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New CO2 Reduction Technology Ahead for Steelmaking
By Metal Producing & Processing staff | Published February 2, 2009Reprints | Printer Friendly | Email a Friend
A new process — electro-reduction of carbon — converts carbon wastes into sodium formate, formic acid, and sodium bicarbonate. One ton of CO2 can produce 0.75 tons of sodium formate, 1 ton of sodium bicarbonate, or 1 ton of formic acid.
Mantra Venture’s ERC (electro-reduction of carbon) technology converts carbon wastes into sodium formate, formic acid, and sodium bicarbonate. One ton of CO2 can produce 0.75 tons of sodium formate, 1 ton of sodium bicarbonate, or 1 ton of formic acid.
At the Sustainability 2008 conference in October 2008, Mantra Venture Group introduced its electro-reduction of carbon (ERC) — a proprietary carbon-reduction technology that Mantra indicates is geared for steel manufacturing operations, for removing rust and oxidation. Steelmakers know this means pickling processes, but the new technology’s backers estimate it represents a $1.5 billion annual expense for the industry.
“Mantra has a proven chemical process, which is a part of the solution to one of the large environmental problems plaguing our planet: carbon dioxide,” said John Russell, head of Mantra’s Scientific Board. “We understand that in order for sustainability to be attractive to companies, it needs to be commercially useful. ERC is. It really could be a breakthrough in the way our planet handles its carbon dioxide pollution.”
The ERC process combines captured carbon dioxide with water to produce high-value materials, such as formic acid, formate salts, and possibly even methanol, which are conveniently obtained from the thermochemical processing of fossil fuels. The reactor coverts the captured carbon dioxide, and by converting it into formic acid, the steel producer can use this instead of hydrochloric acid in the pickling process.
While governments and industrial organizations invest billions of dollars for controlling CO2, Mantra claims that available solutions, like carbon sequestration (the burial of CO2) and thermochemical processing of CO2 into fuels like methanol, aren’t as efficient or safe as ERC. In fact, they say ERC could be understood as “a regenerative fuel cell cycle.”
Mantra has completed the first phase of its ERC development plan. The technology was acquired from its creators, Prof. Colin Oloman and Dr. Hui Li from the University of British Columbia’s Clean Energy Research Center, and has been laboratory proven.
Phase Two is underway now. Last fall marked a completion of an industrial-grade ERC test scale unit, capable of processing 1 kg of CO2 per day. This summer will see test unit (1 metri ton/day) trials and commercial optimizations, along with a probable inclusion in a “government major demonstration project.”
These developments have resulted in many governments and leading industrial companies taking an interest in ERC. Mantra is in discussions regarding various grants and other support initiatives offered by international governments, as well as possible pilot projects with large industrial companies. Phase Three will involve raising $5 million in financing, with $1.6 million designated for the design and construction of a pilot-scale (1 metric ton/day of CO2) portable ERC demonstration system, to be completed by Spring 2011. Another $1.5 million will establish a new fabrication facility, hire designers, engineers, plant operators, and management. Mantra estimates $1 million to ship, install, and operate the system at various test sites, with the remaining funds slated for anticipated plant upgrades, reengineering and labor, the establishment of co-ventures with producers of compatible technologies, and patent prosecution and professional fees.
“Mantra has experienced accelerated development and an unprecedented amount of interest in our ERC technology during the last quarter,” said Larry Kristof, president, during the Sustainability 2008 conference. “We secured additional financing when many other companies are struggling to meet their basic obligations, completed our groundbreaking ERC reactor, and established many valuable connections within industry and government institutions.”
Mantra hopes that by 2012, the design and construction of a full-scale plant with 100-metric tons/day formic acid capacity can complete Phase Four.
ERC Technology Receives Vote of Confidence from the Investment Sector
In mid-January, Mantra Venture Group earned an “outstanding” rating from Murphy Analytics LLC (MA), based on market potential for the ERC technology. The study was conducted to determine the potential shareholder value derived from the anticipated commercialization of Mantra’s ERC technology.
Murphy also mentions the current struggle to reduce CO2 to mitigate global warming trends. Current market conditions and the growing demand for ERC by-products each contributed to MA’s decision to award Mantra its highest rating possible.
