Snakes & Lattes Inc. / Amfil Technologies Inc. (OTC:FUNN) is pleased to announce the following update to the shareholders and investment community.
Keeping in line with the previously announced plan of looking to extinguish the last of the remaining few convertible notes on the books, combined with other previous debt reduction initiatives, with over $2 million dollars being removed from the Company balance sheet last year, the Company is now pleased to announce that it has purchased one of the final five (5) remaining convertible debt notes which dates back to 2019. This was in regards to the expansion into the second Arizona location.
Completed in an all-cash deal at a significant discount to its current face value which included all original principal and accumulated interest to date, this note buyback was done on very favorable terms to the Company.
The note was at a fixed price, the same as any note the Company has ever written. This represented a possible conversion price at almost a 700% premium from the current market trading price of the Company today, this move was seen to be in the best interests of the Company and all shareholders. Not only does it remove a significant amount of prior capital raised for expansion, it also removes any possible situations where potential future conversions could have occurred.
Out of the first of many positive actions having been taken, and announcements to come shortly in the near future, the Company has been positioning itself for its move forward on a large scale.
Keeping into consideration that the Company has not raised any money using convertible debt instruments in over the past four years, and conversions of prior debt in recent years past were done at premiums as high as over 4500% to the current market valuation price, the end result is that this buyback and cancellation represents a reduction and cancellation of 22.2% of the remaining notes.
This purchased, and now retired note, pertained to the Snakes & Lattes ‘Tucson’ build out of the second (2) Company location in Arizona constructed in 2019. Therefore, with only four outstanding notes remaining, all of which are prior to 2021, the Company intends to also repurchase and retire all of them.
Furthermore, current negotiations seem to be at the point where all four of the remaining convertible notes will also be able to be repurchased. This would ultimately lead to zero convertible debt and therefore zero dilution to shareholders from any prior convertible debt instruments issued with regards to prior expansion of Company locations.
The Company currently has a tradeable float of 527,923,441 shares, which is cumulative from inception in 1985, with zero reverse splits or recapitalizations.
With regards to the yield sign that came on Friday, the Company was still in the process of finalizing the on-going buybacks so it could be included on the Quarterly report.
The Company will have reported the filings within the allotted 5 day extension period allowed by the stock exchange. This allows us the time to have concluded all most recent subsequent event transactions occurring after our Q3 2025 quarterly report was due.
As we round out Fiscal Year 2025, the Company is looking forward to the future, and excited to see what it holds!
See you at Snakes & Lattes!
About Snakes & Lattes Inc.
Snakes & Lattes Inc. currently operates 8 tabletop gaming bars and cafes: 4 located in Toronto, Ontario, Canada, 1 in Tempe, Arizona, 1 in Tucson, Arizona, 1 in Chicago, Illinois and 1 in Virginia Beach, Virginia. 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, and is believed to be the largest in the world. Our board game cafes have the largest circulating public library of board games in North America for customers to choose from.
We also host a COMMUNITY forum: A tool to facilitate communication between shareholders and management. This is meant to encourage meaningful exchanges, 2-way conversations, discussion with management through Q&A, as well as exchanges between members. COMMUNITY also contains an internal forum and discussion for all shareholders. Management will periodically provide answers based on the most up to date information, subject to any regulatory restrictions.
We encourage everyone to sign up at https://www.snakesandlattes.com/signup
For more information on Snakes & Lattes Inc., please visit the website at: www.snakesandlattes.com.
For further updates from Snakes & Lattes Inc., please follow us on Twitter@SnakesandLattes
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", “trending” 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
Chairman Of The Board / Director / Investor Relations
Telephone: (647) 880 5887
Email: rmortimer@amfiltech.com