SEATTLE, WA, Oct. 3 /PRNewswire-FirstCall/ -- Mantra Venture Group Ltd. ("Mantra", OTCBB: MVTG, FSE: 5MV) announces today that the proposed joint venture with Northwind Ethanol Ltd. ('Northwind') to produce fuel ethanol using Northwind's proprietary starch and cellulosic ethanol technology, which was announced on July 23 and August 5, 2008, has terminated.
Since announcing the tentative agreement on August 5, 2008 Mantra and Northwind have been unable to settle key terms of a definitive agreement for the proposed joint venture. As a result, Mantra is exploring other biofuel and solar power technologies, and focusing on its flagship technology, the Electro Reduction of Carbon Dioxide ('ERC') reactor.
Mantra wishes Northwind success in the future development and marketing of its technology.
Mantra's technology acquisition and development program focuses on intellectual properties which satisfy the company's conservative due diligence standards with respect to long term investment security, market penetration, and earning potential. The company is seeking to build a risk balanced portfolio of assets that combines speculative projects with proven technologies. In this regard Mantra has decided to prioritize efforts to commercialize its ERC reactor. ERC offers a possible solution to reduce the impact of carbon dioxide (CO2) on the Earth's environment by converting CO2 into valuable chemicals with a broad range of commercial applications, including as a fuel for a future generation of fuel cells.
Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the green technology marketplace with an innovative, multi-faceted approach focused on profitability through sustainability. By aggressively seeking out new technologies and innovating solutions for a cleaner earth for everyone, Mantra intends to provide a highly profitable and environmentally responsible investment for its shareholders.
Mantra is a public company quoted on the OTC BB under the symbol MVTG and on the Frankfurt Stock Exchange under the symbol 5MV.
Forward-Looking Statements:
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Mantra Venture Group's filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
