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.
