SEATTLE, WA, Jan. 13 /PRNewswire-FirstCall/ -- Mantra Venture Group Ltd. ('Mantra', OTCBB:MVTG, FSE,5MV) is please to provide a brief summary of progress made in 2009, and an outline of the corporate strategy for 2010.
The past twelve months have been marked by a prolonged economic recovery - leaving many industries well below the previous highs. Fortunately for Mantra, the global effort of achieving a sustainable recovery has led to new-found stimulus packages that have placed a real emphasis on advancements in environmental sustainability. This has provided oxygen to "fuel the fire" for Mantra's carbon recycling ERC technology.
The following is a summary of Mantra's achievements in 2009.
Technical Advancements - The carbon recycling ERC technology now has a new cathode catalyst structure that has increased the reactor's efficiency to 90% from the previous 46%, and has enhanced cathode stability. The latter, using new IP, is currently being reviewed for patenting. Also achieved was improved conductivity and regeneration of the catalyst. A carbon balance report was completed which indicates a negative carbon balance in making formic acid, yet another ERC advantage.
Business Development - Mantra has expanded its North American network. The company signed an ERC research project agreement with 3M in October. A recognized leader in research and development, 3M has annual sales in excess of $25 billion and employs 75,000 people through operations spanning more than 60 countries. This project is expected to start later this month. Mantra has received extensive interest from international players and now has contacts in Canada, the U.S., Korea, Japan, China, Western Europe and the Middle East.
Mantra was invited to ENTECH 2009 held in Busan, Korea - Korea's largest trade show focused on energy and the environment. Here it met with business and government representatives and several strategic relationships and financing opportunities have since emerged.
Mantra signed a Letter of Intent (LOI) with KC Cottrell Co., Ltd. of Korea - a world leader in environmental technology for over 35 years (http://www.kc-cottrell.com/). This will allow the parties to carry out engineering, construction, testing and deployment of a 100 kg per day ERC reactor. The final agreements are pending.
Mantra also signed a collaboration agreement with Ecole Polytechnique Federale de Lausanne's (EPFL) Laboratory of Organometallic and Medicinal Chemistry (LCOM) and Granit Green Networlds, Ltd. (GGN) of Switzerland to engage in a project to convert CO2 to hydrogen fuel using formic acid as the carrier. Various demonstration projects are currently under consideration.
Government Grants - The National Research Council of Canada's Industrial Research Assistance Program (NRC-IRAP) has supported Mantra in two projects: the first, aimed to enhance the ERC technology. Management was very pleased with the outcome. The second is underway. Kemetco Research Inc. carries out the work under the direction of Mantra.
Media Coverage - Mantra's carbon recycling ERC is being recognized:
On December 10th, Larry Kristof, CEO, was featured on Business News Network's "Squeeze Play" with Kim Parlee and Andrew Bell. (http://watch.bnn.ca/squeexeplay/december.2009/squeezeplay-december-10-2009/#c lip244949).
On December 5th, the Financial Post published "CO2 captures doubts and the old standbys" including a segment on CCS and Mantra's ERC: (http://www.financialpost.com/story.html?id-2305703 )
District Energy Magazine, November, published "Carbon Recycling: an alternative to carbon capture and storage". (http://districtenergy-digital.org.districtenergy/2009Q4#pg27).
Exploration and Processing, winter edition 2009, gave the cover to Mantra and included article: "Mantra Venture Group explores new ways to reduce carbon emissions". (http://www.nxtbook.com/nxtbooks/shofield/ep_2009winter/index.php#/0)
New Technology Acquisition - In September, Mantra acquired the worldwide exclusive license for the Mixed Reactant Fuel Cell technology (MRFC). MRFC is based on an innovative technology that mixes the fuel with the oxidant and eliminates the need for the expensive yet fragile membrane. MRFC was designed by Professor Emeritus Colin Oloman in the Clean Energy Research Center (CERC) at the University of British Columbia, Canada.
Forecast for the Coming Year (2010) - Mantra has two key projects in development today. Firstly, the ERC technology will be installed as a demonstration in either of two locations. This major project is expected to be implemented mid-year.
The second key initiative is the development of the Mixed Reactant Fuel Cell technology (MRFC). This technology, licensed last year, could replace many of the existing standard fuel cells that are dependent on a proton exchange membrane (PEM). MRFC's main attribute is that it is simpler than the standard fuel cell and will therefore be considerably less expensive to manufacture. In the next few months, Mantra will organize and fund a development process which will take up to two years. Several potential partners have expressed interest.
Mantra has generated a number of prosperous business relationships as of late, and the company looks to further develop those relationships and add to their number throughout the coming year.
Mantra looks to see income growth resulting from sale of licenses for its ERC technology, while the other technologies progress in the development stage. Various demonstration projects and government grants will also contribute to income.
In the coming year, Mantra will also continue to develop the corporate structure of the company. Such efforts will include: creation of optimized business systems and the addition of new Directors resulting from collaborative partnerships and major financings. The management structure will be enhanced.
Mantra will showcase its technology thru the Metro Vancouver 2010 Partnership Investment Program. It will be hosting demonstrations also at the lab.
Larry Kristof, President and CEO of Mantra, comments: "Despite the slow economic recovery, 2009 was a very successful year for Mantra. We made significant progress in the development of our ERC technology, added new management, received government support and built new relationships with corporations on an international scale." He added: "While the company will be focused primarily on the leading ERC technology, Mantra also plans to start an MRFC feasibility study and commence a development project to build an advanced prototype. Further details and updates on both projects will be disclosed as they become available.
Stay up to date with Mantra on Twitter: twitter.com/mantraenergy
About ERC: The Electroreduction of Carbon Dioxide (ERC) is an innovative carbon recycling technology that combines CO2 with water to produce highly sought-after materials such as formic acid, formate salts, oxalic acid and methanol - valuable chemicals used in a variety of industrial applications.
It is the goal of ERC to serve as a safe and more economical alternative to carbon capture sequestration (CCS) - the process of capturing carbon dioxide and storing it in deep geological formations, in the ocean or as mineral carbonates.
About Mantra: Mantra Venture Group Ltd. is a diversified Green Tech company seeking to become a world-leader in the development of commercially viable sustainable technologies. By acquiring the most promising technologies from universities, laboratories and companies and bringing them through to commercialization, Mantra will create significant shareholder value through subsequent acquisitions, spinouts and licensing fees. Current areas of interest for Mantra include: the reduction/recycling of carbon dioxide and alternative energy.
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
Investor Relations Kol Henrikson 1-877-609-2898 khenrikson@mantraenergy.com http://www.mantraenergy.com/
Mantra Venture Group Ltd.
CONTACT: Investor Relations, Kol Henrikson, 1-877-609-2898,
khenrikson@mantraenergy.com, http://www.mantraenergy.com/
