It’s been quite some time since we discussed Amfil Technologies Inc (OTCMKTS: AMFE) here on Street Register, and the last time we did, we were talking about a distribution agreement the company had forged in a joint venture with another firm on its hydroponic grow systems. The company’s mission to eradicate contamination issues and completely eliminate the use of chemicals and pesticides in the production of all medical marijuana products.
Over the past few weeks, not only have a number of purchase orders rolled in, along with a landmark fiscal year end report, but the stock itself has also been making a fantastic move off of recent relative lows on the chart. In fact, from shortly after our last article on the stock, at which time it was trading in the five cent area, shares of AMFE have exploded by more than 200%, reaching the eighteen cent range.
It could certainly have much to do with the recent annual report wherein Amfil Technologies Inc (OTCMKTS: AMFE) reported posted revenues of $6,630,973 for its fiscal year end 2017, up 2376% from Fiscal Year 2016 which posted $279,045 in total revenue. The company saw a gross profit of $3,678,780 and a net income of $248,679. The company as at year end of June 30th 2017 had $267,257 in cash, $4,691,097 in inventory and $6,599,844 in total assets.
The GRO3 subsidiary made massive strides towards full market expansion throughout Fiscal 2017, finishing off the year with a commitment to outfit a portion of an up and coming new marijuana cultivation facility with EcoPrO3 GRO3 as well as RotoGro units. This monumental step for the GRO3 sales team has resulted in a massive influx of industry interest, and will propel the GRO3 technology as it continues to penetrate the industry into Fiscal 2018.
The company recently received a purchase order commitment to outfit a portion of an up and coming Canadian cannabis cultivator with 5 EcoPrO3 GRO3 Antimicrobial Systems as well as 100 Roto-Gro Hydroponic Systems.
The EcoPrO3 GRO3 and Roto-Gro systems will be integrated into a designated area of this new facility, intended for producing organic cannabis products. The new facility is in development and is located in Ontario, Canada. The proposed setup for the Roto-Gro + EcoPrO3 GRO3 technology will have each EcoPrO3 GRO3 system servicing 20 Roto-Gro hydroponic systems.
There will be a total of 5 ‘sets’ of 20 Roto-Gro hydroponic units with a dedicated EcoPrO3 GRO3 system servicing each group Further details on this product roll-out will be announced once the final installation specifications including layouts, electrical, and plumbing requirements are confirmed and the final deal is signed. Further information will include cultivator details, estimated facility open date, product delivery/installation dates etc. The total value of the initial purchase order is $1.15 Million. (Source: Marketwired)
In addition to the cannabis related aspects of AMFE’s business, it also has two other subsidiaries that operate in completely different spaces. The company owns Snakes & Lattes Inc. which currently operates a 6,000 sq. ft. and a 7,500 sq. ft. tabletop gaming bar and cafe located in Toronto, Ontario that brought in over $7M CAD in revenue last year. It is in the process of opening a third location at 10,000 sq. ft., the largest to date. It also is the parent company of Interloc-Kings Inc., a hardscape construction company servicing the Greater Toronto Area. This subsidiary is an authorized Unilock installer, Unilock being North America’s premier manufacturer of concrete interlocking paving stones and segmental wall products.
With a well diversified portfolio, an upward trajectory in terms of revenues, and a solid uptrend on the chart, AMFE is looking like a stock that we’ll want to keep a close eye on moving forward. Stay locked to Street Register for updates, and we’ll deliver important developments on AMFE as they unfold. In the meantime, if you’ve yet to sign up for our 100% free newsletter, do so now! Just enter your active email address into the box below and submit!
Disclosure: No one at Street Register has been compensated in any way for the publishing of this article, nor do we hold any position in AMFE stock, short or long.