SEATTLE, Dec. 30 /PRNewswire-FirstCall/ -- Mantra Venture Group Ltd. ("Mantra", OTCBB: MVTG, FSE: 5MV) is pleased to provide a corporate update for its investors. 2008 has been a very busy and positive year for Mantra despite the economic turmoil affecting all facets of the world economy. Some highlights since our inception include:
- Getting approval from FINRA to be publicly traded in the US on the OTC Bulleting Board in January 2008. - Raising over USD $2.3 Million in operational capital since its inception. - Building its ERC prototype reactor, testing it with Kemetco Research Inc., a leading scientific and laboratory analysis company, and entering into talks with various international companies interested in commercialization partnerships. - Filing of North American and International patent applications for the ERC technology. - Unveiling its proprietary ERC reactor and garnering significant media, investor and industry interest at the 'Sustainability 2008' clean tech conference. - M Partners agreement to sponsor Mantra's TSX Venture Exchange listing and conduct a financing of up to approximately USD $1.2 Million. - Acceptance by the UK government for its Global Partnership program and securing the support of Pera in finding strategic partners in the UK. - Continuing Mantra's corporate jurisdiction into British Columbia and initiating a grant application program designed to take advantage of various Canadian and global grants and incentives. - Becoming a fully reporting issuer with the US Securities and Exchange Commission - Developing its management and Scientific Advisory board through the additions of experienced, knowledgeable professionals with proven track records of success and innovative ideas.
Mantra got off to a great start in 2008 by receiving approval from the Financial Industry Regulatory Authority to have its common shares quoted on the OTC Bulletin Board. Through troubling economic times and a loss of confidence in the public markets, Mantra has shown a remarkable perseverance as a publicly listed company. As an attestation to Mantra's vision and the strength of the clean tech sector the company has continued to attract investors and brokers not only in North America, but throughout the world.
"I'm very happy that even amidst a widespread stock market crash Mantra has been able to retain value for its shareholders. I think it speaks directly to the need for green technologies and the strength of our own ERC process that we have been able to keep a steady stock price and market cap while brining in new money to finance our activities," said Larry Kristof, Mantra's President and CEO.
The electro reduction of carbon (ERC) is Mantra's main focus at this time due to the overwhelming response it has received from investors, governments potential partners around the world. The first public unveiling of the ERC reactor at the 'Sustainability 2008' conference in October 2008 was also a success and Mantra was invited for follow up meetings regarding government initiatives, investments, and joint venture proposals by various attendees and presenters at the conference.
The ERC reactor is currently undergoing testing as well as further development and refinement at Kemetco Research Inc. Kemetco has undertaken to improve all aspects of the ERC process in the hopes of achieving large scale commercialization within a few months. Kemetco will be improving the throughput and efficient use of electrical power, more consistent manufacturing specifications and optimizing the operating costs of the reactor.
"I am impressed with the progress Mantra made last year. With ERC particularly, it has filed for worldwide patent protection, identified an exemplary testing and development facility and returned promising early results. Next year, I believe, will be equally successful as Mantra looks to develop an optimized ERC process and firmly establish ERC's competitive economics. Mantra will work to deepen its relationships with government representatives, universities here and overseas and major companies that will contribute important elements to the complete ERC system," said John Russel, Head of Mantra's Scientific Advisory Board.
Through research into various commercial applications of its ERC technology Mantra discovered the massive potential of applying ERC to currently operating steel manufacturers. While the ERC reactor can help these companies reduce their CO2 emissions, it can also take those emissions and turn them into formic acid which can then be used to supplant hydrochloric acid in rust removal during manufacturing (pickling). It is estimated that the market for hydrochloric acid used in pickling is approximately $500 Million annually. Through such inventive uses of the byproducts of the ERC process, Mantra may be able to provide not only a way to help clean up a company's pollution, but also make the 'going green' process economically beneficial.
