Amfil Technologies Inc (FUNN)

[Felo31]

Amfil Technologies Inc.'s GRO3 Division Enters Into Exclusive Agreement with Cannabis Infused Beverage Maker, Kalvara, With LOI to Provide an Estimated (8) EcoPro3 Antimicrobial Technology Systems in 2019
Press Release | 11/05/2018
TORONTO, ON, Nov. 05, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE –

Amfil Technologies Inc. (OTC: AMFE), is pleased to announce that the GRO3 subsidiary has been selected as the exclusive supplier of ozone based antimicrobial technology for Virdi Group, the owners of Kalvara, for use in the production of their Cannabis Infused Beverages.

The EcoPrO3 systems will provide complete process water pre-filtration and antimicrobial treatment to ensure they meet and exceed the highest food safety standards while maintaining quality, flavor, and potency. An LOI has also been issued which provides for an estimated 8 EcoPrO3 systems in 2019.

Kalvara is a provider of innovative and high-quality cannabis beverages that are environmentally friendly and free of chemicals, calories, sugar, and preservatives. Kalvara Single and Kalvara Eco four-pack are infused drinks offering an easier, cleaner and more consistent cannabis consumption method. Kalvara uses a proprietary nano-emulsification process that allows a rapid onset delivery of a precise dose of water-soluble THC to the bloodstream, avoiding problems associated with other edibles.

Kalvara utilizes Virdi Group’s innovative VESSL™ delivery system. VESSL™ is a nitrogen-pressurized storage and delivery system which preserves the active ingredients from environmental factors without the need for artificial preservatives. The patented VESSL™ closure delivers a precise and consistent dose of THC in every bottle and maintains product integrity without the need for refrigeration.

“The deal with Kalvara is a perfect fit for GRO3,” stated Ambrose Fillis, President of GRO3. “Kalvara is dedicated to providing products which are natural, healthy, and free from artificial preservatives. GRO3 provides an all-natural, organic, and safe solution ensuring Kalvara’s Cannabis Beverages are of the highest quality and exceed food safety standards.”

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.

The GRO3 Team has made significant strides toward penetrating the Cannabis Industry with the EcoPr03. Currently, 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 over the coming weeks and as they continue to develop.

A note regarding Amfil’s “Stop Sign” designation on OTC Markets.

As shareholders are well aware, the company decided to undergo the process of auditing the last three years financial statements in order to up-list off the OTC Pink market. Fiscal year end June 30th, 2016 and 2017 audited statements have been filed and can be found at the following link: https://backend.otcmarkets.com/otcapi/company/financial-report/202464/content

The 2016/2017 audits took longer than anticipated and overflowed into the time allotted for the 2018 audit to be completed. Consequently, the company missed the Oct.15, 2018 filing deadline and a stop sign designation was issued from OTC Markets. The 2018 audit is currently underway and will be filed upon completion, which will remove the stop sign designation and enable the up-list of the company off the OTC Pink Market.

There is never an ideal time to complete a multi-year audit. The process is often time consuming, and it can cause unintentional by-products including the stop sign designation. It is, however, a necessity in terms of the greater progression and growth of the company in the long-term. The completion and filing of two of the previous three years audits is an enormous step forward in the process. The 2018 audit will be completed and filed, and the company is excited for its future beyond the OTC Pink market. Amfil, along with the internal and external accountants, the CFO Squad, and our auditors RBSM are dedicated to completing this final year’s audit as quickly and efficiently as possible. Once complete, the company will up-list off the OTC Pink market and begin the spinoff and dividend process mentioned in prior press.