VANCOUVER, British Columbia, May 01, 2017 (GLOBE NEWSWIRE) -- Mantra Venture Group Ltd. (OTC:MVTG) (the “Company”) a technology incubator, announced the acquisition of 80.1% of the assets of AW Solutions, Inc., based in Longwood, FL., as well as its related entities in Miami and Puerto Rico (“AWS”). AWS is a leading provider of comprehensive turnkey outsourced wireless and wireline infrastructure services with licensing across the United States, Canada and the Caribbean. The acquisition of AWS is expected to bring in excess of $10 Million in annual revenues to the Company.
The Company’s existing subsidiary, Mantra Energy Alternatives, is continuing to work on developing two ground-breaking electrochemical technologies designed to make reducing greenhouse gas emissions profitable, ERC (Electro-Reduction of Carbon Dioxide) and MRFC (Mixed-Reactant Fuel Cell).
CEO Larry Kristof stated: “The acquisition of AW Solutions was an opportunity to bring real and immediate value to the shareholders of the Company. The acquisition was supported by the Company’s largest debtholders, most of whom agreed to exchange their debt for a preferred equity instrument, thus strengthening the balance sheet of the Company in the process.”
Details and terms for the acquisition are set forth in the Company’s public filings.
About Mantra Venture Group:
Mantra Venture Group Ltd. (MVTG) is a technology incubator that takes innovative emerging technologies and moves them towards commercialization. The Company’s subsidiary Mantra Energy Alternatives is developing electrochemical technologies designed to make reducing greenhouse gas emissions profitable. For more information about these technologies visit the Company’s website at: http://www.mantraventuregroup.com.
Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.