TORONTO, ON, Canada, via ETELIGIS INC., 05/12/2015 – – Amfil Technologies, Inc. (OTC Pink: AMFE) (PINKSHEETS: AMFE) Announces the Filing of a Form 15 followed by a voluntary 10k which includes two years audited financial statements covering year ended June 30th 2013 and June 30th 2014 with the U.S. Securities and Exchange Commission (SEC) in connection with the company’s previously announced intentions to regain its fully reporting status.
The company initially engaged the auditing firm of MNP LLC. on October 30th of 2013 to provide audited financial statements covering all delinquent years of the company being from June 30th 2004 to June 30th 2013. After many months and a great deal of financial resources being allocated to this process, the company and the auditors came to the conclusion that the amount of time needed and financial burden on the company to audit the entire delinquent period was too great. The additional funds needed would be put to better use developing and growing the business. The conclusion was to audit two years of financial statements as per the requirements for a smaller reporting company for Form-10 registration of securities which the company anticipates submitting in the future, thus re-registering its securities.
Today, after the market closed, the company filed a Form 15 de-registering its securities under rule 12g-4(a) (2) since it currently has fewer than 500 shareholders of record and less than $10 million in assets. This is a voluntary termination of duty to file reports with the SEC. The filing of the Form 15 will not curtail present trading abilities nor will it prevent recognition and completion of filing the required reports. The company will currently continue to trade on the OTC Markets under the OTC Pink tier.
Immediately following the Form 15 submission the company filed the voluntary Form 10K which included two years audited financial statements for years ended June 30th 2013 and June 30th 2014. Q1 and Q2 2015 are currently past due and Q3 is due by May 15th 2015. The company intends to file Q1-Q3 2015 in the coming days which will bring the company to current financial information until the year ended June 30th 2015 10k is due, which is on August 15th 2015. The company wants to provide as much transparency as possible going forward and intends to timely file all 10Q and 10K future financial statements within the expected time periods once fully reporting status is regained. A copy of the Form 15 and Form 10K filings can be accessed on the SEC’s website at www.sec.gov or on the OTC Markets website at www.otcmarkets.com/stock/AMFE/filings
With the acceptance of the Form-15, Voluntary Form 10K and 10Q’s by the SEC, a minimum bid price test of .01 and undergoing an annual verification and management certification process providing additional information about the company’s insiders, advisors and share count, the company expects to be approved to trade on the OTCQB platform in the future and plans on up listing from the OTC Pink Marketplace.
To briefly summarize the year ended June 30th 2014 consolidated results from operations and security details that were submitted in the 10k filing today, total revenues increased 61% from year end June 30th 2013 to year end June 30th 2014 and the company expects an additional revenue increase from year end June 30th 2014 to year end June 30th 2015 as per recognized revenue in the first three quarters of 2015 and on-track sales through the fourth quarter of 2015. As of May 10th 2015, the total outstanding share count of the company is 664,493,098 with management holding approximately 53% and a total public float held with the DTCC aka CEDE & Co. of 168,047,581.
Amfil Technologies, Inc. has come a long way over the past year with respect to getting its financial statements audited while increasing sales and profits within its operating subsidiaries. The reverse takeover by Interloc-Kings Inc. in the summer of 2013 has supplied immediate revenues and profit which the company plans to continue to build on and expand as seen on the year to year as well as Q1 – Q3 2015 performance increase to date and projections for year-end 2015.
The acquisition of the Grozone technology last year has allowed the company to undergo some very promising initiatives within the industry. President of the Grozone Project, Mr. Ambrose Fillis was in Colorado the week of April 13th 2015 and returned with some exciting details on a promising future with regards to the upcoming completion of the pilot project and beta test in the facility of Today’s Health Care of Colorado Springs. With a proven model and quite significant increases in overall yield and quality of product combined with a chemical free grow process allowing for a certified organic end result product, the company feels that increasing interest and resultant sales within this operation can prove to be monumental for the company and this industry in general.
We are currently working on an automated gaseous system for the Grozone 60 system which is in the Today’s Health Care facility in Colorado. Upgrading the existing gaseous system and combining it with the existing automated aqueous components will allow for 8 rooms to be independently monitored from a remote location on both aqueous and gaseous levels. Real-time adjustments to each of the independent rooms in the facility can be done dependent on each rooms different environmental needs and feedback provided through the installed monitors. This will allow the facility to have 24/7 direct feedback on the grow environments in each room respectively and to make adjustments if necessary to ensure the most ideal and optimum grow conditions dependent upon each strains differing needs and resultant surrounding environment that is created to suit those needs.
In conclusion, the company is ready to execute throughout all of its operating subsidiaries. The completion of the audit is the turning over of a new leaf and the start of a whole new chapter which will be the first of many positive moves that are coming shortly from within Amfil Technologies, Inc. We will keep shareholders more informed in a timely fashion than in the past of ongoing activities and developments within the company and are looking forward to some exciting times ahead. We thank you for being a shareholder in our company and we plan to execute on our new business plan in a big way for the greater good of not only the company itself but for you as our shareholder and your stake in our company.
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.
SOURCE: Amfil Technologies, Inc.