“The current state of politics, environmental awareness, and economics makes this a uniquely opportune time for Mantra Venture Group’s ERC technology.”
Hello,
I understand the confusion and I don't feel confident either. However, most sites offer a button that will translate automatically.
Here is an example and you can correct me if I am wrong. Lets say you are interested in a company based in Kentucky USA. No news has come out on the broad national news but there are some local headlines in the paper from the town in Kentucky that the local paper prints it. Now you do your DD and no doubt there is a ticker symbol.
In this case there seems to be local paper reports in Chinese or whatever and no symbol or discernible 100% link is established. O.K. so someone decides to post it. I would thank them for it and still have my doubts. Even local papers can put stories up that have misinformation.... but I am glad if someone told me to check it out.
There are a lot of companies you will find who don't provide investors with adequate levels of information for comfort, you have to dig and decide for yourself. It is nice to plug into a group discussion and you know, if there is concrete evidence that someone posted inaccuracy then it should be exposed, irritation over someone sharing this information is still under investigation. In time we we will have the answers if we all keep looking. patience and DD are all i can suggest.
Thanks for thinking of me,
I am recovering nicely and my work is getting behind so I am trying to get as many hours in as I can handle to catch up. Too bad there hasn't been any recent news, but i am sure it is coming. i need to call them soon to see how business is progressing. have a great day,
-Greener
Just for the record. many of us check daily to see what is going on in the board and posters like AWRO are more than welcome to post what they feel is relative. If some one is offended that there are posts that are supplemental research, they should just go to Yahoo news or some filter for their news stories. These boards are REAL PEOPLE posting daily. If all you want is news flash then wait for it from the mechanized sources. if you want a little chat daily then this is the place. JMHO
If we all waited to post just news items of relevance there would be huge gaps of nothing to read. there is no recourse but to take a wider view of things. We can all personally analyze posts... we don't need critics blubbering daily about how impatient they are for news.
That is interesting.
They better get their act together and offer a lot less carbon credits..... if they produce too many they won't be worth a thing.... just like saying O.K. its alright to go ahead and pollute like crazy. JMO
Press Release Source: Mantra Venture Group Ltd.
District of North Vancouver Hosts Ceremonial Signing of Memorandum of Understanding Between Mantra Venture Group and Bluebird Co. Ltd.
Thursday April 23, 2009, 9:15 am EDT
Buzz up! Print
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/
Yes, i heard the same and it should play out in the direction of some real negotiations. Patience is the key.
Yes everything went well, I am heavily medicated, but things are looking up. Thanks
Greener
Monday, April 20, 2009 1:48 PM EST
Industries > Small Cap
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Keep Mantra Venture Group (MVTG.OB) on Radar!
By Jonathan
14 April 2009 @ 08:19 am EST
Mantra Venture Group Ltd. is a diversified Green Tech company focused on becoming a world-leader in the development of commercially viable sustainable technologies by minimizing the impact of human activity of our climate, environment and health. The company aims to bridge the gap between innovation and investment by identifying and incubating clean tech innovations and renewable energy solutions.
Mantra retains 100% outright ownership of a chemical processing technology developed by the University of British Columbia’s Clean Energy Research Center, entitled the Electroreduction of Carbon Dioxide (ERC). Powered by electricity, this technology combines captured carbon dioxide with water to create high value materials that are conventionally obtained from the thermochemical processing of fossil fuels.
In October of last year, the company completed its first ERC prototype, capable of processing 1 Kg of CO2 per day. Mantra’s first commercial scale reactor is anticipated to reach completion by Q2 2010, and will be capable of processing 1 ton of CO2 per day. Once the reactor is built, the company will begin developing a reactor capable of processing 100 tons of CO2 per day.
Several key players within identified target markets have been in discussions with Mantra. The company is currently in the process of finalizing Partnership Agreements with a host of international corporations, which should lead to increased capital resources to accelerate development and optimization of the commercial scale ERC reactor. The company is looking to finalize the first set of agreements by the end of next month.
Let us hear your thoughts: Mantra Venture Group Message Board
Recent post of old news, still very encouraging.
