AMFE News
ws Service
Toronto, ONT, Canada -
Amfil Technologies Inc. (OTC Pink: AMFE) is pleased to provide our shareholders with a summary of our Fiscal Q1 2018 Financials and provide an update on Fiscal Q2 2018 progress thus far.
Amfil Technologies Inc. posted revenues of $5,900,374 for our Fiscal Q1 2018 up 20,619% from Fiscal Q1 2017 which posted $28,477 in total revenue. The company saw a gross profit of $1,041,121 and a net income of $114,106. The company as at FY Q1 2018 being September 30th 2017 had $297,748 in cash, $4,286,000 in inventory and $6,734,935 in total assets. As of today, the Public Float held with DTC is 285,504,206. Common Shares Outstanding is 488,797,586 and the Authorized Share Count has been reduced down to 600,000,000 from 900,000,000.
The company has been heavily reinvesting profits to fuel its expansion since Fiscal 2017. The significant profit increases posted in our recent Q1 2018 financials are a direct result of reinvesting profits to aggressively expand the Snakes & Lattes distribution business last year.
The company continued to reinvest profits into the expansion of operations through Q1 2018. Staff training, construction, administrative, and general expenses have been increased due to the upcoming opening of the new Midtown Snakes & Lattes location. This has resulted in the net income being temporarily suppressed, yet still profitable as we position the company for increased revenues and profitability moving forward. The increased staff training costs, and a large portion of the general and administrative costs will be optimized once the Midtown location begins generating revenues, which is expected in the coming weeks, resulting in increased profitability and net income.
The Fiscal Q1 2018 revenues have made a powerful statement. The revenue and gross profit numbers truly confirm the effectiveness and sustainability of the companys growth strategy. The company remains on a clear upwards trajectory with increasing momentum in terms of revenues, profits, expansion, and diversification of revenue streams. The company continues to post quarter over quarter growth, which have now almost paralleled revenues of our most recent entire Fiscal Year End. Combined with the aggressive expansion of all business divisions, the company has positioned itself for continued growth and increased profitability throughout Fiscal 2018 and into the foreseeable future.
Highlights from Fiscal Q1 2018
Purchase Order Commitment for the GRO3 and Roto-Gro Units valued at an estimated $1.15 Million for 40,000 sq ft cultivation project.
Purchase Order commitment for GRO3 and Roto-Gro units for a developing 14,000 sq ft cultivation facility. Value of order is estimated at $2.5Million.
Announced the Franchising of Snakes & Lattes Inc. Released the map of available franchise locations and target locations for corporate expansion.
Sold first 2 franchise locations Hamilton and Kitchener/Waterloo Ontario
Completed 300M Authorized Share Count Reduction
Opened hundreds of new accounts for the distribution division. Distribution sales continue to surge.
Received Signing Bonus of $200,000 and First Exclusive Publishing & Distribution Contract
Announced the recruitment of successful Hollywood graphic designer, We Engaged for Graphic Design of game art for the Snakes & Lattes publishing division.
Ben Castanie Added to Board of Directors
The overwhelming support from the local community, business partners, and the investment community has defined our progress, and continues to fuel the company as it propels itself into new markets and business activities. We would like to take this time to once again thank those who have supported us through the companys progress and again reaffirm our commitment to continue the growth, expansion, and delivery of value back to our shareholders.
Stay tuned for a number of significant updates over the coming weeks as we accelerate into 2018. Key developments in the near future will include;
The franchising and expansion of the Snakes & Lattes subsidiary
Grand Opening of Snakes & Lattes Midtown location
The cultivation facility projects being supplied by the GRO3 team
Audit completion and uplist to OTCQB/OTCQX
The spinoff of the Interloc-Kings Inc subsidiary into a separate public entity in which current shareholders will receive share dividend.
Multiple strategic acquisitions
For more information regarding the company please visit www.amfiltech.com and follow us on twitter for further updates from the company @AmfilTech
For more information on Snakes & Lattes Inc. please visit www.snakesandlattes.com
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