Amfil Technologies, Inc. (OTC Pink: AMFE) is a provider of landscape construction and snow removal services across Canada. The Canadian company is seeing shares climb 19.39% on Wednesday, February 8, 2017. Over the past three months, Amfil Technologies, Inc. has seen average daily volume of 1.7 million shares. However, volume of 4.94 million shares or dollar volume of $135,850, has already exchanged hands through early trading Wednesday.
Shares of Amfil Technologies, Inc. are rallying today, after the company announced that it has retired 370 million issued and outstanding stock, which amounts to nearly a 50% reduction. The reduction in shares will help assist with creating shareholder value and closely reflect the status of the business. Here is the press release detailing of the share reduction:
Amfil Technologies, Inc. Press Release:
TORONTO, ON–(Marketwired – Feb 7, 2017) – Amfil Technologies, Inc. ( OTC PINK : AMFE ) is pleased to announce a reduction of 370M shares which equates to 47% of the issued and outstanding common stock. The intention of making a reduction of this scale was to substantially increase current shareholder value to better reflect the company’s rapid growth in revenues and profit.
The amendment to our articles of incorporation creating a preferred class of securities was accepted and processed by the Secretary of State of New York last week. Roger Mortimer, the CEO and President of Amfil Technologies Inc. has sent 350M shares of his personal holdings, and Ben Castanie, founder of Snakes & Lattes Inc. and Snakes & Lagers Inc. sending his 20M shares of personal holdings to the company transfer agent, American Stock Transfer & Trust for cancellation in exchange for preferred shares.
The net effect of this exchange is a total issued and outstanding common share count of 421,919,764 down from 791,919,764. Our public float held with the DTC remains unchanged at 192,861,131.
The company profile on OTC Markets which can be viewed at the following link, https://www.otcmarkets.com/stock/AMFE/profile will be updated shortly to coincide with the final confirmation of completion by American Stock Transfer & Trust in the coming days.
Amfil Technologies Inc. has continuously succeeded in meeting and exceeding the targets related to the 2017 growth strategy thus far. The primary focus is currently on the GROzone Project as well as the planned expansion of Snakes & Lattes and Snakes & Lagers Inc. Further updates relating to these endeavors can be expected in the coming weeks.
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,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” and other similar expressions. Our actual results, such as the Company’s ability to finance, market the technology, 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.