Mantra Venture Group Announces Entry into an Agreement in Principle for a Cellulosic Ethanol Joint Venture
SEATTLE, WA, Aug. 4 - Mantra Venture Group Ltd. (OTCBB: MVTG - FSE: 5MV) is pleased to announce that it has entered into an agreement in principle for a joint venture agreement with Northwind Ethanol Ltd. ("Northwind") to produce fuel ethanol using their proprietary starch and cellulose technology. The final agreement is undergoing final review by Mantra and Northwind's legal counsel. The joint venture will be carried out through Mantra's wholly-owned subsidiary, Mantra NextGen Power Inc. ("NextGen"). According to the terms of the joint venture agreement, Mantra will own 51% of NextGen and Northwind will own 49%.
NextGen has also acquired the exclusive North American license from Northwind to produce cellulosic ethanol, ethanol derived from wood and agricultural wastes, using an exclusive proprietary technology. This technology promises to be much more economic, practical and clean, than ethanol from conventional corn processing. NextGen also has the right to purchase additional worldwide licenses at an additional cost. This high efficiency, low energy demand process will reduce ethanol production costs by more than 1/3.
NextGen's management team and Board of Directors has also been implemented, with Larry Kristof of Mantra to act as President, Fred Enga of Northwind will act as C.E.O., Dennis Petke of Mantra will act as Secretary and Brian Currie of Northwind to act as Treasurer and C.F.O. These four gentlemen will also serve on NextGen's Board of Directors, with a fifth director to be chosen by mutual consent of Mantra and Northwind. Now that the management of NextGen is in place, they will focus their attention on raising capital in order to finance NextGen's first plant.
Fred Enga, Northwind's President and C.E.O., commented, "Our two companies have finalized the deal that will see cellulosic ethanol come to commercialization. This will allow NextGen to bring this new, exciting, clean technology to the marketplace."
Larry Kristof, Mantra's President and C.E.O. added, "This joint venture is an important step for both NextGen and Mantra. Ethanol produced from a source other than corn, an important food staple, is in high demand. NextGen is poised to meet that high demand and enter this burgeoning market very quickly - we hope to break ground on our first 20 million gallon per year plant by the end of this year."
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, 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 5MV. For more information please visit us at www.mantraenergy.com.
Mantra is encouraging and enabling investors to make environmental consumer choices with a free environmental bag. Sign up here: http://www.mantraenergy.com/tools-and-utilities/free-bag.html
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. is a featured Company on Investorideas.com Green portals, China portal.
For full details, click here: http://www.renewableenergystocks.com/CO/MVTG/Default.asp
Contact:
Terry Johnston,
Investor Relations,
Phone: (604) 267-3022,
Email: tjohnston@mantraenergy.com,
Website: http://www.mantraenergy.com
Source: Mantra Venture Group Ltd.
Showing posts with label Cellulosic Ethanol. Show all posts
Showing posts with label Cellulosic Ethanol. Show all posts
Tuesday, August 05, 2008
Wednesday, July 23, 2008
Mantra Venture Group Announces Exclusive Negotiations with Northwind Ethanol Regarding a Cellulosic Ethanol Joint Venture
Mantra Venture Group Announces Exclusive Negotiations with Northwind Ethanol Regarding a Cellulosic Ethanol Joint Venture
OTCBB: MVTG FRANKFURT: 5MV
SEATTLE, WA, July 23 2008 -FirstCall/ - Mantra Venture Group Ltd. ("Mantra" - OTCBB: MVTG - FSE: 5MV) is pleased to announce that it has entered into exclusive negotiations with Northwind Ethanol Ltd. ("Northwind") in regards to a joint venture to produce cellulosic ethanol using their proprietary technology. The vehicle for the joint venture will be Mantra NextGen Power Inc. ("NextGen"), a Nevada company and a Mantra subsidiary.
For some months Mantra has been looking for a way to make a difference in the transportation sector with a technology capable of reducing its reliance on fossil fuels. The ongoing work being done on hydrogen fuel cells and batteries to power vehicles of all kinds seems, after review, to be aimed more at the future. In the immediate term, Mantra has decided that a renewable fuel like ethanol would be highly desirable (and attractive in the marketplace) if it were not based on corn as its feedstock. Corn-based ethanol is now seen in North America as undesirable both economically and politically.