Mantra, Bluebird Team Up to Develop Carbon Dioxide Reduction Technology
Energy Resource , April 1, 2009
EMAIL PRINT
ENERGY RESOURCE-1 April 2009-Mantra, Bluebird Team Up to Develop Carbon Dioxide Reduction Technology(C)2009 JeraOne - http://www.jeraone.com
Mantra Venture Group Ltd. has signed a Memorandum of Understanding (MOU) with Bluebird Co. Ltd., a Seoul, South Korea-based environmental engineering company, to partner in the development, deployment and eventual commercialization of Mantra's Electro-reduction of Carbon Dioxide Technology in Asia.
The partnership will progress through three transitional phases. Under Phase 1, Mantra will deliver a 1kg-per day ERC demonstration unit to Bluebird in Korea by November 2009, after which both companies will collaboratively develop and improve upon the current technology.
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In Phase 2 of the partnership, beginning in January 2010, the two will develop and construct the first commercial-scale ERC reactor capable of processing one ton of CO2 per day.
Upon successful completion of Phases 1 and 2, Mantra and Bluebird will continue on to Phase 3 - the construction of a fully operational ERC unit with a 100-tonne per day capacity. Phase 3 is currently scheduled for 2012.
Mantra's research and development costs for Phases 1 and 2 of this project are estimated at $3.5 million CAD, and will be funded by Bluebird throughout the course of the partnership.
In return, Bluebird will become Mantra's exclusive licensee, distributor, and manufacturing partner in Korea and various other territories within Asia, subject to royalty payments and compliance with key performance criteria.
"This MOU signifies the beginning of a burgeoning partnership in which both parties stand to benefit greatly. Not only does Bluebird Co. Ltd have a wealth of experience in environmental engineering, they have the resources and market exposure required to generate significant licensing revenue upon commercialization," said Larry Kristof, President and CEO of Mantra.
"Bluebird's contribution will lead to the expedited development of a more robust and economical ERC technology as well as earlier commercialization and revenue generation," Kristof continued. "Given South Korea's recent proclamation that it will invest $38 Billion in clean tech over the next four years, this partnership represents a very timely initiative for Bluebird. Mantra looks forward capitalizing on the opportunity with Bluebird."
Both Mantra and Bluebird plan to open offices in the other party's respective countries by May 2009. By May 31, 2009 and upon the opening of Mantra's Korean office in Seoul, the parties plan on entering into a definitive agreement governing their ongoing cooperation.
((Comments on this story may be sent to newsdesk@jeraone.com))
((Distributed via M2 Communications Ltd - http://www.m2.com))
COPYRIGHT 2009 M2 Communications Ltd.
COPYRIGHT 2009 Gale, Cengage Learning
I agree, the technology being what it is, the low float, and the fact that they are so forth right, I feel confident that they are near to making some great strides.
Form 10-Q for MANTRA VENTURE GROUP LTD.
15-Apr-2009
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward Looking Statements
This quarterly report on Form 10-Q of Mantra Venture Group Ltd., (the "Company", "Mantra", "we", "our", "us") contains forward-looking statements that involve risks and uncertainties. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology including "could", "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" and the negative of these terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. All currency references in this report are in US dollars unless otherwise noted.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report.
This management's discussion and analysis or plan of operation should be read in conjunction with the consolidated financial statements and notes thereto of the Company for the three and nine months ended February 28, 2009. The reported results may not necessarily reflect the future.
Business Overview
We are building a portfolio of companies and technologies that mitigate negative environmental and health consequences that arise from the production of energy and the consumption of resources. We carry on our business through our six wholly owned subsidiaries and one majority owned subsidiary as follows:
� Mantra Energy Alternatives Ltd., through which we identify, acquire, develop and market technologies related to alternative energy production, greenhouse gas emissions reduction and resource consumption reduction;
� Mantra Media Corp., through which we offer promotional and marketing services to companies in the sustainability sector or those seeking to adopt sustainable practices;
� Carbon Commodity Corp., through which we intend to license or develop carbon footprint assessment software and develop an online carbon reduction marketplace;
� Climate ESCO Ltd., through which we plan obtain the distribution or licensing rights to commercialized technologies and broker them to residential and industrial consumers seeking sustainability solutions;
� Mantra Next Gen Power Inc., through which we anticipate developing technologies in the alternative energy sector; and
� Mantra China Limited, through which we, together with our joint venture partners, plan to develop our business in Hong Kong and mainland China.
