Oct. 5, 2009 (PR Newswire) — SEATTLE, Oct. 5 /PRNewswire-FirstCall/ – Mantra Venture Group Ltd. (Mantra, OTCBB: MVTG, FSE: 5MV) is pleased to announce the appointment of Mr. Jae Choon Ryu as Vice President of Corporate Finance, Korea. Mr. Ryu has over 17 years of experience in the investment industry in Korea, and has raised capital in excess of $50 million USD through public offering and private placement deals.
With the appointment of Mr. Ryu, Mantra started its Phase 1 of a two-phase approach for its expansion into Korea. Mr. Ryu will be responsible for managing partnerships in Korea and securing additional financing for the development of Mantra’s CO2 recycling and other technologies. Mantra’s regional office is scheduled to open on the first week of November 2009 and it will be located in the Investment Korea Plaza at the KOTRA head office in Seoul.
Upon completion of Phase 1, Mantra will engage in the Phase 2 involving the identification and implementation of a research facility and a demonstration project at a industry site such as a power plant. This initiative will be in collaboration with both Korean provincial government and industry partners, and will be strategically aligned with the numerous incentive programs available within Korea.
Shawn Kim, Vice President of International Business Development of Mantra, comments: “It is with great honour that we make this recent announcement. Mr. Ryu’s financing capabilities are second to none, and we are very pleased that he has decided to join our team. In leveraging his experience and prolific contact base in Korea, Mr. Ryu is expected to deliver significant financing and partnership opportunities for Mantra that will lead to the commercialization of our CO2 recycling technology.”
Mr. Ryu began his career at Korea Investment & Securities Co., Ltd. where he started as an analyst and was later promoted to the senior management position where he managed private investor accounts. After dedicating 14 years to Korea Investment & Securities Co., Ltd. Mr. Ryu moved to Korea Prudential Investment Securities Co., Ltd in the branch management capacity where he financed over $23 million USD to various Korean companies. Mr. Ryu has also been involved in listing alternative energy companies on the Korean Stock Exchange.
In reflecting on his recent appointment, Mr. Ryu noted “I am very excited to join Mantra at this critical stage as Korean governments and industries are keen in developing carbon reduction and recycling technologies. In my opinion, Mantra’s carbon recycling technology fits perfect with Korean geographical and industrial characteristics. Having a presence in Korea will greatly enhance Mantra’s exposure to the local industries as they can see, touch, and feel the working technology in their own backyard.”
This news comes as the second of a series of anticipated developments resulting from Mantra’s recent trip to Korea, and further details will be available shortly.
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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 Venture Group Ltd.
Mantra, through its group of sustainable energy, carbon recycling 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.
Investor Relations
Kol Henrikson
1-877-609-2898
khenrikson@mantraenergy.com
www.mantraenergy.com