do know for certain is that the concept is a hit and it growing.
How many of those thousands of restaurants also distribute games? Or publish for that matter? How many of them constitute as a brand? The answer is 1. Snakes&Lattes.
And there are 4 locations open today, but there are 3 more which are set to open in the first half of this year, with the possibility of 17 more to be in the works.
Do we need more information? Yes. But to compare S&L to the rest of the competition is to completely miss the the business model established by S&L
Hey guys, did you know that S&L is opening 3 more locations this year? Possibly more?
Yep. That’s right. We have a new one coming in Orlando, a second one in Charlotte, and another one in Arizona. Looks like S&L is starting to become the hit we always knew it would be.
Not only that, but apparently there are 17 more Investors ready to “pull the trigger” if the right circumstances come up.
These numbers are only going to multiply here on out.
https://www.otcmarkets.com/stock/AMFE/news/Amfil-Technologies-Inc-Announces-3-New-US-Based-Snakes--Lattes-CafeBar-Locations-In-Progress-and-Additional-Locations-in?id=215154
Oh come on. I’m as bullish here as anyone, but that is just plain false. If nothing else, we are missing the last TWO quarterly numbers.
That is plain unacceptable. I wrote to Roger explaining my discontent. I haven’t received an answer (not that I was expecting any, he never answers any of my emails) and I think that every investor should do the same. I get that the 10k will be released when it’s done, but we are now flying in the dark. We are entitled to know how good or bad our investment is doing.
Then again, the important factor is NOT when they will open, but how MANY they will open this year
In all honesty I think that an opening of the 3 locations in the first half of 2019 would be too optimistic.
Tempe has been the quickest location to open, taking 4 months.
If they started working on these locations tomorrow, that would still mean they would open on May.
That means we could expect news very soon, or for every week that is not announced, we should expect a week in delay (for the opening)
I just posted the last PR.
There are 3 new locations set to open in 2019 (hopefully first half):
Orlando, FL
Charlotte, NC
Arizona. (Second)
Amfil Technologies Inc. Announces 3 New US Based Snakes & Lattes Cafe/Bar Locations In Progress and Additional Locations in Planning Stages
Press Release | 01/10/2019
TORONTO, ON, Jan. 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amfil Technologies Inc. (OTC: AMFE) is pleased to provide a brief update on the brick and mortar expansion currently in progress as well as being worked on for future openings.
The Snakes & Lattes location in Tempe, Arizona opened in October 2018 and has been gaining traction quickly with month over month revenue increases since its official launch, which indicates the region was a great starting point for the US expansion. Now that Tempe is up and running, the Company is pleased to announce that a second location in Arizona is in the final stages of negotiation, potentially opening as soon as spring/summer 2019. The Company is in the process of finalizing quotes with contractors and anticipates the signing of a definitive lease agreement shortly, moving the project past the LOI stage. The Company will be providing further details on this project as it progresses.
Snakes & Lattes Inc. is pleased to announce that it has selected a venue and received commitment from a joint venture partner, and funder, for a new Snakes & Lattes location in Orlando, Florida. The Company has found a suitable corner unit, in a prime entertainment district which has become available and the Company is in the process of firming up this location. Further details regarding this location will be provided prior to the end of this month.
As previously announced, a JV partner and funder have been secured to open a Snakes & Lattes location in Charlotte, North Carolina. Originally, we had selected a potential location, however since then 2 additional locations have become available which management felt were potentially more suitable for a Snakes & Lattes café. Ben Castanie and Aaron Zack have travelled from Toronto and will be arriving in Charlotte this Thursday, January 10th, 2019 to view all three potential locations alongside the JV partner and funder, to ascertain which location would be most ideal for the café given the target demographic and business specific criteria to ensure the business’s success.
Assuming all goes as planned and the locations are secured, the company expects to begin construction on these 3 additional cafes this spring, bringing the total number of Snakes & Lattes locations operational or under construction from 4 to 7 within the first half of 2019.
Additionally, the company continues to pursue a number of locations to increase café openings for 2019 even further. As previously mentioned, the company already has a partner and funder prepared to open a location in Denver, Colorado as soon as an appropriate location becomes available. The Company adheres to strict criteria in terms of selecting a location to ensure success and finding the correct location to target its demographic has proven to be well worth the wait.
We have the same situation in Fort Collins, Colorado. The funder has provided confirmation of intent to fund and is ready to go as soon as a suitable venue can be secured. We have targeted a specific area in the city which would allow us to directly service our target demographic, but given the popularity of the area, vacancy rates for venues in the area are low. We are monitoring the situation closely and will be alerted once something becomes available.
