Mantra Seeks to Take Advantage of Grant Programs

    Mantra's Completed Continuation into British Columbia Offers Financial
    Benefits

SEATTLE, Dec. 15 /PRNewswire-FirstCall/ – Mantra Venture Group Ltd. (“Mantra”, OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has completed the continuation of its corporate jurisdiction into British Columbia in accordance with its Plan of Conversion adopted by holders of a majority of its voting shares on October 14, 2008 and its board of directors on October 29, 2008.

As a British Columbia company, Mantra changed its Articles of Incorporation to a Notice of Articles in accordance with the requirements of the British Columbia Business and Corporations Act (“BCBCA”). Additionally, Mantra’s Board of Directors revoked its former Nevada Bylaws and replaced them with Table 1 standard British Columbia Articles under the BCBCA.

“Mantra believes that the move is in the best interest of the company and its shareholders. We are optimistic that Mantra will now be able to take advantage of the various tax incentives and government funding programs available in our new corporate jurisdiction. The Canadian government has undertaken initiatives such as the Scientific Research and Experimental Development Tax Incentive Program as well as investment incentives under the Small Business Venture Capital Act which could benefit Mantra’s operations by providing concrete financial benefits for our work on environmentally friendly technologies,” said Dennis Petke, Mantra’s Chief Financial Officer.

In order to more completely take advantage of the benefits of its new jurisdiction, as well as opportunities abroad, Mantra has engaged Steven Roka to identify and apply for various grants and initiatives put forward by governments and private groups around the globe. Mr. Roka has significant experience in this emerging field and has had success as a consultant in securing research and development grants for other publicly traded and privately held companies.

“I’m looking forward to having the opportunity to secure various grants for Mantra’s various technologies and endeavors. This is an especially appealing project for me as it’s uncommon to work with technologies where granting organizations have shown such a strong desire to be involved. The interest already generated by Mantra’s technologies will provide the added benefit of being able to be very selective in the geography as well as grant financing terms associated with our work,” said Steven Roka, Mantra Grant Relations.

About ERC

The ERC process, defined as the Electrochemical Reduction of Carbon dioxide, combines captured carbon dioxide with water to produce high value materials, such as formic acid and formate salts, which are conventionally obtained from the thermochemical processing of fossil fuels. However, ERC has an advantage over the established thermochemical methods for converting carbon dioxide to liquid fuels.

While thermochemical reactions must be driven at relatively high temperatures that are normally obtained by burning fossil fuels, ERC operates at near ambient conditions and is driven by electric energy that can be taken from an electric power grid supplied by hydro, wind, solar or nuclear energy.

About Mantra:

Mantra, through its group of sustainable energy, carbon reduction and consumer product subsidiaries, is active in the 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 for everyone, 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 OTC BB under the symbol MVTG and on 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.

[Via http://www.prnewswire.com]

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