Mantra Venture Group Reports Quarterly Earnings for Period Ending August 31, 2017

LONGWOOD, Fla., Oct. 23, 2017 (GLOBE NEWSWIRE) -- Mantra Venture Group, Ltd. (the "Company") (OTC PINK:MVTG), today reported financial results for the quarter period ending August 31, 2017.

Roger Ponder, CEO of the Company stated, "This is our first full quarter of revenue in our transition period from 'Mantra Venture Group, Ltd' to 'Spectrum Global Solutions, Inc.' Revenues for the quarter exceeded $3 Million as we continue to execute on our work in progress and pipeline of sales opportunities."

Mr. Ponder continued: “Our recent acquisitions are demonstrating strong immediate revenue growth. As we transition to Spectrum Global Solutions we will attempt to continue this growth in our company both organically and through strategic accretive acquisitions.”

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.

Financial Highlights:

Revenue for the three month period ended August 31, 2017 was $3,115,921 as compared to only $0 for the same period in 2016. The gross profit on this new revenue was $607,169. This was the result of the new subsidiaries acquired in April 2017.

The Company had a net loss attributable to common stockholders of $(687,165) during the period ended August 31, 2017 compared to net loss of $(164,008) 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 Period ended August 31, 2017 and 2016 are summarized as follows:

Three Months Ended
August 31, 2017
Three Months Ended
August 31,2016
Statement of Operations Data:
Revenues $3,115,921 $0
Gross profit 607,169 0
Operating expenses 886,019 88,994
Loss from operations (278,850) (88,994)
Total other expense (408,315) (75,014)
Net loss attributable to common stockholders (687,165) (164,008)
Balance sheet data for period ended August 31, 2017:
Cash $158,207
Accounts receivable, net 1,889,416
Total current assets 2,059,693
Goodwill and intangible assets, net 1,503,633
Total assets 5,079,882
Total current liabilities 10,544,343
Derivative liabilities 3,880,431
Stockholders' (deficit) equity (5,464,461)

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

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.

Investor Relations
Mantra Venture Group, Ltd

Source:Mantra Venture Group Ltd.