Mantra Venture Group Ltd.

Mantra Venture Group Ltd.

February 03, 2015 11:54 ET

Mantra Releases Update on Demonstration Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 3, 2015) - Mantra Energy Alternatives Ltd., a subsidiary of Mantra Venture Group Ltd. (OTCQB:MVTG), announced an update on the deployment of their first fuel cell demonstration prototype and Electro-Reduction of Carbon Dioxide ("ERC") pilot plant.

Mantra's Founder and CEO, Larry Kristof, expressed: "We are pleased to say that our prototype MRFC ('Mixed Reactant Fuel Cell') design and testing has been producing excellent results in the laboratory. Our engineering team is well on its way to integrating this system into our first demonstration unit - in fact, the technology is the first ever demonstration of its kind in a practical application. The integration platform has been procured and re-engineered, and the team has carried out the necessary diagnostics to ensure the successful incorporation of the fuel cell."

"While we had intended to showcase this demonstration in January, supplier constraints and unexpected lead times have delayed this by about four weeks. Due to the innovative nature of Mantra's technology, suppliers for certain components are limited, which can result in inescapable delivery delays; for example, advanced electrode material from Europe. We regret this delay as we are excited to showcase our progress and the capabilities of the technologyto our shareholders."

"Our prototype design is complete and all that now remains is the delivery of these components for the integration of the MRFC into the demonstration unit. Despite the delay, we are pleased that the technology is continually outperforming our expectations."

"With regards to the ERC pilot plant, while the engineering work is largely complete, we are currently exploring some unique opportunities that have arisen for its deployment and operation.Because these offers represent opportunities for significant capital and operating cost savings, beneficial technology integration, and high visibility, all of which will accelerate commercialization, it is critical that they are fully explored in order to identify the optimal path forward for the technology, the company, and the shareholders. We expect to have identified this path forward and to issue a corresponding update shortly.

"We appreciate the support and patience of the shareholders as we seek to deploy groundbreaking, successful demonstrations and maximize the value of the company."

About Mantra Venture Group

Mantra 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).

ERCis 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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