Mantra Venture Group to Establish Research Facility
Seattle, WA, April 14 /PRNewswire-FirstCall/ -- Mantra Venture Group Ltd. (OTCBB: MVTG) announces that it will establish a research & development laboratory for its technology portfolio.
In March of 2008, Mantra acquired its flagship technology, a process for the Electrochemical Reduction of Carbon Dioxide ("ERC"), and is currently evaluating several other technologies for purchase. To ensure the rapid commercialization of its projects and the ongoing growth of its technology portfolio, Mantra is consolidating and expanding its research and testing activities in a new facility. "We now have a sufficient number of projects in Mantra that it is desirable to have our own laboratory facilities to develop new products", said John Russell, Chair of Mantra's Scientific Advisory Board. "By collecting the various projects together, Mantra will have more control over their development and will be better positioned to recognize new opportunities arising from synergies between technologies, something that happens when skilled teams work together", Mr. Russell added.
Mantra has identified possible locations for the new facility in Vancouver, British Columbia and will be choosing a location in the coming months. Installation of the new facility will be overseen by Professor Colin Oloman, a member of Mantra's Scientific Advisory Board. Professor Oloman, who has over 40 years experience the field of chemical engineering, is professor emeritus of the University of British Columbia and faculty member at UBC's Clean Energy Research Center in Vancouver. Said Mr. Larry Kristof, President and CEO of Mantra: "We have achieved a critical mass and it is time for us to establish an incubator for new products and a base from which to evaluate prospective technologies. The lab will also be the perfect setting to train field technicians as our projects mature and go to market." The first technology to be developed at the lab will be Mantra's ERC process, invented by Professor Oloman and Dr. Hui Li. The technology is the first step in a planned closed-loop process to convert CO2 emissions into liquid fuel for fuel cells. Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is set to enter the burgeoning 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, 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 OTCBB under the symbol MVTG and 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.
CONTACT: Mantra Venture Group Ltd., Corporate Communications, Tel: (877) 609-2898, Email: khenrikson@mantraenergy.com
CONTACT: Mantra Venture Group Ltd., Corporate Communications, Tel: (877)
2008-04-14 20:04:20 0335529 PRNEWSWIRE
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