The answer lay in Mantra's introduction to cellulosic ethanol: ethanol derived from wood and agricultural wastes, an inexpensive and readily available feedstock. The problem is that, although various companies are working to meet the need, no technology is available today that met Mantra's exacting standards. Our search for a cellulosic ethanol technology resulted in our discovery of Northwind and our undertaking due diligence. The NextGen technology promises to be much more economic than ethanol from corn, practical in operation, clean (closed loop - there are no waste streams), and able to power itself by using material superfluous to the core process. The technology meets Mantra's test.
One of the aims in creating NextGen was to change the economics of ethanol manufacturing, to produce ethanol at well below $1 per liter. NextGen management believes that this can be accomplished.
Fred Enga, Northwind's C.E.O., commented, "Our two companies are close to achieving the agreement that will commence this joint venture in NextGen. Shortly after we finalize the agreement, we will begin to negotiate our first plant. Additional sites are also in negotiation and once we start, I expect the expansion process to move forward quite quickly."
Brian Currie, Northwind's C.F.O. added, "NextGen is the right business model to develop our technology combining the financial strength of Mantra with the technical expertise and market knowledge of Northwind."
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, 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 5MV. For more information please visit us at http://www.mantraenergy.com/.
Mantra is encouraging and enabling investors to make environmental consumer choices with a free environmental bag. Sign up here: http://www.mantraenergy.com/tools-and-utilities/free-bag.html.
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.
SOURCE Mantra Venture Group Ltd.
OTCBB: MVTG FRANKFURT: 5MV
SEATTLE, WA, July 23 2008 -FirstCall/ - Mantra Venture Group Ltd. ("Mantra" - OTCBB: MVTG - FSE: 5MV) is pleased to announce that it has entered into exclusive negotiations with Northwind Ethanol Ltd. ("Northwind") in regards to a joint venture to produce cellulosic ethanol using their proprietary technology. The vehicle for the joint venture will be Mantra NextGen Power Inc. ("NextGen"), a Nevada company and a Mantra subsidiary.
For some months Mantra has been looking for a way to make a difference in the transportation sector with a technology capable of reducing its reliance on fossil fuels. The ongoing work being done on hydrogen fuel cells and batteries to power vehicles of all kinds seems, after review, to be aimed more at the future. In the immediate term, Mantra has decided that a renewable fuel like ethanol would be highly desirable (and attractive in the marketplace) if it were not based on corn as its feedstock. Corn-based ethanol is now seen in North America as undesirable both economically and politically.
The answer lay in Mantra's introduction to cellulosic ethanol: ethanol derived from wood and agricultural wastes, an inexpensive and readily available feedstock. The problem is that, although various companies are working to meet the need, no technology is available today that met Mantra's exacting standards. Our search for a cellulosic ethanol technology resulted in our discovery of Northwind and our undertaking due diligence. The NextGen technology promises to be much more economic than ethanol from corn, practical in operation, clean (closed loop - there are no waste streams), and able to power itself by using material superfluous to the core process. The technology meets Mantra's test.
One of the aims in creating NextGen was to change the economics of ethanol manufacturing, to produce ethanol at well below $1 per liter. NextGen management believes that this can be accomplished.
Fred Enga, Northwind's C.E.O., commented, "Our two companies are close to achieving the agreement that will commence this joint venture in NextGen. Shortly after we finalize the agreement, we will begin to negotiate our first plant. Additional sites are also in negotiation and once we start, I expect the expansion process to move forward quite quickly."
Brian Currie, Northwind's C.F.O. added, "NextGen is the right business model to develop our technology combining the financial strength of Mantra with the technical expertise and market knowledge of Northwind."
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, 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 5MV. For more information please visit us at http://www.mantraenergy.com/.
Mantra is encouraging and enabling investors to make environmental consumer choices with a free environmental bag. Sign up here: http://www.mantraenergy.com/tools-and-utilities/free-bag.html.
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.
SOURCE Mantra Venture Group Ltd.
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