Amfil Technologies Inc., (OTC: FUNN), is pleased to provide a general business update on current expansion initiatives, as well as an overview and breakdown of its recently posted annual report and financial statements. 2020 to date has had its share of challenges related to the COVID-19 pandemic and related business shutdowns and restrictions, however, the Company has so far been able to pivot and maneuver itself through the various obstacles to the best of its ability allowing it to remain strong and continue with its planned expansion initiatives and overall growth trajectory.
FYE 2020 Financials
Revenue - $8,502,930
Gross profit - $4,076,428
Using the comparable of the audited 2018 financials which showed revenue of $7,764,902 and gross profit of $3,792,289, the Company’s growth is quite clear. This YoY growth was achieved despite having all Snakes & Lattes locations closed for almost all of fiscal Q4 due to mandated COVID19 shutdowns. The fact that the company did more in sales in just 3 quarters this year than the entire fiscal 2018 year is a clear testament to the company’s growth trajectory. We anticipate post COVID19 along with the new additional locations and initiatives coming online will further boost sales at an even faster pace then seen over the past two years.
Breakdown of Revenue Streams
Fulfillment | $2,860,532.64 |
Tempe | $1,242,688.90 |
College | $1,486,366.26 |
Annex | $821,989.83 |
Midtown | $809,382.69 |
Morning | $616,098.56 |
E-Commerce | $278,410.12 |
Events / Other | $121,590.00 |
Interloc Kings | $265,871.00 |
Logistics | $2,860,532.64 |
Hospitality / Retail | $6,644,142.54 |
Interloc-Kings | $265,871.00 |
Publishing | $616,098.50 |
US | $1,242,688.90 |
CANADA | $6,644,142.54 |
FRANCE | $616,098.56 |
Tucson
Construction is progressing well. The Company plans to share some updated photos with shareholders soon via twitter and on the company website.
Chicago
The Company is pleased to announce that Snakes & Lattes ‘Chicago’ opened for business yesterday (October 14, 2020), as planned. The hiring/re-hiring of staff has commenced and should be completed shortly. The transition was slightly more complicated than usual because of the corporate structure (Delaware Company operating in Illinois and now with new ownership). The paperwork is being completed and we are able to operate throughout the transition with the help of the seller which is making the process proceed smoothly.
Loblaws.ca
Snakes & Lattes recently announced its partnership with Loblaws to curate and sell through the boardgame section of their online marketplace. The majority of the game stock has been acquired and the majority is in our warehouse and the rest with Loblaws and ready to ship. We are uploading the games, in both French and English. Loblaws had a few restrictions we had to work through, and we also had to make sure both the English & French languages were present, and prices were aligned. We are hoping for all products to be uploaded and ready to go before the end of the month, in time for Christmas.
Walmart.ca
Same as Loblaws, we got accepted to the platform as a 3rd party vendor. We are rushing to upload a first subset of games to test the platform and will be present in Nov - Dec for Christmas sales.
Amazon.ca
We are reactivating our account on Amazon.ca and will promote Morning Games as well as the games we love here at Snakes & Lattes.
Retail
Snakes & Lattes main objective is to have a good Christmas season. The first games are starting to arrive at the venues, and we are reorganizing our retail section to be ready for the holidays.
Guelph
The liquor License had lapsed so we have been dealing with the Liquor Control Board and the City of Guelph in order to switch the ownership and reactivate. We decided to minimize the construction bill and will do much of the renovations internally. We are building the benches, the new bar and adding bar equipment. The opening might be delayed but not by much.
Social Media
We have retained the services of a Social Media expert - someone who worked at Facebook for years. The first goal is to promote Chicago, then support the e-commerce website and promote games sales.
Note from management:
Despite the challenges resulting from the COVID-19 pandemic and related business restrictions, the company continues to forge ahead with its growth strategy. The management team has been successful in maneuvering around the new and evolving business restrictions and practices imposed by federal and local authorities and has taken advantage of various financial relief programs. As per mandated business closures, all Snakes & Lattes café locations were forced to temporarily close their doors for nearly the entire fiscal Q4 2020. All locations were able to re-open again and welcome in an eager group of guests, however as of October 12, 2020 all bars, restaurants, and gyms, as Toronto entered into Level 2 restrictions once again for a period of 28 days. The government has said they will cover bills for locations that were closed such as gas and electricity etc. and some are saying they may be taking care of a months rent for effected businesses as well. Management remains confident in its ability to continue to thrive as it focuses efforts on growth plans behind the scenes, will capitalize on financial relief programs, and utilize this opportunity to strengthen, improve, and streamline its business practices to accelerate its expansion efforts when business restrictions are inevitably lifted and Snakes & Lattes can welcome in its loyal base of happy guests in Toronto once again.
About Snakes & Lattes
Snakes & Lattes Inc. operates or is under construction on four tabletop gaming bars and cafes in Canada, one in Chicago and two in Arizona. The company is in the process of expanding throughout North America.
Snakes & Lattes was the first board game bar and cafe in North America and has the continent’s largest circulating public library of board games. Its staff numbers more than 100.
The company acquired the exclusive Canadian distribution rights for some of the most popular board games in the world. The company operates a fulfillment division and has recently entered the board game publishing industry through its acquisition of Morning. For more information on Snakes & Lattes Inc., visit www.snakesandlattes.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.gro3systems.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