Results of Operations
Lack of Revenues
We have had limited operational history since our inception on January 22, 2007. From our inception on January 22, 2007 to May 31, 2008 we did not generate any revenues; however for the nine months ended February 28, 2009 we generated $12,118 in website development revenue. Since our inception to February 28, 2009, we have an accumulated deficit of $3,440,106. We anticipate that we will incur substantial losses over the next year and our ability to generate additional revenues in the next 12 months remains uncertain.
Expenses
We accumulated total expenses of $3,452,224 from the date of our inception to
February 28, 2009, $1,117,834 of which were paid by way of our common shares,
stock options or share purchase warrants.
Stock
Description Expense based/other Total
Amortization and accretion $ 48,307 $ 15,408 $ 83,715
Business development 36,671 167,404 204,075
Consulting and advisory 8,642 378,496 387,139
Management fees 385,700 254,246 639,946
Research and development 191,064 11,275 202,339
Shareholder communication, awareness and financing
costs 313,209 120,390 433,599
Professional fees 381,886 41,500 423,386
Public listing and related 136,048 40,000 176,048
Website and corporate identity 134,293 26,975 161,268
General, Administrative and salaries 687,906 62,138 750,046
Interest expense 10,663 - 10,663
Total $ 2,334,390 $ 1,117,834 $ 3,452,224
For the nine months ended February 28, 2009, we incurred total expenses of $1,405,612, $437,750 of which were paid by way of our common shares, stock
options or share purchase warrants.
Description Expense Stock based Total
Amortization $ 27,088 $ 15,408 $ 42,406
Business development 3,422 - 3,442
Consulting and advisory 8,642 35,354 43,996
Management fees 147,000 232,979 379,979
Research and development 119,911 - 119,911
Shareholder communication, awareness and financing
costs 150,091 99,596 249,687
Professional fees 231,131 - 231,131
Public listing and related 29,001 - 29,001
General, Administrative and salaries 240,913 54,413 295,326
Interest expense 10,663 - 10,663
Total $ 967,862 $ 437,750 $ 1,405,612
Overall expenses for the nine months ended February 28, 2009 were $76,893 higher than the same period in 2008 due primarily to an increase in management fees paid in stock-based compensation, increased research and development costs and increased shareholder communication, investor awareness and financing costs. Financing costs relate mainly to legal and SEC filing expenses incurred for private placements. The increases were due to continued development of the ERC technology, the efforts to create awareness of the company and the search for development and commercial partners. These increases were offset by a $235,766 decrease in consulting and advisory expenses, a $141,893 decrease in travel, meals and entertainment, a decrease of $30,070 in public listing expenses and a $21,910 decrease in general and administrative expenses as management continues its cost reduction efforts.
For the three months ended February 28, 2009, we incurred total expenses of $629,941, $291,602 of which were paid by way of common shares or stock options
or share purchase warrants.
Description Expense Stock based Total
Amortization $ 8,782 $ 11,580 $ 20,362
Business development 1,973 - 1,973
Consulting and advisory 8,642 - 8,642
Management fees 51,000 181,446 232,446
Research and development 47,789 - 47,789
Shareholder communication, awareness and financing
costs 36,179 44,163 80,342
Professional fees 65,467 - 65,467
Public listing and related 21,501 - 21,501
General, Administrative and salaries 92,229 54,413 146,642
Interest expense 4,777 - 4,777
Total $ 338,339 $ 291,602 $ 629,941
Overall expenses for the three months ended February 28, 2009 were lower by $93,439 compared to same period in 2008 due to cost management initiatives and a reduction in website and corporate identity development expenses. We incurred $103,840 in such expenses for the period ended February 29, 2008 compared to nil for the period ended February 28, 2009, as the bulk of the development was completed last year. An increase of $188,258 in management fees, $181,446 of which was stock based, was offset by a $233,569 decrease in business development, consulting and advisory fees. Certain expenses included in shareholder communication and awareness relate to efforts to search, identify and communicate with development and commercial partners.
