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Power of the Dream Ventures Issues Update to Shareholders(February 28, 2012)
BUDAPEST, HUNGARY -- (Marketwire) -- 02/28/12 -- 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, near-term and future plans.
"Dear PWRV Shareholders, as of today I am happy to report that we have completed the following corporate actions:
- As of today we have completed our common to preferred stock conversion. As a direct result of this conversion our issued and outstanding has been reduced to 38,300,344 shares. We have no plans for further common stock issuance which means that at a nominal shares price of $1 dollar Power of the Dream Ventures would only have a market cap of a little over 38 million dollars.
- Have successfully taken iGlue public. After 4 years of development work this is a significant milestone. We also assisted the company in raising its first round of funding as a public entity of over $400,000 dollars. 2012 will be a very significant year of international expansion for iGlue.
- As of February 15th, 2012 we have successfully completed the distribution of our iGlue dividend to shareholders of record on December 23, 2011. At yesterday's iGlue closing price of $8 dollars the value of this dividend equals to almost $25 million. As iGlue progresses am I certain this share price will appreciate, further increasing the value of the dividend. As of today PWRV still holds over 2.88 million shares of iGlue common stock and warrants to purchase an additional 3 million shares. If we only calculate the common stock we hold, at the same $8 dollar share price, our position is currently worth over $23 million, or $0,60 per PWRV share.
"We anticipate making at least a partial exit from our iGlue position in 2012 and using the funds to make investments in / acquire four additional, already preselected, technologies two of which we will also seek to take public. Once those companies are public we will once again distribute half of our holdings in the form of a common stock dividend to our shareholders," 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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