SEATTLE, April 6 /PRNewswire-FirstCall/ -- Mantra Venture Group Ltd. ('Mantra', OTCBB: MVTG, FSE: 5MV) has revised its agreement with Kemetco Research Inc. In order to optimize Mantra's ability to apply and receive government funding for the research and development of its electrochemical reduction of Carbon Dioxide (ERC) technology, Mantra has entered into an amended agreement with Kemetco which modifies various terms of the original agreement which was entered into on January 29, 2009.
The new agreement revises the research and development program into two specific phases, with phase one scheduled for 5 months beginning on April 1, 2009. More details, and the agreement in its entirety, may be viewed on Mantra's Form 8-K filed with the SEC on March 26, 2009.
About ERC
The ERC process, "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 (forms of renewable 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 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.
Mantra Venture Group Ltd.
CONTACT: Investor Relations, Terry Johnston, (604) 267-3022,
tjohnston@mantraenergy.com, http://www.mantraenergy.com/