Net Loss
Since our inception on January 22, 2007 to February 28, 2009, we have incurred net loss of $3,440,106. For the nine months ended February 28, 2009 we incurred net loss of $1,393,494 compared to our net loss of $1,328,773 for the same period in 2008. The loss for the three months ended February 28, 2009 was $94,499 lower than the same period in 2008.
Liquidity and Capital Resources
As at February 28, 2009, we had total current assets of $40,969 and total current liabilities of $607,083 for a working capital deficit of $566,114. This compares to our working capital deficit of $192,990 as at May 31, 2008. To date we have been solely dependent on the funds raised through our equity or debt financings. Going forward we will remain dependent on raising funds through our equity and debt financings but we also expect to receive additional funding from government grant and incentive programs as well as ERC licensing arrangements and commercial partnerships.
During the nine months ended February 28, 2009, we raised gross proceeds/satisfied debt/paid for services totaling $951,625 through the issuance of our securities as described in the following table:
Date of Number of Price per Value
issuance Type of security issued securities security ($)
issued ($)
June 2008 Common Shares issued for services 37,500 0.20 7,500
July 2008 Units (common shares and warrants) 2,400,000 0.125 300,000
for cash
July 2008 Common Shares for services 50,000 0.40 20,000
July 2008 Common Shares for services 62,500 0.45 26,250
Sep 2008 Common Shares for services 37,500 0.41 15,375
Oct 2008 Convertible Debentures N/A N/A 250,000
Units (common shares and warrants)
Nov 2008 for cash - $10,000 applied to 1,220,000 0.25 305,000
accounts payable
Dec 2008 Common Shares for services 37,500 0.36 13,500
Jan 2009 Common Shares for services 25,000 0.36 9,000
Feb 2009 Common Shares to settle a payable 18,519 0.27 5,000
During the nine months ended February 28, 2009, we used net cash of $84,990 in investing activities and net cash of $ 785,684 in operating activities. This compares to our net cash used in investing activities of $52,529 and net cash used in operating activities of $530,024 for the same period in 2008. During the nine months ended February 28, 2009 we received net cash of $850,919 from financing activities compared to $941,420 for the same period in 2008.
We expect to require approximately $1,346,360 in a combination of financing and grants to for further development of our ERC reactor and for our other planned operational expenses for the next twelve months (beginning April 1, 2009) are summarized as follows:
Target Estimated expenses
Description completion date ($)
or period
Development of the ERC reactor to demonstration March 31, 2010 547,360
pre-commercial scale
Anticipated Canadian public listing costs May 31, 2009 153,000
including legal fees and financing costs
Management and consulting fees (including 12 months 200,000
expenses of our Scientific Advisory Board)
Corporate communication, investor awareness and 12 months 126,000
financing costs
Professional fees, legal and audit 12 months 120,000
Genera, administrative and salary expenses 12 months 150,000
Travel, advertising and promotional expenses 12 months 50,000
Total 1,346,360
At present, our cash requirements for the next twelve months outweigh the funds available to maintain or develop our operations. We expect that the bulk of the $1,346,360 that we need for the next 12 months will be covered by the funds raised in connection with our anticipated Canadian public listing. In addition we intend to pursue additional equity financing from private investors and will continue to negotiate with contractors and vendors to pay for the services with stock and stock options instead of cash.
We also continue to implement cost reduction measures which may include reducing our reliance on outside contractors, and tailoring our investor awareness programs and initiatives to a scale that is appropriate to our level of activity and the nature of our business. Finally, we have begun to seek out alternative sources of funding, such as research and development grants to offset the cost of our technology development
There can be no assurance we will be successful in our efforts to secure additional equity financing. If we are unable to raise equity or obtain alternative financing, we may not be able to continue operations with respect to the continued development and marketing of our company and our subsidiaries and we may not be able to continue our operations and our business plan may fail. You may lose your entire investment.
If operations and cash flow improve through these efforts, management believes that we can continue to operate. However, no assurance can be given that management's actions will result in profitable operations or an improvement in our liquidity situation. The threat of our ability to continue as a going concern will be removed only when revenues have reached a level that sustains our business operations.
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.
