VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/25/14 --
Mantra Venture Group Ltd. (OTCQB: MVTG), a clean technology incubator that takes innovative emerging technologies and moves them towards commercialization, and its subsidiary, Mantra Energy Alternatives Ltd., have provided the following update letter to shareholders from CEO, Larry Kristof.
After completing a capital raise of approximately $1.7 million in April of this year, Mantra's management embarked on an extended tour to expand the business opportunities in foreign markets and identify project opportunities as well as potential business partners. Areas strategically targeted included Switzerland, Germany, the United Kingdom, Hong Kong, Dubai, Australia, and the United States. This has led to the establishment of an office in Berlin and the identification of a large-scale project in the German state of Bavaria. Mantra is currently working with the Bavarian Office for Economic Development, which is providing a great deal of support in the development of this project.
The tour has additionally led to Mantra's application for an R&D laboratory in the world-class facilities of the Hong Kong Science & Technology Park (HKSTP). Mantra is seeking to operate out of the Phase 3 development of the 22-hectare waterfront park, which is targeting clean technologies and will house the sector's most innovative companies. The Park is an ideal entry point into East Asian markets.
China is taking massive steps in the field of clean technologies. The country's initiatives to deal with carbon emissions make it very receptive to technologies like Mantra's ERC, which is patent protected there. In addition, the vast number of electric vehicles and equipment make it an ideal market for Mantra's fuel cell.
The Company's activities in the US included attending and presenting at the Marcum Microcap Conference (NYC) and the LD Micro Conference (Los Angeles), that featured many unknown and below-the-radar companies that most institutions, retail broker dealers and accredited investors were hearing about for the first time. We believe our presentations and corresponding one-on-one meetings were well received as the Company continues to have ongoing communications with several institutions, accredited investors, and broker dealers. The Company is currently evaluating which conferences it will attend in the second half of the year. In addition, the Company will be scheduling a series of roadshows in the US and Europe to continue to broaden the financial and industrial communities that may be interested in Mantra's progress on its current initiatives to advance its disruptive technologies to commercialization; as well as any new projects and business opportunities that the Company is able to announce in 2014.
Industry Specialist Randy Gue visited Australia in May, which is the home of the Global Carbon Capture and Storage (CCS) Institute. As a result of meetings with the Institute and a subsequent application, Mantra has been approved for membership. Established in 2009, the Institute's 370 members from 40 countries form a collaborative community to promote and develop large-scale solutions for carbon emissions. As a member, Mantra will have access to this large network that includes governments, multi-national corporations, smaller companies, and research institutions, and through which projects and solutions can be built.
In Vancouver, Mantra's two demonstration projects are progressing on schedule. The final engineering and construction of the company's ERC pilot plant for carbon dioxide utilization is proceeding as planned with construction to be completed by year-end 2014 and the commissioning of the plant in the first quarter of 2015. On the fuel cell front, the development of a personal vehicle powered by Mantra's MRFC has received a boost through an award from Canada's federal funding body, NSERC. The award, given based on a collaborative project with Professor Elod Gyenge at the University of British Columbia, will directly address specific aspects of the MRFC chemistry and scale-up.
Looking forward, VP Patrick Dodd will be attending a networking conference at Aston University in Birmingham, UK, on July 8, 2014, on converting CO2 to chemicals. Organized by the well-respected CO2Chem Network, the event aims to bring together companies, universities and government to develop projects in the carbon utilization space. Mr. Dodd will be meeting with current and prospective partners to advance existing initiatives to capitalize on specific European funding opportunities. Mantra has become aware of this event and others through its beneficial relationship with UK Trade and Invest, which was established on a previous visit to London.
On July 27 through August 1, members of Mantra's management and scientific team will be part of a Canadian mission to Tokyo for the Renewable Energy World Fair 2014. Through invitation by the Canadian Trade Commissioner Service and the Canadian Embassy in Tokyo, Mantra will exhibit in the Canadian pavilion for the event that covers all renewable energy technologies including fuel cells, electric vehicles, and energy storage.
Japan has a demonstrated commitment to the adoption of fuel cell technologies, and we believe Mantra's MRFC, which has never been marketed there before, will draw both collaborative partners and future customers.
Mantra has additionally expanded its corporate team and established a new corporate office in Surrey, BC. These additions and further expansions of the company's R&D team will be announced in the coming weeks, the latter being accommodated by Mantra's new laboratory facility. This facility will host an open house in August, and interested parties are encouraged to contact email@example.com for details.
Chief Executive Officer
About Mantra Venture GroupMantra Venture Group Ltd.
(OTCQB: MVTG) is a clean technology incubator that takes innovative emerging technologies and moves them towards commercialization. The Company, through its subsidiary Mantra Energy Alternatives, is currently developing two groundbreaking electrochemical technologies designed to make reducing greenhouse gas emissions profitable, ERC (Electro-Reduction of Carbon Dioxide) and MRFC (Mixed-Reactant Fuel Cell).
ERC is a form of "carbon capture and utilization" (CCU) that converts the polluting greenhouse gas carbon dioxide into useful, valuable products including formic acid and formate salts. By utilizing clean electricity, the process offers the potential for an industrial plant to reduce emissions while generating a salable product and a profit.
The MRFC is an unconventional fuel cell that uses a mixture of fuel and oxidant, thereby greatly reducing the complexity and cost of the fuel cell system. Ideal for portable applications, the MRFC is cheaper, lighter, and more compact than conventional fuel cell technologies.
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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 forward-looking statements.
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firstname.lastname@example.orgMantra Venture Group Ltd.
Source: Mantra Venture Group Ltd.