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Amfil Technologies Inc. Discusses Upcoming 300M Authorized Share Count Reduction, Common Share Reduction & Other General Updates
Amfil Technologies Inc. Discusses Upcoming 300M Authorized Share Count Reduction, Common Share Reduction & Other General Updates.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"\n \n \n Amfil Technologies Inc. Discusses Upcoming 300M Authorized Share Count Reduction, Common Share Reduction & Other General Updates\n \n \nAmfil Technologies Inc. Discusses Upcoming 300M Authorized Share Count Reduction, Common Share Reduction & Other General Updates\n \n TORONTO, ON--(Marketwired - Aug 29, 2017) - Amfil Technologies Inc. (OTC PINK: AMFE) is pleased to provide the shareholders and the investment community with a general update regarding company activity. \n Firstly, the company would like to confirm one of the topics mentioned in the July 31st 2017 press release which came in conjunction with our FY 2017 financial statements where we stated, \"The company will reduce the authorized share count down from 900M in order to better reflect the cap we would like to have on the outstanding going forward.\" The 900M A/S was structured many years ago and had not been revisited since. The company will reduce this number down from 900M to 600M to narrow the gap between the authorized and the outstanding share count as the company no longer requires the additional room for future increases.\n That being the case, we are immediately reducing our authorized share count to an even 600,000,000 shares which will go into effect before FY Q1 2018 with the close being September 30th 2017. By FY Q3 2018, we expect existing profits to fund further expansion over and above the planned expansion outlined in our previous press releases. At that time, we may look at a further reduction in the issued and authorized numbers as a show of good faith and further prove our long-term commitment to shareholders. Reducing the Authorized Shares should enhance investor confidence and eliminate any concerns of future dilution.\n The Company continues to move ahead with the recently announced acquisition of the cloud-based franchising software company and future acquisitions may potentially be done so by way of preferred stock to further this initiative.\n It was previously mentioned that the company was going to reduce the Outstanding Share Count by 20M common shares by way of an exchange of common stock for preferred shares. This will occur along with the authorized reduction, and we anticipate both will be completed by September 30, 2017.\n In other company related news: \n Snakes & Lattes Inc. will be in attendance at FanExpo, h...