- MVTG Completes Acquisition of AW Solutions and Tropical Communications
- Prepares Changes to Business Model of Company
- Dramatically Increases Revenues of Company
LONGWOOD, Fla., Sept. 26, 2017 (GLOBE NEWSWIRE) -- Mantra Venture Group, Ltd. (the "Company") (OTC PINK:MVTG), today reported financial results for the fiscal period ending May 31, 2017.
Roger Ponder, CEO of the Company stated, "The Company is in its transition from 'Mantra Venture Group, Ltd' to 'Spectrum Global Solutions, Inc.' This change reflects not only the completed acquisition of AW Solutions and Tropical Communications in April 2017, but a dramatic change in the entire business of the Company. Our Company has begun to focus primarily on its core services of telecom engineering, and wireless and wireline infrastructure services for next generation networks in order to leverage the emerging opportunities in the telecommunications industry.
Mr. Ponder continued: “We believe these recent acquisitions are the platform for exponential growth for our Company during the balance of 2017 and beyond. Between professional engineering, technical installation services and the deployment of patented technology, we can expect markedly stronger quarterly gross revenues in the near future as we report revenues from our newly acquired subsidiaries.”
Mantra Energy Alternatives did not report revenues for the period ended May 31, 2017 and the Company is evaluating its energy technologies and associated strategies for that subsidiary.
Revenue for the period ended May 31, 2017 increased over 1500% to $1,069,917 as compared to only $70,298 for the same period in 2016. The gross profit on this new revenue was $249,414. This was the result of the new subsidiaries acquired in April 2017 and reflects a little more than 30 days of recorded revenues from those subsidiaries.
The Company had a net loss attributable to common stockholders of $(6.8) million during the period ended May 31, 2017 compared to net loss of $(2.1) million for the comparable period of 2016. The increase in net loss was primarily due to increases in derivative liabilities and other non-cash expenses.
Our operating results for the years ended May 31, 2017 and 2016 are summarized as follows:
|Statement of Operations Data:||(as revised)|
|Loss from operations||(4,761,829||)||(852,564||)|
|Total other expense||(2,109,458||)||(1,367,296||)|
|Net loss attributable to common stockholders||(6,871,287||)||(2,219,860||)|
|Net loss per share, basic||$||(0.06||)||$||(0.03||)|
|Net loss per share, diluted||$||(0.06||)||$||(0.03||)|
|Basic weighted average shares outstanding||117,085,052||78,327,306|
|Diluted weighted average shares outstanding|
|Balance sheet data:|
|Accounts receivable, net||1,623,200||7,358|
|Total current assets||2,100,457||13,266|
|Goodwill and intangible assets, net||2,964,360||62,615|
|Total current liabilities||9,966,073||2,845,939|
|Stockholders' (deficit) equity||(4,777,296||)||(2,678,220||)|
About Mantra Venture Group:
Mantra Venture Group Ltd. (MVTG) operates through its AW Solutions and Mantra Energy Alternatives subsidiaries.
AW Solutions (AWS) is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. The Company’s subsidiary Mantra Energy Alternatives is developing electrochemical technologies designed to make reducing greenhouse gas emissions profitable. For more information about the Company and its technologies visit the Company’s public filings at SEC.gov.
Forward Looking Statements
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These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. Given these uncertainties, you should not place undue reliance on these forward-looking statements and should consider various factors, including the risks described, among other places, in our most recent Annual Report on Form 10-K and in our Quarterly Reports on Form 10-Q, as well as any amendments thereto, filed with the SEC.
Mantra Venture Group, Ltd
Source:Mantra Venture Group Ltd.