Amfil Technologies Inc. Provides Quarterly Update to Shareholders -- FYE Q4, 2021

Rhea-AI Summary

Amfil Technologies Inc. (OTC: FUNN) reports significant quarterly growth, driven by the success of its Snakes & Lattes division. The company has opened a new location in Tucson, receiving positive reviews, and plans to launch a seventh location in Guelph, Ontario. With strong performance from US outlets, particularly Tempe, which is on track for over $1 million in revenue, the company is optimistic about recovery post-COVID. Leadership transitions and strategic partnerships are underway to bolster future growth, alongside enhancements in audit processes and operational efficiency.

Positive

• Opened new Snakes & Lattes location in Tucson with positive reviews.
• Tempe location on pace to surpass $1 million in revenue for H1 2021.
• Plans to open seventh location in Guelph, Ontario, with all licenses approved.
• Access to Federal and Provincial grants covering up to 90% of rent and 75% of labor.

Negative

• Canadian locations still facing challenges due to COVID-19 restrictions.

Toronto, ON, July 01, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Amfil Technologies Inc. (OTC: FUNN), has had tremendous quarterly success thanks to the continued efforts of our teams in Canada and the USA.  In our Snakes & Lattes division, we are looking forward to opening our seventh and newest location in Guelph, Ontario this quarter, provided that Canada’s reopening continues at the current pace. We have opened Snakes & Lattes 'Tucson' to rave reviews since the last quarterly update.  Interloc-Kings Inc. continues to deliver solid results as the renovation and hardscaping business enjoys brisk demand. 

Over the past several quarters, we’ve benefitted from the leadership of Rogen Chhabra as our interim CEO.  Rogen took the job in order to get the company on solid footing, get our audit process fixed, prioritize communication, navigate a global pandemic, and get us on track for the next phase of growth as a company.  No small task, to be sure, but Rogen has kept us not only surviving, but growing and exploring new opportunities over the past several months.  As Rogen’s contract comes to an end, we are proud of all we’ve accomplished together and wish him the best in his new ventures.  As we fill our corporate ranks, Snakes & Lattes Founder, Ben Castanie and COO, Aaron McKay will take on the interim duties of CEO.  The plan is to recruit a CFO, engage with several strategic partners for contracted work in legal, HR, PR/Marketing, then the board will form a search committee to hire a permanent CEO. 

Our outside accounting firm has begun to submit all documentation necessary for our unfinished audits to be completed, and we have identified several opportunities to implement process improvements so that future audits are done in a timely manner.  In addition to building our internal capacities, we have added more automation to our GL coding and invoice processing, which will both save time and improve our ability to analyze and make adjustments to our operations.  As soon as the auditors have finished, we will keep stakeholders informed of our progress.  

With Snakes & Lattes 'Tempe' leading the way, our US Snakes & Lattes locations are seeing steady growth as the country re-opens.  Tempe has been consistently breaking sales records, and is on pace to surpass $1 million in revenue for the first six months of 2021.  Our Snakes & Lattes 'Tucson' location was completed and had a Grand Opening at the end of April.  Reviews have been overwhelmingly positive, the team has really come together, and we are very happy with the setup heading into the fall, when we will welcome U of A students back for in-person learning.  In anticipation of more foot traffic and in combination with the loyal following we’ve developed, we’ll be rolling out brunch in August so that we are able to maximize revenue.  In spite of all the challenges we’ve faced in opening this location due to Covid, we are excited to see it realizing so much potential.  We feel more confident than ever that pushing through and getting it open was the right decision.  As Snakes & Lattes "Chicago" reopens, we are seeing very encouraging signs of interest in group business.  The sounds of a dining room full of happy people enjoying games together has been a welcome return to form for this amazing location; we remain confident that the Chicago location has been a canny investment in the future of our brand.  Subleasing the extra space in the basement, opening our private dining rooms, and getting back to regular events like Trivia Night are opportunities for us to increase revenue in the upcoming quarter.  We are seeing more interest from the public, as well as local media outlets, and we are pleased to be able to have more opportunities for earned media exposure, which we will pass along in the coming weeks.

