Snakes & Lattes Inc. (OTC: FUNN) Releases Interim Shareholder Update on Positive Sales Trends, Extension of Support for Restaurants in Canada

Rhea-AI Summary

Snakes & Lattes, a board game cafe chain, provides a positive business update amid COVID-19 recovery. Major developments include the easing of restrictions in Toronto, boosting guest influx, and the successful Grand Opening in Guelph. Year-over-year comparisons show significant growth, and the company has secured financing for expanded inventory to meet holiday demand. Chicago's improving conditions have revitalized interest in private dining, and Tempe's management is enhancing profitability. Additional support from the Canadian government, including wage and rent subsidies, further strengthens the company’s position as it prepares for increased cash flow.

Positive

• Improving market conditions in Toronto and Chicago post-COVID restrictions.
• Successful Grand Opening in Guelph with strong guest turnout.
• Secured financing for increased retail game inventory to meet holiday demand.
• Government subsidies for rent and wages aiding financial recovery.
• Enhanced interest in private dining and marketing investments in Chicago.
• Team expansion in Tempe to prepare for peak season.

Negative

• None.

Chicago, IL, Nov. 04, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Hello from Chicago, we are excited to share some good news on the state of our business.  Heading into the holiday season, we are encouraged by many positive developments for Snakes & Lattes, and we wanted to update our shareholders on our progress between our regularly scheduled quarterly communication. 

First up, we are seeing conditions improve in our markets most impacted by Covid restrictions (Toronto and Chicago).  Leadership in Toronto has released updates to “A plan to reopen Ontario and manage Covid-19 for the long-term”, which can be found in the Reopening Ontario section at https://covid-19.ontario.ca.  Highlights include a relaxing of occupancy restrictions effective immediately and a roadmap to remove all restrictions by March 2022.  We are grateful for the clarity and will continue to be vigilant and careful while welcoming the ever-increasing number of guests to our Toronto and Guelph locations.   Speaking of Guelph, the opening was a great success, and we are pleased to announce our Grand Opening celebration this coming Friday.  Year over year numbers are, as would be expected, showing gigantic improvements, but more importantly, we are seeing growth week over week in each of our Ontario locations heading into our busy holiday season.  We’ve secured financing for an increase in retail game inventory so we can get ahead of any supply chain disruptions and capitalize on demand for shopping locally and make sure we have the most popular games available for gifting, even as other retailers struggle to keep their shelves stocked.  In addition to the clarity provided by Ontario’s roadmap, the Canadian government is extending the support provided to restaurants and entertainment venues with wage and rent subsidies for businesses like ours which have been severely impacted by Covid and the resulting restrictions.  We are also eligible for a new grant program which provides support for interior and exterior capital improvements for businesses in Toronto, as well as design fees. 

Chicago has seen the test positivity rate remaining steady below 2%, paving the way for a relaxing of restrictions and increased demand.  We are getting a great deal of interest in our private dining spaces and have resumed spending on marketing and capital improvements to the space that were put on hold.  The main entrance will be getting a refresh and more visible signage to attract walk-in business so we can see more of a lift from our location next to one of the busiest transit hubs in the city, including the Logan Square Blue Line stop, the Western, Milwaukee, and Armitage bus lines, as well as the busiest bike lane in Chicago, Milwaukee Avenue.  There is a great deal of untapped potential we are excited to unlock by partnering with our landlord to beautify and highlight the amazing historic building we occupy. 

Tempe continues to perform well and we are currently adding team members in preparation for the busiest part of the year in Arizona.  Susan, our GM in Tempe has been instrumental in keeping online ratings high (4.6 on Google, 4.8 on Facebook) while improving profitability and consistency in service.  Susan has also been supporting the team in Tucson as they roll out a new breakfast menu, dial in cost controls, and add offerings to drive business early in the week through trivia night, happy hour specials, and appearances in local media. 

Our processes are being streamlined and even as we have some speed bumps along the way, we take those as a learning opportunity.  One such case is the yield sign we had to deal with this week.  We’ve remedied the situation and will be submitting our attorney letter shortly to get it resolved as soon as possible.  Going forward, I’ve created a checklist for the team to make sure we are not missing any details when it comes to our obligations to stay in compliance.  We appreciate your continued support and patience as we create systems to ensure we are able to spend our time focused on initiatives that move the company forward, rather than missed details that we should catch ahead of time.  We can and will do better.

Thank you to all the shareholders who have reached out, it is always a pleasure to talk with our investors and provide answers within the boundaries of Reg FD.  A quick reminder that emails to aaron@snakesandlattes.com will be answered within 48 hours, but please keep it respectful and constructive.  If you want to talk about strategy, opportunities, and best practices, I’m happy to engage.  If you just want to vent, I’m sure you’ll find yourself among like-minded naysayers who have been proven wrong again and again on the discussion boards devoted to our company.  That said, a big thank you to our loyal supporters who continue to understand that we are coming out of the pandemic bigger, stronger, and better prepared to capitalize on the many competitive advantages we possess.  We look forward to continuing to provide updates both quarterly and when we have pertinent information to share, which we expect to increase in pace as our outlets start to generate free cash flow to take advantage of the numerous opportunities for investment and the partnerships we’ve been working on.

Until next time, take care and have FUNN,

Aaron McKay

COO and Director of Investor Relations, Snakes & Lattes Inc.

aaron@snakesnandlattes.com

312-384-9163

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 (http://nmw.bz/svKy)

Snakes & Lattes Inc. www.snakesandlattes.com (http://nmw.bz/1KDz)

Interloc-Kings Inc. http://www.interloc-kings.com (http://nmw.bz/9HQ6)

Amfil Technologies Inc. is the parent company to two wholly owned subsidiaries:

1). Snakes & Lagers Inc. holds the trade name and is the owner of Snakes & Lattes Inc. which currently operates 7 tabletop gaming bars and cafes. 3 are located in Toronto, Ontario, 1 in Guelph, ON, 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). 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:

Aaron McKay

Snakes & Lattes Inc.

Telephone: (312)-384-9163

FAQ

What are the recent updates from Snakes & Lattes regarding COVID-19 recovery?

Snakes & Lattes reports improving market conditions in Toronto and Chicago as COVID-19 restrictions ease, leading to increased guest attendance and operational success.

What financial support is Snakes & Lattes receiving from the government?

The company benefits from Canadian government support including wage and rent subsidies, and a new grant program for capital improvements.

How is Snakes & Lattes performing in comparison to last year?

Year-over-year performance shows significant improvements, with ongoing week-over-week growth in locations as the holiday season approaches.

What measures is Snakes & Lattes taking to enhance its business operations?

The company is increasing retail inventory, improving private dining appeal, and investing in marketing and capital improvements at its locations.

What is the significance of the Grand Opening in Guelph for Snakes & Lattes?

The Grand Opening in Guelph marks a successful expansion and positive reception from guests, contributing to overall business growth.