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Power of the Dream Ventures Issues Update to Shareholders(November 16, 2011)
BUDAPEST, HUNGARY -- (Marketwire) -- 11/16/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company, today issued a letter from company Co-Founder & CEO Viktor Rozsnyay in order to update shareholders on recent accomplishments and near-term and future plans.
"Dear PWRV Shareholders: In the last month or so we have completed two significant milestones. First we filed regulatory documents to convert common stock held by two executives, Daniel Kun and myself, into preferred shares. Through this conversion, we have reduced our issued and outstanding from sixty two million to 38 million shares. When PWRV first went public, we had almost thirty five million shares issued and outstanding. Now four years later, we are almost back to the same level, all the while we supported company operations, financed inventions, and continued to maintain our public status. As of this date, we only used $2.4 million net cash for all of our operations. The other significant milestone is iGlue. As of yesterday, we have successfully organized and completed a merger of iGlue and a publicly traded corporation, Hardwired Interactive. There is still much to do on this front, among which is up listing iGlue to the OTCBB and then on to a senior exchange. But what is significant is the fact that we have located an investment opportunity, financed it from the idea stage to a full product, raised third party capital for the company, and have now successfully taken them public right at the cusp of iGlue embarking on major international expansion and user base growth. We have done everything we have set out to accomplish when PWRV was formed. And we did all these things from a geographically challenged location, truly against all odds. I believe 2012 will be the year we realize significant return on our invested capital. PWRV currently owns six million shares of iGlue common stock, and we have warrants to purchase an additional three million shares at different price points. I believe iGlue has the potential to be the next billion dollar social media company, one with significant value added attributes. I am very proud of what we have accomplished as a company and certainly would like to thank all the hard working people at PWRV who have made this possible.
"And finally, to fully articulate our promise to shareholders, next week we'll be announcing the record date of our distribution of iGlue's common stock dividend. As previously indicated, we will provide 0.05 share of iGlue to every share of PWRV held. In practical terms this means that every 10,000 shares of PWRV will receive 500 shares of iGlue common stock as dividend. This stock will be restricted as iGlue has not yet filed a registration statement. Restricted stock cannot be sold for a minimum of six months. Once we are able to either partially or fully monazite our iGlue holdings in 2012, we will invest in other technologies to diversify our holdings and build additional companies," Mr. Rozsnyay added.
Power of the Dream Ventures, Inc. is a leading technology holding company. We identify and harness the unique technological prowess of Hungary's high-tech industry, turning promising ideas and ready to market products/technologies into global industry leaders. We focus on developing, acquiring, licensing, or co-developing technologies that originate exclusively in Hungary that are in prototype stage based on existing patents; in prototype stage prior to patenting; existing products that require expansion capital to commercialize; emerging science and high-technology research projects that require help in patenting, developing the product and marketing, University spin-off technologies, and ideas from the very early stage that represent "disruptive technologies." For more information, please visit http://www.powerofthedream.com
At the Company:
President and CEO
US telephone: 1-646-499-4510 between 8AM and 1PM ET.
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