Amfil Technologies Inc. Provides Shareholder Update
TORONTO--(BUSINESS WIRE)--Amfil Technologies Inc. (OTC Pink: AMFE) provides the following update to its shareholders and the investment community.
Since the engagement of MNP LLP, much headway has been made with regards to regaining our fully reporting OTCQB status. While still premature, we would like to take this opportunity to thank all the parties involved throughout this process as a great deal of time and effort has been put towards this first objective of the company and we are anticipating having delinquent filings submitted before the end of the first quarter of this calendar year (sometime late February to early March 2014), as progress continues as expected.
After this stage:
Management will begin unfolding the new business plan and objectives of the company starting with setting up an audit committee which will include our current licensed public accountant.
The company will also entertain the possibility of a name change.
We will be considering negotiating on a non-share based acquisition of approx. 175 residential winter service contracts from a competitor as one of our first steps of expanding the operating subsidiary, Interloc-Kings Inc. Temporarily, labour and equipment will be supplied by Interloc-Kings Inc. for a period of time in order to service the contracts for the competitor and going forward the customers will become customers of Interloc-Kings Inc. as the competitor has expressed interest to cease winter operations.
We will also be considering negotiating on a share based acquisition of a competitive company with approximately 250 residential winter contracts as well as summer operations which parallel those of Interloc-Kings Inc.
Additional smaller companies which are, or are very close to being income generating and self-supporting as well as exhibiting high growth potential for little added cost will be explored in the future to add as an additional subsidiary(s) of Amfil Technologies Inc. and expand on the new business model.
No letter of intents or definitive agreements have been entered in to date however once the audit is complete, we will keep shareholders updated if/when discussions progress.
Interloc-Kings Inc. has grown to become one of, if not, the largest residential winter service provider to the region of Ontario north of Toronto in terms of number of households serviced on a yearly basis and conducts hardscape installations of stone and wood products in the summer. This region of Ontario North of Toronto, is one of the fastest growing regions in Ontario and is considered the High-Tech Capital of Canada. With the amount of construction and number of households greatly increasing at an average cost of over $600k per property, it was felt this region was a great start for the Interloc-Kings Inc. franchise back in 2009.
Among other things, Interloc-Kings Inc. plans on trying to expand the adhesive it has created and successfully used on some past installations. Briefly, this is a glue and sand based grout used for the joints of concrete products including retaining walls, steps etc… to increase the structural integrity by hampering any water-penetration and assist the adhesion of the top coping stones of which there is no competing product to our knowledge being used in our industry to date for this application. We will also be exploring more in depth a beet juice de-icing product which has been gaining more popularity and is being tested as an additive or alternative to road salt by cities and municipalities throughout Canada and the Northern United States over the past few years. Road salt is a large cost for contractors and city budgets throughout the winter season and finding a way to reduce these costs is of great importance to the entire industry.
Our current website amfiltech.com reflects ‘under construction’ as we are in the process of updating and expect this to be complete around the same time the audit will be completed and filed.
Amfil Technologies Inc. is also current with respect to payments and fees associated with the 8 medium scale prospecting permits and mining permit for the hard rock mining rights which were acquired in the JV agreement signed Jan 14th 2011 totaling approx. 10,000 acres in Guyana. More detailed information on the properties can be found here > http://www.amfilresources.com/PPT/AmfilResourcesPowerPoint.pdf
Currently, the company can be contacted by email at firstname.lastname@example.org or by phone at 647.880.5887 until an investor relations firm is appointed.
Notice Regarding Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.