While the Snakes & Lattes Canadian locations continue to be impacted by Covid, we are grateful to have access to Federal and Provincial grants which subsidize up to 90% of the rent and 75% of the labor, allowing us to keep our locations and people in place while we await imminent re-opening in Ontario.  This should coincide with opening our Snakes & Lattes "Guelph" location, which has all licensing in process, a menu ready to go, and construction is almost completely finished.  A semi-permanent sidewalk patio has been granted for three years, which will allow us to capture more revenue.  The College Street location has also been granted use of sidewalk space for outdoor seating, and we’ve additionally been able to monetize unused space through our partnerships with a ghost kitchen business.  In addition to providing revenue, we’ve also seen some good earned media coverage from this partnership.   During the shutdown, we’ve taken the opportunity to renovate and upgrade our Cafes.  The Snakes & Lattes "Annex" location has had a complete interior renovation. The washrooms, lighting and décor at Snakes & Lattes "College" have gotten a refresh.

As we look to the new fiscal year, we are exploring options for expansion to new markets, so that we can ramp up our footprint to meet pent-up demand for the entertainment and hospitality we provide at Snakes & Lattes Inc.  Transitioning from survival to growth will be a much appreciated change, and we look forward to welcoming everyone back to spend time together with the games, food, and drinks our teams are so amazing at providing and recommending.  Focusing our energies on rebuilding our teams, engaging with strategic partners, and thoughtfully evaluating all the opportunities that the great reopening presents will be our path for the next quarter.  We have recently expanded our partnerships with Propeller Coffee, several local breweries in each market, and have been re-engaging with our wholesale partners to refresh our game libraries. 

In the coming months, our board will be focusing on strategy, governance, and risk management.  Our communication strategy will also be evolving to be more focused on transparency, setting realistic expectations, and delivering on our commitments.  Above all else, we will continue to explore new opportunities and work to take good care of our teams, shareholders, and the communities we serve. 

Thank you and have FUNN, 

Ben & Aaron

About Snakes & Lattes Inc.

For further updates from Snakes & Lattes and its parent company 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. www.snakesandlattes.com

Interloc-Kings Inc. http://www.interloc-kings.com

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, 2 in Arizona (Tempe, Tucson) and 1 in Chicago, Illinois. 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. For more information on Snakes & Lattes Inc., please visit the website at www.snakesandlattes.com.
2. FUNN Dispensaries, Inc. was incorporated as a Canadian Federal Corporation in January 2021. FUNN dispensaries is entering the Canadian cannabis dispensary market with its first dispensary expected to open by summer of 2021 and a goal of significant expansion throughout Canada.
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 become a top, high quality installation company of outdoor living areas in the Greater Toronto Area. 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:

Ben Castanie

Snakes & Lattes Inc.

Telephone: (416) 500 2911

Email: ben@snakesandlattes.com

FAQ

What is the latest update from Amfil Technologies Inc. regarding its Snakes & Lattes locations?

Amfil Technologies Inc. reported the successful opening of a new Snakes & Lattes location in Tucson and plans to launch a seventh location in Guelph, Ontario.

How is Amfil Technologies Inc. performing financially in 2021?

The company expects the Tempe location to exceed $1 million in revenue for the first six months of 2021, reflecting strong performance post-COVID.

What challenges is Amfil Technologies Inc. facing due to COVID-19?

The Canadian locations of Snakes & Lattes continue to be impacted by COVID-19 restrictions, although grants are helping mitigate some financial pressure.

Who is currently leading Amfil Technologies Inc. after the interim CEO?

Following Rogen Chhabra’s departure as interim CEO, Ben Castanie and COO Aaron McKay are taking on interim leadership roles while a search for a permanent CEO begins.