Inflation
The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position. The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.
Critical Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We regularly evaluate estimates and assumptions related to stock-based compensation and deferred income tax asset valuation allowances. We base our estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by us may differ materially and adversely from our estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Stock-based Compensation
We record stock based compensation in accordance with SFAS 123(R), "Share-Based Payments," which requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards, made to employees and directors, including stock options.
SFAS 123(R) requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. We use the Black-Scholes option-pricing model as its method of determining fair value. This model is affected by our stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to our expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the portion of the award that is ultimately expected to vest is recognized in our financial statements as an expense in the Consolidated Statement of Operations over the requisite service period.
All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable in accordance with the provisions of EITF 96-18.
Which ones are they Damage? What are their usernames as moderators?
This is going to get HOT in the next few months IMHO. Bluebird is somehow linked with Samsung... Koreas monster company.
Keep Mantra Venture Group (MVTG.OB) on Radar! [Back to Blog]
Michael
OFFLINE
Mantra Venture Group Ltd. is a diversified Green Tech company focused on becoming a world-leader in the development of commercially viable sustainable technologies by minimizing the impact of human activity of our climate, environment and health. The company aims to bridge the gap between innovation and investment by identifying and incubating clean tech innovations and renewable energy solutions.
Mantra retains 100% outright ownership of a chemical processing technology developed by the University of British Columbia’s Clean Energy Research Center, entitled the Electroreduction of Carbon Dioxide (ERC). Powered by electricity, this technology combines captured carbon dioxide with water to create high value materials that are conventionally obtained from the thermochemical processing of fossil fuels.
In October of last year, the company completed its first ERC prototype, capable of processing 1 Kg of CO2 per day. Mantra’s first commercial scale reactor is anticipated to reach completion by Q2 2010, and will be capable of processing 1 ton of CO2 per day. Once the reactor is built, the company will begin developing a reactor capable of processing 100 tons of CO2 per day.
Several key players within identified target markets have been in discussions with Mantra. The company is currently in the process of finalizing Partnership Agreements with a host of international corporations, which should lead to increased capital resources to accelerate development and optimization of the commercial scale ERC reactor. The company is looking to finalize the first set of agreements by the end of next month.
About QualityStocks:
Please see disclaimer on QualityStocks website: http://disclaimer.qualitystocks.net
04/14/2009
Here is a recent write up from Quality Stocks:
http://www.investingminds.com/social/blogs/qualitystocks/
GM Goforthebet,
That is great news for Mantra!
Larry has been saying the interest in alternatives to CCS have been phenomenal. I think the overall quit situation we find ourselves in is also a good sign because it shows that the Mantra team is concerned about laying claim to the only working alternative that is viable. The new we have now is about accounting and lawyers because all f that has to be in place. As an alternative to CCS they won't have any restrictions as a monopoly for some time to come. Thanks again,
BTW I may not be posting much this week as I have a hospital procedure. But I will be reading.... for sure!
Greener
You could scan it and post it in your profile for all to see.
More repositioning .... this time with the Accounting.
I would guess this is preliminary to news. IMO
Have a great weekend everyone!
Form 8-K/A for MANTRA VENTURE GROUP LTD.
9-Apr-2009
Changes in Registrant's Certifying Accountant
Item 4.01 Changes in Registrant's Certifying Accountant
(a) Previous independent registered public accounting firm
(i) On March 19, 2009, Mantra Venture Group Ltd. (the "Company") formally informed M & K CPAs, PLLC of their dismissal as the Company's independent registered public accountant.
(ii) The reports of M & K CPAs, PLLC on the Company's consolidated financial statements as of and for the period ended May 31, 2008 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principle except to indicate that there was substantial doubt about the Company's ability to continue as a going concern.
(iii) The Company's Board of Directors participated in and approved the decision to change independent registered public accounting firms.
(iv) During the period from June 10, 2008 (engagement of M & K CPAs, PLLC by the Company) to May 31, 2008 and through March 19, 2009 there have been no disagreements with M & K CPAs, PLLC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of M & K CPAs, PLLC would have caused it to make reference thereto in connection with its report on the financial statements for such years. Furthermore, from the Company's inception on January 22, 2007 to March 19, 2009 there have been no disagreements with any of our independent registered public accountants on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements if not resolved to the satisfaction of any of our independent registered public accountants would have caused them to make reference thereto in connection with their reports on the financial statements for such years.