In order to have greater access to government programs relating to sustainable technologies, Mantra completed the continuation of its corporate jurisdiction into British Columbia and engaged Mr. Steven Roka as a part time consultant to aid the company in accessing government and private sector clean technology grants. Governments throughout the industrialized world have begun extensive research and development grants for clean technologies such as those championed by Mantra, and the Canadian government in particular has undertaken initiatives such as the Scientific Research and Experimental Development Tax Incentive Program as well as investment incentives under the Small Business Venture Capital Act which could benefit Mantra's operations by providing concrete financial benefits. Mantra also anticipates applying for various international grants and believes that with a new administration focused on developing green technologies entering the White House in the next month, there will also be many more grant and development opportunities from the US in 2009.
In late 2008 Mantra passed the approval process for the UK government's Global Partnership Program and has been provided with partnership matching services by Pera, a European innovation and business support organization. Mantra's involvement with Pera and the UK government's Global Partnership Program will provide it with access to an unparalleled network of UK sustainability industry companies as well as scientists and researchers who can help develop Mantra's products. Pera's Global Partnerships Unit has already reviewed Mantra's exact requirements and identified potential candidates for partnerships. In fact, Mantra has already begun communications with UK universities regarding further development of ERC.
2009 Plans
Mantra has a multi faceted development plan for the upcoming year which includes further development and commercial trials of the ERC reactor, an expansion of the company's management team and the acquisition of further technologies.
Throughout 2008, Mantra has been building a portfolio of industry contacts and is currently in talks to initiate commercial trials of a one CO2 tonne per day ERC reactor attached to an existing steel manufacturer, lumber mill, power plant or other large CO2 emitting facility. These commercial trials, along with continuing work by Kemetco Research will help the company more accurately determine the overall costs, reliability, maintainability, various product specifications such as the type and concentration of the anolytes and catholytes, production rates and plant operating specifications for the ERC reactor.
The ERC reactor will also be featured on an episode of 'Our Planet' hosted by Greg Gumbel. The episode will be filmed at the ERC laboratory and will feature Mantra's CEO, Larry Kristof and Kemetco Research's Norman Chow. Mantra hopes that this exposure will provide an opportunity for its investors and the public in general to become more familiar with the potential of the ERC technology.
Though Mantra is focused on bringing its ERC reactor to market as quickly as possible, it will also be engaged in the research, evaluation and possible acquisition of additional technologies. Aiding in this effort will be an expanded management team which Mantra hopes to have in place in the first quarter of 2009. Mantra anticipates adding a number of directors as well as some management personnel in order to expedite ERC's commercialization and branch the company out into new technologies without losing the focus and drive that has brought it so much success.
Mantra will also focus on completing its listing application to the TSX Venture Exchange, aiding M Partners in their financing efforts and enhancing its management structure through the addition of multiple directors as well as management. These additions will consist of individuals who have experience with emerging technologies, public markets as well as industry contacts.
"The first quarter of 2009 promises to be an exciting time for the company and for our shareholders and we are certainly looking forward to the opportunities a new year always brings. In the meantime, everyone here at Mantra would like to wish you a Happy New Year," said Larry Kristof.
About ERC
The ERC process, defined as the Electrochemical Reduction of Carbon dioxide, combines captured carbon dioxide with water to produce high value materials, such as formic acid and formate salts, which are conventionally obtained from the thermochemical processing of fossil fuels. However, ERC has an advantage over the established thermochemical methods for converting carbon dioxide to liquid fuels.
While thermochemical reactions must be driven at relatively high temperatures that are normally obtained by burning fossil fuels, ERC operates at near ambient conditions and is driven by electric energy that can be taken from an electric power grid supplied by hydro, wind, solar or nuclear energy.
About Mantra:
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, more importantly, socially 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 EDV 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.
Disclaimer:
Mantra has not yet filed the listing application to the TSX Venture Exchange. There is no guarantee that Mantra will file an application to the TSX-V for listing. Even if Mantra does file the application, there can be no assurance that the TSX-V will accept Mantra's application and will grant a listing.
Investor Relations
Terry Johnston
604-267-3022