Again, management is firm in their view that it is better to follow the strict criteria, and wait for a prime location, rather than rush an opening in a lesser ideal location and risk failure. Fortunately, the company has forged close relationships with JV partners and funders prepared to pull the trigger as soon as target locations becomes available in multiple cities.
Furthermore, the Company is currently negotiating with funders and/or potential landlords in 17 other US cities which are at earlier stages of the development process. Many of these cities are also just waiting for the right venue to become available, otherwise everything else has been organized. This could happen at any time; however, they have not progressed to that point yet. The company will provide further updates relating to these potential locations as the deals continue to develop and as venues become available.
Since the successful launch of the first US based location in Tempe, AZ, it appears that 3 additional US based locations are likely to begin construction very soon, and as 2019 progresses that number could increase significantly. The Company looks forward to the continued expansion of its highly popular Snakes & Lattes cafés throughout North America and expects the frequency of new openings to increase continuously for the foreseeable future.
https://www.otcmarkets.com/stock/AMFE/news/Amfil-Technologies-Inc-Announces-3-New-US-Based-Snakes--Lattes-CafeBar-Locations-In-Progress-and-Additional-Locations-in?id=215154
Can someone explain something to me? Apparently the theory is that one seller with 1.3 million shares basically walked the price down.
What would he gain from doing that? Are we under the presumption that he did it to buy more shares even cheaper? Was it done from spite? Why would a current investor damage his own investment?
The audit is ok and all. What I really want is
More locations open
GRO3 units sold
Quarterly revenues
Yearly revenues
More locations open
I had almost forgotten! Thanks!
First the audit completion.
Then the up list to OTCQB.
Then the spin off of IK.
Then a dividend to all existing shareholders to date on the new entity.
And while all this is going on:
3 new locations for Snakes&Lattes will be built this year. Hopefully within the first half of the year:
Orlando, FL
Charlotte, NC
Arizona (not yet announced)
17 more investors are ready to pull the trigger should the right circumstances come up. This means that maybe 2019 can end up with more than 3 locations built!
Not only that but Kelvara bought 8 systems of EcoGro3, which will be counted this year!
Revenues are gonna soar!
It’s actually pretty amazing when you think about it.
Snakes was acquired in 2016. At that time there were only 2 locations.
Midtown was opened in 2017.
2018 saw Snakes breaking into the US market for the first time with Tempe. This brought us to 4 locations at the moment.
2019 will see the opening of at least 3 new locations! Possibly more!
2019 will see the release of the first self published games!
2019 will see the start of the distribution arm of Snakes&Lattes in the US!
I know what the issues are. Snakes&Lattes is about to open 3 new locations in the US! One in Orlando Fl, one in Charlotte NC, and ANOTHER one in AZ.
Not only that but they are about to release 3 new games self published.
In other words, they are set to make more money this year than the previous year!
Amfil Technologies Inc. Provides Overview of 2018 Accomplishments, Milestones, and Achievements
Press Release | 12/31/2018
TORONTO, Dec. 31, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amfil Technologies Inc. (OTC: 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.
GRO3
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.”
Amfil Technologies Inc. Announces 3 New US Based Snakes & Lattes Cafe/Bar Locations In Progress and Additional Locations in Planning Stages
Press Release | 01/10/2019
TORONTO, ON, Jan. 10, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Amfil Technologies Inc. (OTC: AMFE) is pleased to provide a brief update on the brick and mortar expansion currently in progress as well as being worked on for future openings.
The Snakes & Lattes location in Tempe, Arizona opened in October 2018 and has been gaining traction quickly with month over month revenue increases since its official launch, which indicates the region was a great starting point for the US expansion. Now that Tempe is up and running, the Company is pleased to announce that a second location in Arizona is in the final stages of negotiation, potentially opening as soon as spring/summer 2019. The Company is in the process of finalizing quotes with contractors and anticipates the signing of a definitive lease agreement shortly, moving the project past the LOI stage. The Company will be providing further details on this project as it progresses.
Snakes & Lattes Inc. is pleased to announce that it has selected a venue and received commitment from a joint venture partner, and funder, for a new Snakes & Lattes location in Orlando, Florida. The Company has found a suitable corner unit, in a prime entertainment district which has become available and the Company is in the process of firming up this location. Further details regarding this location will be provided prior to the end of this month.
