Mantra Venture Group Ltd. Moves to British Columbia

SEATTLE, Nov. 5 /PRNewswire-FirstCall/ - Mantra Venture Group Ltd. ("Mantra", OTCBB: MVTG, FSE: 5MV) is pleased to announce that it has received the necessary approvals by the Board of Directors and a majority of its stockholders for the continuation of its jurisdiction of incorporation from Nevada into British Columbia under the Business Corporations Act (British Columbia).

The relocation to British Columbia is not merely a change in geographic location, for Mantra it means the entry into a realm where we are now eligible for generous tax credits, provincial grants and federally sponsored Clean Energy initiatives. These initiatives will not only improve our bottom line and profitability, but more importantly allow us to bring much-needed technologies to the market sooner" stated Mantra Venture Group CFO, Dennis Petke.

The Management of the Company believes that by becoming a BC company, Mantra will have a viable opportunity to access considerable federal and provincial tax incentive and R&D funding programs, including the Industrial Research Assistance Program (IRAP) and Scientific Research & Experimental Development (SR&ED) programs. Specifically, under the SR&ED tax incentive program, Mantra can potentially receive an investment tax credit on up to 20% of its expenditures on eligible R&D activities performed in BC. As part of the BC Energy Plan, the government created the Innovative Clean Energy (ICE) Fund to help support clean energy initiatives, another program in which Mantra has been invited to participate. Mantra's management considers these funding prospects to be especially attractive in the current economic climate, as the cost of borrowing and raising funds has substantially increased, forcing development stage R&D companies to explore alternative sources of project financing.

On October 14, 2008, a majority of the shareholders resolved to approve the continuation into British Columbia jurisdiction and authorized the Board of Directors to make the necessary filings. On October 29, 2008, the Board of Directors approved the continuation, along with Articles and Plan of Conversion, which were filed with the State of Nevada shortly thereafter. As soon as the Certificate of Conversion is received from the Nevada Secretary of State, the Company will file the requisite documents with the BC Registrar of Companies and await approval before the action will become effective.

The continuation is not a reorganization, amalgamation or merger and does not alter shareholdings of Mantra's shareholders. The CUSIP number for the common shares of the Company will remain the same after the continuation.

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, 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.