Letter to Shareholders
Amfil Technologies Inc.
October 18th 2018
We are aware of the miscommunication which caused the re-classification on OTC Markets to reflect a “stop sign”. This is due to the audited annual report which is being finalized. We have been in communication directly with OTC Markets and will be filing a disclosure document for the interim, which will remove the “stop sign” until we finalize and submit the audited FYE 2018 statements and uplist to OTCQB.
We are still working through the 2018 Fiscal Year End (10K) statements, and once the auditors give the stamp of approval, this entire process is behind us, and we can uplist to OTCQB. Then, for future filings, the auditors just reference their work from the previous years, preventing further delays. That said, our accountants have already been preparing Fiscal Q1 2019 and are about 90% completed, as to assure once uplisted we will not be missing dates again. Just as we have not missed filing dates in the past.
The company would like to reiterate that this “issue” is entirely related to disclosure, and the communications between the company and OTC Markets. This is temporary. The entire ordeal of commencing the voluntary audit and all of the associated obstacles was to strengthen the company on a corporate level and provide enhanced transparency to the investment community and increase value for shareholders. The company remains steadfast in its opinion that the long-term benefits of this process, far outweigh the short-term delays and frustrations.
As for the prohibited service provider marking: We used Matt Stout for the company's "Attorney Letter with Respect to Current Information" which is required by OTC Markets for each year end report. His firm's website is otclawyers.com and seemed suitable for that particular task. That was the entire extent of our relationship with him and have had no contact or affiliation with him or his firm since we last required his services for the “Attorney Letter” over a year ago. The company has no knowledge as to why he has now been included on the OTC Markets “Prohibited Service Providers” list. However, we will now be updating our profile to include our current legal counsel, Greenberg Traurig. Greenberg Traurig is an international law firm with 37 offices in the United States, and over 1800 attorneys worldwide. This move was made long before OTC Markets had added Mr. Stout to their Prohibited Service Provider list and was made pre-emptively inline to contribute to the ever-growing nature of our business and on a corporate level.
We look forward to attention being shifted back to the company’s business operations, which continue to flourish with the opening of our first US Snakes & Lattes Location in Tempe, Arizona last week, amongst many other things. Thank you for your understanding and patience throughout this entire process. This situation with the exchange is temporary while the fundamental business growth is long-term.
All the Best,
Roger Mortimer | CEO Amfil Technologies Inc.