Nanocap Mantra Venture Group Ltd. (OTCPK:MVTG) has been busy at the end of the first half and start of the second half of 2017. In just over two weeks, the Surrey, British Columbia-based company has disclosed about $4 million in new contracts for its Florida-based subsidiary, AW Solutions. AW Solutions is a provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean.
The contract barrage includes Wednesday's news of more than $1.7 million in new deals to provide full fiber network and small cell design and permitting services in a tier one market for the deployment of a new state of the art, next generation small cell communications system. The news followed over $2.2 million in orders also involving "new state of the art, next generation small cell communications systems" disclosed on June 14 and June 27.
The revenue is expected to be realized during this and the next quarter. Traders seem relatively unimpressed, judging the by company's $1.7-million market capitalization.
Mantra also is the parent to Mantra Energy Alternatives, a company working to develop an electro-chemical process to reduce greenhouse gas emissions.
Following the acquisition of AW Solutions and its related entities in Miami and Puerto Rico early in May and naming Roger Ponder as the new chief executive officer, the company said it intends to change its name to Spectrum Global Solutions, Inc. to better reflect the assets and direction of the company.
Investors have been on a white-knuckle ride lately. Shares rose as high at 3.3 cents following the acquisition, but went into a tailspin late in May to a low of $0.0028 before bouncing back to a high last week of $0.0089.
After closing at $0.005 in Monday's abbreviated session for the Independence Day holiday, shares of MVTG were up 29.0% at $0.006 in Wednesday morning trading.
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