Amfil Technologies Inc (OTCMKTS:AMFE)
Amfil Technologies Inc (OTCMKTS:AMFE) fell 5.07% after announcing that its subsidiary is in the process of finalizing roll-out plans for a 14,000 sq. ft. Canadian facility. The company is also fresh from announcing plans to reduce its share count by 300 million shares as it seeks to narrow the gap between authorized and outstanding share count.
The stock is currently trading in an upward trend having retreated from this year’s high of $0.23 a share. However, a recent sell-off wave threatens to push the stock lower after breaking a key support level at the $0.18. The stock faces immediate support at the $0.09 mark below which it could fall to $0.06 per share – just above this year’s lows of $0.01 a share.
Amfil Technologies Inc (OTCMKTS:AMFE) is in the process of reducing the number of authorized shares from 900 million to 600 million as it seeks to shore up its market cap. The reduction should be complete by the end of the month. The company remains optimistic that starting Q3 2018, profits will be used to fund expansion plans instead of having to rely on stock issuance.
The reduction also underscores the company’s commitment to strengthening current shareholders value as the transaction will reduce stock dilution which should enhance investor confidence.
“The Company continues to move ahead with the recently announced acquisition of the cloud-based franchising software company and future acquisitions may potentially be done so by way of preferred stock to further this initiative,” Amfil Technologies Inc (OTCMKTS:AMFE) in a statement.
Separately, Amfil Technologies Inc (OTCMKTS:AMFE) continues to gain traction in pursuit of growth opportunities in the legal cannabis business. The company’s EcoPrO3 GRO3 Antimicrobial Systems as well as Roto-Gro Hydroponic Systems continue to elicit strong demand from a number of companies that are in the cannabis production business.
The company’s GR03 subsidiary is currently furnishing a quotation request received last month from a client who is planning to venture into the cannabis production business. A Roto-Gro representative is also working round the clock to provide the customer with an estimated number of units needed for a double stack roll-out at the 14,000 sq. facility.
In addition, Amfil Technologies Inc (OTCMKTS:AMFE)’s Snakes and Lattes subsidiary has also embarked on an expansion drive this time focusing on the South-East Asia and European markets. The tabletop gaming bar and café unit has already received orders from clients in the new markets.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.