Mantra (MVTG) shares jump on news of final negotiations for lucrative collaboration

Posted on: April 13th, 2010
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Shares for Mantra Venture Group, Ltd. (OTCBB: MVTG) were up as much as 6.89 percent, to 15.5 cents Tuesday afternoon, from Monday’s closing price of 14.5, after the news broke yesterday that the Company had entered final negotiations with KC Cottrell Co., Ltd. to construct the first commercial scale carbon recycling demonstration unit. The two companies are collaborating to combine Mantra’s Carbon Recycling (ERC) technology with KC Cottrell’s proprietary Carbon Capture technology.

Larry Kristof, President and CEO of Mantra, comments: “This partnership will represent a giant leap forward for Mantra and its ERC technology. KC Cottrell has a multitude of capabilities and values such as engineering, manufacturing and deep understanding of flue gases that serve as a great complement to those of Mantra, and we are keen to combine our efforts in building the world’s first commercial scale demonstration Carbon Capture and Recycling (CCR) plant.”

Upon completion of the demonstration unit, the first of its kind in the world, it is scheduled for installation at Korean Southern Power Co., Ltd.’s (KOSPO) Hadong power plant.

Commenting on the project, Shawn Kim, Vice President of International Business Development, said,“Korea is an ideal place to develop and showcase our ERC Carbon Recycle technology with tremendous interests and support from high caliber industries and government organizations. We have spent a lot of time and effort working on this project, and we are very pleased that we are in the final stage of the negotiation.”

A Memorandum of Understanding (MOU) detailing the particulars of the strategic partnership is scheduled for execution later this month, the details of which will be released shortly thereafter.

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