Mantra Poised to Take Advantage of Proposed Changes to Government Regulations
SEATTLE, Oct. 11, 2011 /PRNewswire/ — Mantra Venture Group Ltd. (“Mantra”) (OTC.BB: MVTG) (Frankfurt: 5MV) is pleased to advise shareholders of the recent announcement by the Government of Canada to reduce carbon dioxide emissions.
The proposed Reduction of Carbon Dioxide Emissions from Coal-Fired Generation of Electricity Regulations (the proposed Regulations) will set a stringent performance standard for new coal-fired units and those that have reached the end of their useful life. This will phase out high-emitting coal-fired generation and promote a transition towards lower- or non-emitting types of generation such as high-efficiency natural gas, renewable energy, or fossil fuel-fired power with carbon capture and storage.
The performance standard element of the proposed Regulations would come into effect on July 1, 2015. In addition, units would be required to begin reporting two years in advance of when they reach their end of useful life date or, in the case of new units, in the first year of operation. Regulated entities would then be subject to enforcement and compliance requirements and penalties as specified under the Canadian Environmental Protection Act, 1999 (CEPA 1999).
Mantra is well positioned to take advantage of the proposed Regulations with their flagship carbon utilization technology known as the Continuous Co-Current Electro-Chemical Reduction of Carbon Dioxide (“ERC”). ERC is a cutting edge technology designed for use by large CO2 emitters such as power plants and large manufacturers. This technology takes the CO2 that is being generated and converts it into valuable by-products. The ERC process helps CO2 emitters reduce their carbon footprint and reduce their carbon associated costs while providing a new source of revenue from the conversion of the CO2 emissions into saleable by-products.
“We are excited to be ahead of the curve and able to provide big industry with a viable solution to address the new regulations being proposed by the Canadian Government,” stated Larry Kristof, President and CEO of Mantra. “Not only will our ERC technology reduce CO2 footprint for those affected by the new regulations, but will convert the CO2 into revenue generating by-products thereby creating a new revenue stream,” continued Kristof.
The proposed Regulations can be found at: http://www.gazette.gc.ca/rp-pr/p1/2011/2011-08-27/html/reg1-eng.html
About Mantra Venture Group
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.
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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 the forward-looking statements.
Mantra Venture Group Ltd.
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