updated 4/13/2011 10:47:31 AM ET 2011-04-13T14:47:31

SEATTLE, April 13, 2011 (GLOBE NEWSWIRE) -- Mantra Venture Group Ltd. ('Mantra') (OTCBB:MVTG) (Frankfurt:5MV) ("Mantra" or the "Company") is pleased to announce that the Company has entered into a Memorandum of Understanding ("MOU") with Green Commerce Innovation Corporation of Richmond, BC ("GCIC"). The MOU facilitates the cultivation of business opportunities for Mantra in China from both an investment front, as well as a technology deployment front.

GCIC is a business cultivator in the Cleantech, Greentech and Clean Energy sectors with a market focus in the Asia Pacific region. GCIC develops clear understanding of customer needs, and addresses the needs with innovative solutions involving analysis, design, techniques, technologies and training.

GCIC has had the opportunity to see Mantra's technology firsthand and understands the value it will have in mitigating the effects of CO2 emissions, while concurrently providing an end product of high value for other applications.

The MOU marks the commencement of the due diligence process which may potentially lead to a formal definitive partnership agreement setting out the terms and conditions of all future business arrangements between Mantra and GCIC.

Mantra President Larry Kristof had this to say about this latest development for the company, "We are elated that Mantra's technology has found an interest with GCIC and we look forward to forging a strong identity in China with GCIC as our partners in deployment."

About Mantra Venture Group

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 OTCBB under the symbol MVTG and on the Frankfurt Stock Exchange under the symbol 5MV.

Stay up to date with Mantra on Twitter: http://www.twitter.com/mantraenergy

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.

CONTACT:  Corporate Communications
          Kol Henrikson
          1-604-535-4145
          khenrikson@mantraenergy.com
          http://www.mantraenergy.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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