Mantra to collaborate with King Fahd University of Petroleum and Minerals on products of interest to the petrochemicals industry

Mantra to collaborate with King Fahd University of Petroleum and Minerals on
products of interest to the petrochemicals industry

SEATTLE, Oct. 29 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ('Mantra',
OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has signed a Letter of
Intent (LOI) with King Fahd University of Petroleum & Minerals (KFUPM) based
out of Dhahran, Saudi Arabia. Under the terms of the LOI, Mantra and KFUPM's
Center for Refining and Petrochemicals (CRP) have expressed a mutual interest
to explore and research new processes that would use Mantra's Electroreduction
of Carbon Dioxide (ERC) reactor, a form of carbon recycling.
Current processes developed by Mantra have been demonstrated as effective in
converting CO2 into a variety of valuable chemicals, including: formate salts,
formic acid, oxalic acid and methanol. While each of these end-products has a
significant market value, Mantra is now looking to create additional value in
its ERC technology by expanding this list. The CRP Research Institute of KFUPM
has extensive capabilities in product research and application, is very
knowledgeable about the petrochemicals industry, and can help Mantra achieve
its goal.
Shawn Kim, Vice President of International Business Development for Mantra,
said: "The CRP Research Institute of KFUPM is respected for its research
especially in petrochemicals, and we look forward to working with the team at
CRP. Expanding the number of viable chemicals produced by ERC will add value
to the ERC technology and will lead to an expansion of Mantra's markets. KFUPM
is well-recognized in the oil and gas industry, and a successful partnership
with them could open many doors for ERC carbon recycling and for Mantra."
Mantra and KFUPM are working together on this collaborative effort and,
following the outline given in the LOI, they plan to engage in a fully defined
project.

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About King Fahd University of Petroleum & Minerals

Based out of Saudi Arabia, KFUPM provides advanced training in the fields of
science, engineering, and management in order to promote leadership and
service in the Kingdom's petroleum and mineral industries. The University also
furthers knowledge and expertise through its extensive research institutes,
including the Center for Refining and Petrochemicals (CRP).
The vision of KFUPM's CRP Research Institute is to be a leading research
facility in petroleum refining and petrochemicals through innovation in basic
and applied research. Current areas of development for KFUPM's CRP Research
Institute include: (i) developing advanced catalysts and processes for
reducing sulphur levels in heavy oils and converting them to distillates; (ii)
providing technical support to local refineries for the production of clean
transportation fuels with emphasis on the necessary processes and catalysts;
and (iii) developing capabilities and conducting research in novel
technologies that have the potential to impact the refining industry.
For more information on KFUPM, visit: http://www.kfupm.edu.sa/ri/default.aspx.

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). When renewable energy is used, the products can be made
with a negative or neutral carbon balance.

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.

Investor Relations: Kol Henrikson, 1-877-609-2898,
khenrikson@mantraenergy.com, www.mantraenergy.com