As previously announced, a JV partner and funder have been secured to open a Snakes & Lattes location in Charlotte, North Carolina. Originally, we had selected a potential location, however since then 2 additional locations have become available which management felt were potentially more suitable for a Snakes & Lattes café. Ben Castanie and Aaron Zack have travelled from Toronto and will be arriving in Charlotte this Thursday, January 10th, 2019 to view all three potential locations alongside the JV partner and funder, to ascertain which location would be most ideal for the café given the target demographic and business specific criteria to ensure the business’s success.
Assuming all goes as planned and the locations are secured, the company expects to begin construction on these 3 additional cafes this spring, bringing the total number of Snakes & Lattes locations operational or under construction from 4 to 7 within the first half of 2019.
Additionally, the company continues to pursue a number of locations to increase café openings for 2019 even further. As previously mentioned, the company already has a partner and funder prepared to open a location in Denver, Colorado as soon as an appropriate location becomes available. The Company adheres to strict criteria in terms of selecting a location to ensure success and finding the correct location to target its demographic has proven to be well worth the wait.
We have the same situation in Fort Collins, Colorado. The funder has provided confirmation of intent to fund and is ready to go as soon as a suitable venue can be secured. We have targeted a specific area in the city which would allow us to directly service our target demographic, but given the popularity of the area, vacancy rates for venues in the area are low. We are monitoring the situation closely and will be alerted once something becomes available.
Again, management is firm in their view that it is better to follow the strict criteria, and wait for a prime location, rather than rush an opening in a lesser ideal location and risk failure. Fortunately, the company has forged close relationships with JV partners and funders prepared to pull the trigger as soon as target locations becomes available in multiple cities.
Furthermore, the Company is currently negotiating with funders and/or potential landlords in 17 other US cities which are at earlier stages of the development process. Many of these cities are also just waiting for the right venue to become available, otherwise everything else has been organized. This could happen at any time; however, they have not progressed to that point yet. The company will provide further updates relating to these potential locations as the deals continue to develop and as venues become available.
Since the successful launch of the first US based location in Tempe, AZ, it appears that 3 additional US based locations are likely to begin construction very soon, and as 2019 progresses that number could increase significantly. The Company looks forward to the continued expansion of its highly popular Snakes & Lattes cafés throughout North America and expects the frequency of new openings to increase continuously for the foreseeable future.
And the normal direction for the company is MORE MONEY!
Amfil Technologies Inc. Announces 3 New US Based Snakes & Lattes Cafe/Bar Locations In Progress and Additional Locations in Planning Stages
The Snakes & Lattes location in Tempe, Arizona opened in October 2018 and has been gaining traction quickly with month over month revenue increases since its official launch, which indicates the region was a great starting point for the US expansion. Now that Tempe is up and running, the Company is pleased to announce that a second location in Arizona is in the final stages of negotiation, potentially opening as soon as spring/summer 2019.
Snakes & Lattes Inc. is pleased to announce that it has selected a venue and received commitment from a joint venture partner, and funder, for a new Snakes & Lattes location in Orlando, Florida. The Company has found a suitable corner unit, in a prime entertainment district which has become available and the Company is in the process of firming up this location. Further details regarding this location will be provided prior to the end of this month.
As previously announced, a JV partner and funder have been secured to open a Snakes & Lattes location in Charlotte, North Carolina. Originally, we had selected a potential location, however since then 2 additional locations have become available which management felt were potentially more suitable for a Snakes & Lattes café. Ben Castanie and Aaron Zack have travelled from Toronto and will be arriving in Charlotte this Thursday, January 10th, 2019 to view all three potential locations alongside the JV partner and funder, to ascertain which location would be most ideal for the café given the target demographic and business specific criteria to ensure the business’s success.
Assuming all goes as planned and the locations are secured, the company expects to begin construction on these 3 additional cafes this spring, bringing the total number of Snakes & Lattes locations operational or under construction from 4 to 7 within the first half of 2019.
Additionally, the company continues to pursue a number of locations to increase café openings for 2019 even further. As previously mentioned, the company already has a partner and funder prepared to open a location in Denver, Colorado as soon as an appropriate location becomes available.
... We have the same situation in Fort Collins, Colorado.
Furthermore, the Company is currently negotiating with funders and/or potential landlords in 17 other US cities which are at earlier stages of the development process.
Since the successful launch of the first US based location in Tempe, AZ, it appears that 3 additional US based locations are likely to begin construction very soon, and as 2019 progresses that number could increase significantly.
The Company looks forward to the continued expansion of its highly popular Snakes & Lattes cafés throughout North America and expects the frequency of new openings to increase continuously for the foreseeable future.