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$AMFE
Amfil Technologies Inc. Reports $2,445,949 In Fiscal Q3 2018 Revenue, Up 35% Year Over YearPress Release | 05/19/2018
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 companys historically slowest quarter. The January to March quarter is not usually a large quarter for distribution which is a large part of the companys 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 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.

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