High Wire Networks Inc (HWNI)

[Ecomike]

Spectrum Global Solutions Reports Positive Net Income for the Fiscal Period

https://www.otcmarkets.com/stock/SGSI/news/story?e&id=985268

LONGWOOD, Fla., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Spectrum Global Solutions, Inc. (f/k/a Mantra Venture Group, Ltd.) (the "Company") (OTC PINK:SGSIF), reported financial results for the fiscal period ended November 30, 2017.

Roger Ponder, CEO of the Company stated, “Revenue exceeded $2 million for the quarter despite the negative impact of two hurricanes on our Florida and Puerto Rico operations. We have now fully recovered from the effects of the hurricanes and continue to execute on our work in progress and pipeline of sales opportunities."

Mr. Ponder continued: “We are experiencing revenue growth from our AW Solutions subsidiary, and expect to continue this growth both organically and through strategic, accretive acquisitions.”

Mantra Energy Alternatives did not report revenues for the period ended November 30, 2017 and the Company is evaluating its options related to energy technologies and associated strategies for that subsidiary.

Financial Highlights:

Revenue for the three-month period ended November 30, 2017 was $2,006,933 as compared to $0 for the same period in 2016. Gross profit was $10,888, attributable to the subsidiaries acquired in April 2017, and was negatively affected by the hurricanes in Florida and Puerto Rico. The Company had a net income attributable to common stockholders of $1,687,801 during the period ended November 30, 2017 compared to net loss of $(1,856,399) for the comparable period of 2016. The increase in net income was primarily due to revenue derived from our new subsidiaries and decreases in derivative liabilities and other non-cash expenses.

Our operating results for the Period ended November 30, 2017 and 2016 are summarized as follows: