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Toronto, ON, Feb. 24, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Amfil Technologies, Inc. (OTC:FUNN) announces current status and progress with its initiative to expand into the cannabis dispensary business.
On August 31, 2020, Tokin Dispensaries Inc. and David Berkovits entered into an assignment agreement with FUNN whereby Tokin assigned assets to FUNN. Tokin was and is a licensed cannabis retail operator in Ontario. Tokin initially secured a lease for one dispensary location at 10 Dunlop Drive, St. Catharines in the Greater Toronto area. All rights and responsibilities regarding that location were assigned to FUNN through the assignment agreement. FUNN also has space for a suitable location near one of the Snakes & Lattes venues in Toronto. Berkovits has additional locations to be considered, and has taken responsibility for obtaining dispensary licenses for FUNN in existing and future locations.
Additional material terms of the agreement:
FUNN will own 100% of the dispensaries opened under the agreement subject to Canadian government approval for its dispensary operator’s license.
Berkovits will be paid a service fee for each location he provides assistance in:
Obtaining necessary permits and licenses
Stocking location with product
Hiring and training staff
The current status of materializing this agreement is as follows:
FUNN Dispensaries, Inc. has been approved for incorporation in Canada. Federal Corporation Information - 1264130-5 - Online Filing Centre - Corporations Canada - Corporations - Innovation, Science and Economic Development Canada. Amfil Technologies Inc. owns 100% of this corporation.
FUNN Dispensaries, Inc. has begun the process of acquiring the necessary dispensary operator’s license.
FUNN Dispensaries, Inc. has signed an agreement with the landlord to immediately take over the lease for 10 Dunlop.
Bids have already been approved and contractors have been hired to build out the first location at 10 Dunlop.
Funds have been appropriated for FUNN Dispensaries, Inc. to complete the buildout.
Projected timeline to open the first location is approximately 3 months pending buildout and transfer of the operator’s license and location permit. A firm opening date will be announced at the appropriate time.
FUNN Dispensaries, Inc. and its parent company, Amfil Technologies Inc. (FUNN) will retain all profits from this initiative. Success of this new business model will add significant value to the company and to the benefit of Amfil (FUNN) shareholders.
We are excited to see our latest business initiative move forward. The cannabis industry continues to thrive in Canada and the world at large. More and more countries and territories are updating their regulations and permit the Cannabis industry to expand. The current plan is to scale this business through additional locations in Toronto and beyond. Efforts will be reported as expansion efforts progress and in the CEO quarterly updates.
Amfil Technologies Inc. is the parent company to four wholly owned subsidiaries.
1). Snakes & Lagers Inc. holds the trade name and is the owner of Snakes & Lattes Inc. which currently operates 5 tabletop gaming bars and cafes located in Toronto, Chicago and Tempe. Two new locations are slated to open in the near future in Tucson and Guelph. The company intends to expand further 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 and has the largest circulating public library of board games in North America for customers to choose from. For more information on Snakes & Lattes Inc., visit our website at www.snakesandlattes.com.
2). The EcoPr03 GRO3 Antimicrobial System was jointly developed between Amfil Tech and A.C.T.S. Inc. which rebranded its technology under Advanced Ozone Integration as an extension of the existing ozone technology being utilized in the food and beverage industry and integrated by A.C.T.S. into companies such as Pepsi, Nestle, Sysco, Sun Pacific and many others. The system is a triple-function sanitization unit capable of naturally eliminating 99.9% of water and airborne pathogens and the typically problematic pests that wreak havoc for cultivators (like aphids, whiteflies and spider mites), as well as bacteria, fungus, microbes and mold on surfaces, all without chemicals. The unit can also constantly regulate a given facility's water supply, oxygenating the water and maintaining a consistent PPM infusion of ozone that prevents the formation of algae, bacteria or mold (allowing for comprehensive water recycling), simultaneously removing the need to use pesticides and/or dangerous, often carcinogenic products to treat production problems, as is common throughout the industry today. This environmentally-friendly solution also eliminates odors, while slightly reducing the air temperature, lowering energy consumption by the HEPA filtration and HVAC systems and could potentially allow for a facilities process to be labeled certified organic in the U.S.A. when the crop is no longer considered illegal on the federal level, otherwise "Clean Green" or "Certified Kind" in the meantime. The EcoPr03 GRO3 Antimicrobial System passed product review by a registered USDA certifying agent for use in California as well as Pennsylvania and surrounding states. The subsidiary has developed a strategic partnership with Roto Gro, the creator of proprietary rotary hydroponic technology. More information on this product line can be found at www.gro3systems.com
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 GTA. More information on this subsidiary can be found at the website www.interloc-kings.com
4). FUNN Dispensaries, Inc. is a wholly owned subsidiary of Amfil Technologies, Inc. The company is in the process of opening retail cannabis dispensaries starting with locations in the Greater Toronto area. FUNN is aided with the consulting help of experienced and licensed cannabis dispensary operator, David Berkovits, to create and manage operations for the Company’s new cannabis dispensary division.
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.
Rogen Chhabra, CEO
Amfil Technologies Inc.
Corporate Telephone: 601-904-FUNN
Direct telephone: (601) 326 0805
Snakes & Lattes Inc.
Telephone: (416) 500 2911