Mantra Venture Group Corporate Update
Marketwire “Press Releases “
SEATTLE, WA — (MARKET WIRE) — 10/14/10 — Mantra Venture Group Ltd. (‘Mantra’) (OTCBB: MVTG) ( FRANKFURT : 5MV) is pleased to announce that it has overcome dire market conditions and economic adversity in marking its most successful year since its inception.
Similar to most development stage companies, Mantra relies heavily on the support of investment capital to fund operations. Over the past 12-24 months, global financial markets experienced relentless pressure — severely limiting the availability of funds and causing many technology development companies to collapse. Nevertheless, thanks to Mantra’s corporate perseverance and unmatched product offering, the company was able to secure sufficient funds to weather the storm, and the company now finds itself in a favorable cash position. Furthermore, Mantra was able to make considerable progress over the course of the period from both a corporate as well as a technical perspective.
In June, Mantra successfully completed the year-long development program for the Electroreduction of Carbon Dioxide (ERC) technology. Over the course of the project, the company was able to upgrade ERC’s main end-product (formate) to a concentration suitable for commercial upgrade, and it also achieved regeneration of the cathode while improving the long-term stability of the catalyst. Moreover, Mantra was able to improve ERC’s current efficiency to 90% while vastly reducing the technology’s power requirement.
In light of the project’s completion, Mantra’s John Russell commented: “Mantra is now closer than ever to completing its profitable solution to CO2. The next step is a field demonstration project — a stage that I have been looking forward to for quite some time.”
Two months later, Mantra signed an agreement with KOSPO ( Korea Southern Power Corporation ) and KC Cottrell to deploy Mantra’s CCR (carbon capture and recycling) technology in a pilot project at KOSPO’s coal fired power plant in Hadong, Korea . The project is slated to further advance Mantra’s technology for large-scale applications and will operate alongside KC Cottrell’s CO2 capture facility at KOSPO’s largest coal fired power plant. The collaborative project is expected to begin shortly.
Concomitantly, Mantra made significant improvements to its Mixed Reactant Fuel Cell Technology (MRFC). The technology was proven at a lab scale and tests are showing continual improvement in the fuel cell’s pivotal “figures of merit.” There is still a significant amount of development remaining before MRFC can be commercialized, but the technology is looking more and more promising, and the company is very pleased with its progress to date.
While marking significant achievements from a technical standpoint, the company was by no means resting on its laurels from a corporate development perspective. In August, Mantra re-launched Climate ESCO Ltd. (CE), a wholly owned subsidiary, with a vision of identifying new and innovative ways to reduce the carbon footprint of public and private organizations. Immediately upon re-launch, CE established a working relationship with Fawoo Technology Co., Ltd to provide leading-edge LED (light emitting diode) lighting technologies to the North American marketplace. CE is now a revenue-generating subsidiary with multiple demonstration projects currently underway.
Due to expanding operations, Mantra was forced to move its corporate headquarters to a larger facility in September. Later that month, the company hosted an open-house to launch its new Corporate Headquarters in Surrey B.C. and more than 100 investors and community leaders were on-site to celebrate. The new location features expanded conference facilities and a showcase facility for the full line of Climate ESCO’s LED lighting products. Located within easy access of highways, ports ( Vancouver , Fraser Docks and Roberts Bank ), and a major border crossing to the US, the building will also act as the company’s main distribution center.
In speaking of Mantra’s recent move, Larry Kristof , Chairman and founder of Mantra, noted: “Sustainable development and environmental stewardship are heavily encouraged within the community of Surrey — representing a perfect fit for Mantra and its subsidiaries. We have already begun to collaborate on multiple community initiatives, and we look forward to growing with the city.”
Mr. Kristof has since been asked to join Surrey’s Clean Tech Advisory Board alongside many notable corporate and political leaders, and in February 2011 he will be joining Mayor Dianne Watts on a business mission to India . Over the course of the five day mission, the delegates will meet with industry officials and politicians to discuss matching opportunities in several areas, including: clean energy, manufacturing and education.
“All-in-all, this has been a fantastic year for Mantra,” added Kristof. “Not only have we survived the financial turmoil, but we have done so with great success. We have gained momentum in both the lab as well as the boardroom, and I believe our future over the next 12-18 months will be even more rewarding. ERC demonstration projects are set to take the stage over the course of this period, and we are confident that the outcome will be eye-opening amongst industry officials worldwide.”
Mantra Executives will be engaging in several business development missions over the next two months to solidify new partnerships in Canada and the US, with notable stops including California and Washington D.C. In addition, the company will be launching a new website later in the fall to provide updated technical information and visuals on Mantra’s portfolio of technologies.
Mantra would like to thank its shareholders for sticking with the company through turbulent market conditions, and the company looks forward to rewarding this shared vision and fortitude through the developments that lie ahead.
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