(v) The Company has requested that M & K CPAs, PLLC furnish it with a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of the letter provided by M & K CPAs, PLLC is filed as Exhibit 16.1 to this Form 8-K.
(b) New independent registered public accounting firm
On March 19, 2009, the Company's board of directors resolved to retain Saturna Group Chartered Accountants LLP as the sole principal independent registered accountant for the Company. During the two most recent fiscal years and through March 19, 2009, the Company had not consulted with Saturna Group Chartered Accountants LLP regarding any of the following:
(i) The application of accounting principles to a specific transaction, either completed or proposed;
(ii) The type of audit opinion that might be rendered on the Company's consolidated financial statements, and none of the following was provided to the Company: (a) a written report, or (b) oral advice that Saturna Group Chartered Accountants LLP concluded was an important factor considered by the Company in reaching a decision as to accounting, auditing or financial reporting issue; or
(iii) Any matter that was subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-K.
Hello Goforthebet,
Sorry it took so long to reply.... I had to start work early. I don't mind waiting on Mantra because I don't trade stock for a living. I just want to see some return and try to invest wisely. If I ever get real good at it I might spend more time with the riskier stocks.... although they don't get much riskier then pinks and OTCBB. Talk to you soon.
Greener
You must be kidding Goforthebet,
When it comes to DD you are royalty. This Mantra company is a long term deal. Don't you think? The thing i like the most is that they are truly environmentally conscious. I try not to invest in things that would make me feel like I am promoting pollution or things like that. In the end... I think doing the responsible thing should pay off long term and even your ape would agree. You have the best pictures,
Buenas Noches
Also, these capture and storage facilities will need to do something with the CO2... nobody else has what Mantra has. They actually turn it into useful chemicals. So these CCS companies can store all they want and they will probably end up buying into the ERC technology before the whole CCS industry goes out of business. Or maybe they will continue to store and transport it to an ERC facility. If you know of ay other company that can do something more than store CO2 or pump it deep into limestone, let me know because I have not found one yet.
Greener
Those are great articles baruchami,
They are also the very reason Mantra will dominate the playing field. These companies only capture CO2 and store or sequester it in the ground. It is a multi- million if not billion dollar industry. Mantra actually turns the CO2 into formic acid ... a most desirable product for industries like the Steel, Deicing Airplanes and paper industries to name a few. The formic acid produced from captured CO2 is a stream of income for the industry instead of wasting it on CCS (Carbon Capture and Sequestration) I did not see any of those companies able to produce positive revenue for their clients, help me if I missed them. Right now money goes out of the industries to take care of their CO2... The alternative that Mantra will provide is a stream of income. Also, they have a working proto type. So the technology is very real... it just needs to be more efficient and larger scale. Please correct me if you find anything in your DD that contradicts what I wrote. Thanks
Greener
Hello Baruchami,
You should really talk to Kol at Mantra. His phone number is on the iHub board. they are in heavy negotiations with top lawyers because they are licensing this technology. I don't think they want to sell it outright, but globally license the technology. If you know any stories about business in the orient, they don't have much respect for copyrights and will bootleg technology in a second. THey are negotiating with Bluebird, a Korean company who owns Samsung. They want to be the regional carrier for the technology. it is all very interesting and you should hear it first hand and let me know if I heard it right. thanks
Greener
That is curious, I think there is such a low float that it is not going to take much for this to accelerate. I do know they are cautious to try and reel in the biggest fish right now. You should call the company and ask them. THey have so much private funding I don't think they will have to issue a lot of stocks for a while JMHO
Anyone find andy news to go with this increase?
A move up today of .02
SEATTLE, April 6 Mantra-revise-agrment
SEATTLE, April 6 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ('Mantra', OTCBB: MVTG, FSE: 5MV) has revised its agreement with Kemetco Research Inc. In order to optimize Mantra's ability to apply and receive government funding for the research and development of its electrochemical reduction of Carbon Dioxide (ERC) technology, Mantra has entered into an amended agreement with Kemetco which modifies various terms of the original agreement which was entered into on January 29, 2009.
