District of North Vancouver Hosts Ceremonial Signing of Memorandum of Understanding Between Mantra Venture Group and Bluebird Co. Ltd.
Submitted by SmallCapVoice.com
SEATTLE, April 23 /PRNewswire-FirstCall/ - Yesterday, The District of North Vancouver (DNV) hosted the ceremonial signing of a Memorandum of Understanding (MOU) between Mantra Venture Group Ltd. (’Mantra’, OTCBB: MVTG, FSE: 5MV) and Bluebird Co. Ltd. (Bluebird), an environmental engineering company based out of Seoul, Korea. Under the terms of the MOU, Bluebird will become an integral partner in the development, deployment and commercialization of Mantra’s Electroreduction of Carbon Dioxide Technology (ERC) in Korea and various other territories within Asia.
Mr. Tae-in Kim, President and CEO of Bluebird, and Mr. Soo-Hak Moon, President of Ratec Environment Technology Co., arrived at Mantra Headquarters in Vancouver on Monday, April 20th for the event. Throughout the early part of the week, Mr. Kim and Mr. Moon participated in several interactive presentations with Mantra’s Management and Engineering staff, including technical and economic feasibility sessions, and onsite demonstrations of both the ERC technology and other technologies currently in progress at Mantra’s laboratory. The remainder of the week will be focused on strategically assigning roles and responsibilities to each party in order to maximize the success of this twinning relationship.
Larry Kristof, President and CEO of Mantra, notes ‘It is with great honor that we participate in the ceremonial signing of the MOU with Bluebird Co. Ltd in the District of North Vancouver. The MOU signifies the beginning of a burgeoning partnership in which each party stands to benefit greatly. Both Bluebird and DNV have played integral roles in solidifying this promising partnership, and we are very encouraged by their commitment to innovative and sustainable development locally and abroad. Mantra applauds the efforts of the DNV in making this deal come to fruition, and we look forward to their continued support moving forward.’
Under the terms of the MOU, Bluebird will invest CDN $ 3.5 million to develop commercial scale carbon dioxide processing equipment. In return, Bluebird will become Mantra’s exclusive licensee, distributor and manufacturing partner in Korea and other specified regions within Asia.
Mr. Kim added: ‘Our company is in the business of clean air and we are therefore very grateful for having been introduced to Mantra through the District of North Vancouver. Our goal is to bring the best technologies from Mantra and Bluebird together to become the number one Green Tech company in the world. I would like to thank all of you for your continued support and encouragement.’
District of North Vancouver Mayor, Richard Walton, closed the ceremony in saying: ‘This is the first project of DNV’s most recent Korean economic twinning initiative, and we are very excited that it is in support of a technology that is so relevant and important to society today.’
To facilitate this relationship, Mantra will be travelling to Bluebird Headquarters in Seoul, Korea in May, where it will establish an office and take part in the signing of the Definitive Agreement. All final terms and conditions of the partnership outlined in the MOU are to be agreed upon by both parties in the Definitive Agreement no later than May 31, 2009.
About Bluebird Co., Ltd.
Founded in 1998, Bluebird Co., Ltd. strives to protect the environment through its engineering capabilities. With design and construction of facilities for air pollution prevention being its main business lines, Bluebird plays a leading role in improving the air quality both in Korea and abroad. Bluebird’s current environmental technologies include: De-Dioxin System, De-NOx (SCR) System, De-SOx(FGD) System, Electrostatic Precipitator, De-VOC System and Urea solution manufacturing. Bluebird has many large international customers, including Samsung Corning, an electronics producer to whom it supplies with 1,800-2,400 tons of Urea Solution per year. The company is currently seeking opportunistic sectors for continued growth, including Carbon Capture and Storage.
For more information on Bluebird Co., Ltd., please visit their website: http://www.blbird.co.kr/
About ERC
The ERC process, ‘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 (forms of renewable 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 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 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.
Investor Relations
Terry Johnston
604-267-3022
tjohnston@mantraenergy.com
www.mantraenergy.com
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