Business
Amfil Technologies Inc., Provides Update On COVID-19 Related Business Developments and The Allocation of Relief Funds
Amfil Technologies Inc., Provides Update On COVID-19 Related Business Developments and The Allocation of Relief Funds.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Amfil Technologies Inc., (OTC: FUNN), is pleased to provide shareholders with an update and summary of the business developments that have occurred amidst the COVID-19 pandemic, as well as an overview of how the Company is allocating relief funds. This has been a long awaited update but just want to bring shareholders up to speed on where the company is currently at and how it has handled this extraordinary time. CANADAA State of Emergency was declared on March 17, 2020 and the injunction to close all restaurants was made public on March 24, 2020. The Company temporarily ceased all operations in Canada and all staff members were let go immediately in order for them to quickly obtain the Canada Emergency Response Benefit help (CERB). Upper management, however, has continued working behind the scenes on several business opportunities to ensure the Company continues to move forward in a positive direction. Announcements will be made shortly as the initiatives finalize.During the month of July, Snakes & Lattes participated in a program called CafeTO that is meant to give restaurants the use of outdoor public space for patio use. The Snakes & Lattes ‘College’ location was granted the use of 1 lane of traffic on College St, in Toronto. Restaurants in Toronto are expecting to be allowed to re-open shortly, although no official date has been made public as of yet, it is expected to be announced sometime this month.USAArizona restaurants, including Snakes & Lattes ‘Tempe’, closed on March 17, 2020 and a Declaration of Emergency was proclaimed on March 19 by the Governor of Arizona. On May 20, 2020 Tempe re-opened for 34 days however on June 22, 2020 following the rise of virus cases in Arizona, the venue was forced to temporarily re-close. Obtention of Relief Money For the group: USAPayroll Protection Program (PPP)Through the PPP program the company received approximately $190,000 USD. The PPP loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities. We plan to use the majority of the PPP funds for these expenses. Otherwise the PPP loans have an interest rate of 1%, a maturity date of two years and loan payments are deferred for six months.CANADASome of the relief money was utilized to pay off some of the higher interest loans that the Company was...