The new agreement revises the research and development program into two specific phases, with phase one scheduled for 5 months beginning on April 1, 2009. More details, and the agreement in its entirety, may be viewed on Mantra's Form 8-K filed with the SEC on March 26, 2009.
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.
SOURCE Mantra Venture Group Ltd.
I agree,
The airplanes pretty much infuse CO2 right into the atmosphere. Sometimes I see so many lines in the sky (trails of CO2 emissions) you can't help but think that needs to be controlled somehow.
Veamos que pasa.
I hope someone answers that question as well.... I would like to know more.
Well, good research and serious feedback are increasingly hard to come by. Thanks for consistently providing both.
We've been enjoying some positive numbers in the indices lately, I hope that translates into things headed in the right direction for SRSR this summer.
That is a very substantial point, I work with cars and those new Hybrids are set to pop the current used car bubble IMO. People will buy them like hot cakes when they become available, thus an outstanding need for the mineral Niobium.
Hello everyone,
I spent some time last night updating the Mantra board here on iHub with the most current website information. Does anyone have any better pictures, especially of the ERC (i.e. links to them)? Any suggestions would be appreciated. Talk to you soon,
Greener
As always, Thanks
Those are some promising numbers.
I was asked to freshen up the info on the site. Any suggestions you have would be helpful. thanks
Press Release Source: Mantra Venture Group Ltd.
Mantra to Engage in $3.5 Million Development Project with Korean Engineering Company
Wednesday April 1, 2009, 9:15 am EDT
Buzz up! Print
SEATTLE, WA, April 1 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ('Mantra', OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has just signed a Memorandum of Understanding (MOU) with 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 eventual commercialization of Mantra's Electro-reduction of Carbon Dioxide Technology in various territories within Asia.
As outlined in the MOU, the partnership will progress through three transitional phases. Under Phase 1, Mantra will deliver a 1kg-per day ERC demonstration unit to Bluebird in Korea by November 2009, after which both companies will collaboratively develop and improve upon the current technology. Phase 2 of the partnership, commencing in January 2010, will see the development and construction of the first commercial scale ERC reactor- capable of processing 1 ton of CO2 per day. Upon successful completion of Phases 1 and 2, Mantra and Bluebird will continue on to Phase 3 - the construction of a fully operational ERC unit with a 100-tonne per day capacity. Phase 3 is currently scheduled for 2012.
Mantra's research and development costs for Phases 1 and 2 of this project, estimated at $3.5 Million CAD, will be funded by Bluebird throughout the course of the partnership. In return, Bluebird will become Mantra's exclusive licensee, distributor, and manufacturing partner in Korea and various other territories within Asia (subject to royalty payments and compliance with key performance criteria).
Larry Kristof, President and CEO of Mantra, notes "This MOU signifies the beginning of a burgeoning partnership in which both parties stand to benefit greatly. Not only does Bluebird Co. Ltd have a wealth of experience in environmental engineering, they have the resources and market exposure required to generate significant licensing revenue upon commercialization. Bluebird's contribution will lead to the expedited development of a more robust and economical ERC technology as well as earlier commercialization and revenue generation. Given South Korea's recent proclamation that it will invest $38 Billion in clean tech over the next four years, this partnership represents a very timely initiative for Bluebird. Mantra looks forward capitalizing on the opportunity with Bluebird."
To facilitate the relationship, both Mantra and Bluebird anticipate establishing offices in the other party's respective countries by May 2009. By May 31, 2009 and upon the opening of Mantra's Korean office in Seoul, the parties plan on entering into a definitive agreement governing their ongoing cooperation.
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
Yeah, they nailed down a nice licensing program..... very smart. I can't wait to see who will pick it up in Europe and the USA.
Thank you so much. That is very decent of you.
Indeed, and you will be the first to see them with your lightning fast research. I am envious.
Do you have a level 2 view? it seems like the next ask is .30
I don't have the view so I cannot substantiate that.
That is just the beginning. I called this morning.... there is supposedly going to be waves of news like this that we have been waiting for. The ice berg is peaking out and there is a lot more to come.