Amfil Technologies Inc. Completes Multi-Year Audit and Submits for Uplist to OTCQB, Confirms 2017 Year End Revenues of $8,168,251 and Year Over Year Increase of +3500%
Toronto, ON, Sept. 13, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amfil Technologies Inc. (OTC: AMFE) is pleased to announce that our company auditors, RBSM LLP, have completed and signed off on the multi-year audit of the company’s financial statements. The company has submitted the required information with the OTC Markets Exchange to up-list from OTC Pink to the OTCQB Venture Market. The company is hopeful that through continued advancement and expansion, a second up-list will occur to the OTCQX Exchange later this year.
The audit completion and approval by RBSM LLP, provides third-party verification as to the accuracy of the company’s financial statements. The audit provides further evidence of the company’s success and exponential growth over the past two years and highlights the enormous growth potential soon to be realized. It is expected that the audit completion and subsequent tier up-list will provide an enhanced sense of confidence to our current and potential shareholders moving forward.
Key adjustments in the audited statements include:
· Audited revenues for fiscal 2017 now shows a total of $8,168,251, a difference to the upside of $1,637,278 compared to the unaudited statements previously filed showing $6,530,973. This was due to an inputting error that consolidated certain transactions using only the net revenues as opposed to both the gross and the net.
· There was a reduction in Net Income due to a large game development profit being pushed into Q1 2018, as well as some Interloc-Kings Inc sales being written off. This resulted in an operating loss of $309,761. Legitimate arguments could have been made to retain the income on the financial statements, however, due to the additional time required to complete the adjustments to support the transactions, the company felt the cost would outweigh the benefits and would be immaterial to the company’s long-term success and shareholder value.
The audited financial statements can be viewed here https://www.otcmarkets.com/stock/AMFE/disclosure
The audit process took longer than originally anticipated due to the high volume of transactions over multiple subsidiaries and their related business divisions. We appreciate the support and confidence from our loyal shareholder base and we are excited to move forward with a number of positive growth initiatives to further increase shareholder value.
The audit completion and upgrade to the OTCQB Venture Market will provide shareholders greater transparency, open the stock up to new market makers, and attract new larger private and institutional investors that were previously unable, or unwilling to invest in unaudited companies. Meeting/exceeding the increased compliance and informational requirements of the OTCQB Venture Market confirms and ensures the company’s commitment to transparency and should provide current and potential shareholders the utmost confidence in the information and disclosures provided by the company.
The company has submitted the required documentation to OTC Markets to uplist to the OTCQB Venture Market and anticipates the uplist to be approved and completed in the coming weeks. Benefits of listing on the OTCQB Venture Market include:
· Increased transparency for shareholders and the investment community
· Free in-depth Level II stock quotes for investors
· Potential for additional market makers (There is a fee to quote OTC Pink stocks. It is free for market makers to quote stocks listed on the OTCQB Venture Market)
· Ability to reach a broader audience of retail and institutional investors who require potential investments to be audited and current with their reporting requirements.
· Increased “visibility” through the various awareness platforms provided by the exchange, such as the OTCQB Podcast, Newsletter, Website, and Social Media Platforms.
The company has worked out an agreement with OTC Markets where payments made to the exchange will be pro-rata and applied to the application and listing fees if/when a second uplist occurs this year to the OTCQX Best Market.
Further, the completion of the audit and subsequent uplist will allow for the previously announced spinoff of the Interloc-Kings Inc. subsidiary. In conjunction with the spin-off, shareholders will be awarded with a special dividend in the newly formed entity based upon their holdings in Amfil Technologies Inc (AMFE). This initiative has been developed to fuel the growth for each subsidiary and will provide a well-deserved bonus to the shareholders who have held strong and supported us through this period of growth and development. Specific details relating to the spinoff, including the record-date, plans for the new entity, and awarded share ratios of the special dividend will be announced in a future press release.
“It has been a long and arduous journey. I would like to thank our shareholders for their patience and support during this stage in the company’s development,” stated Roger Mortimer, CEO. “I was blessed to receive words of encouragement and support throughout the extended audit period which were of huge value. I would like to once again reaffirm my vow to do everything in my power to deliver increased value back to our loyal shareholders and ensure that the wait was well worth it!”
The company continues to execute on a number of exciting initiatives. Further updates can be expected in the coming weeks as the company continues to accelerate forward with its growth and expansion strategy and deliver maximum value back to its shareholders.
For further updates from the company please follow us on Twitter @AmfilTech
For more information regarding the company, and its related subsidiaries please visit the following websites:
Amfil Technologies Inc www.amfiltech.com
Snakes & Lattes Inc. www.snakesandlattes.com
GRO3 Joint Venture http://gro3systems.com/
Natural Stuff Inc. https://www.naturalstuffinc.com/
Interloc-Kings Inc. 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 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 and is growing every day.
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," “soon”, "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