Toronto, ON, Oct. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Amfil Technologies Inc. (OTC: FUNN) is pleased to announce the projected completion date for the Company’s 2019 audit. While the audit process has been an unpleasant and lengthy experience for management and the shareholders, we are happy to announce that it is finally assumed by all parties involved that the entire audit process will be completed before the end of this month.
It was suggested to the company mid-audit not to release unaudited numbers until the prior year’s audit was completed, as the opening and closing year end balances would not match until any and all adjustments were made to the prior year. Considering the length of time it took to complete the adjustments, in hindsight the Company recognizes that this may not have been the best strategy. Moving forward, the company remains committed to financial transparency, and it will publish/release timely financial statements by the due date, regardless of audit status. This will ensure the company remains current and prevent any future “Stop Sign” designations on OTC Markets.
FYE 2018 and FYE 2019 will be filed/published before the end of the month, and Q1 2020 will be issued before its November 14th due date. Completion of these filings will reinstate the company to ‘Current’ status and ensure it is maintained through to the Q2 2020 filing in February 2020. The company is committed to have all future financial statements filed on time to ensure it permanently retains a ‘Current’ status designation from OTC Markets.
The past few years working through the audit process have been a learning experience for the company. Understanding auditor expectations has driven management to make multiple adjustments that will improve timelines for all future audits. It has been an ever-evolving process, one that has included several adjustments, the implementation of new policies and procedures, and changes in staff. Adjustments the company has made include the hiring of the CFO Squad, moving the primary accounting firm, and a number of internal accounting/bookkeeping processes and protocols. These significant changes to the Company’s infrastructure have been implemented to ensure timely future audits and promote the Company’s continued growth sustainability, with the intent to both protect and increase shareholder value.
The last two years undergoing the audit has been a difficult, but necessary, process for the Company and shareholders alike. Since the acquisition of the Snakes & Lattes Inc. subsidiary, the Company has experienced tremendous growth and has continued this growth trajectory at an ambitious rate. It is, of course, imperative to ensure that the Company’s growth is also sustainable. The financial audit and subsequent uplist were/are key requirements to allow the Company to continue aggressive AND sustainable growth.
The company is excited to move forward from this process, committed to the timely completion of all future audits, and very excited for the multitude of growth-related initiatives moving forward. Once completed, the company intends to further accelerate its comprehensive growth strategy including the opening of new Snakes & Lattes venues, the holiday sales rush of the Kill the Unicorns game title, and a multitude of additional initiatives which have been developing behind the scenes. We look forward to delivering maximum value back to our current shareholders while concurrently attracting a new range of investors and/or institutions following the submission of our audited financials.
We remain steadfast in our commitment to our aggressive growth strategy, and upon audit completion, we believe that we are strongly positioned for the continued expansion of our core business, vertical and horizontal integration, and expanding the scope of additional initiatives to deliver enhanced shareholder value.
For further updates from Amfil Technologies Inc 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. https://www.snakesandlattes.com
Morning (Snakes & Lattes Publishing SAS) https://www.morning.us/
GRO3 Joint Venture https://www.gro3ozone.com
Interloc-Kings Inc. http://www.interloc-kings.com/
About Us:
Amfil Technologies Inc. is the parent company to three 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 and 1 in Tempe, Arizona. The company is in the process of expanding 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 has 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 through the acquisition of Morning 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.gro3ozone.com website 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 is 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.
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,", "will", "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.
Contact:
Roger Mortimer
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: rmortimer@amfiltech.com
Or
Ben Castanie
Snakes & Lattes Inc.
Telephone: (416) 500 2911
Email: ben@snakesandlattes.com