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iGlue Signs Definitive Merger Agreement to Complete Going Public Process(November 04, 2011)
BUDAPEST, HUNGARY -- (Marketwire) -- 11/04/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company is pleased to announced that in4, Ltd, developer of a revolutionary internet content organizer and semantic search application called iGlue, has signed a definitive merger agreement with a publicly traded corporation to take iGlue public in the United States.
With the signing of the definitive merger agreement the company is now positioning itself for rapid growth. Power of the Dream Ventures has been financing iGlue from idea to full implementation and was instrumental in developing and arranging the going public business model for the company. Prior to the merger, Power of the Dream Ventures owned 38.5% equity in in4, Ltd.
As part of the share exchange agreement Power of the Dream Ventures received six million shares of iGlue, Inc. common stock, and three warrants to purchase an addition three million shares. One million shares at a per share price of $5, one million shares at a per share price of $7 and one million shares at a per share price of $9 dollars.
It will take approximately 30 days to fully complete the merger process including renaming the current company to iGlue, Inc. Upon closing iGlue, Inc. will have ten million two hundred thousand shares of common stock issued and outstanding, of which approximately four hundred thousand will be free trading. Power of the Dream Ventures will own six million shares of common stock.
"This IPO has been a long time coming. After years of development work, literally making everything happen with pennies on the dollar as compared to a US VC financed company, I do believe iGlue is now positioned for stellar growth. We have an incredible piece of technology, one I consider to be the de facto leader in the semantic internet field. And thankfully I am no longer alone in this belief. We now have some incredible people involved, people who will be announced shortly. All in all I think we have built something that will last for a long time to come," commented Mr. Rozsnyay, CEO of Power of the Dream Ventures.
iGlue represents a quantum leap in internet technology. Through the interactive use of iGlue's machine and hand annotation feature every single word on any webpage becomes a live, media rich Wikipedia-like junction point, providing users access to immediate, value added information. Through the use of iGlue's semantic ad targeting technology the system can serve advertising contextually linked to articles, through any word on any website.
iGlue's expanded semantic database now contains over 120 million data points, including over 12 million entities, with over 50 million semantic connections between them, including over 4 million geographical locations, more than 1.5 million names, and more than three hundred thousand institutional name entries and more.
"One we have satisfied all regulatory requirements concerning the merger, including changing the name to iGlue, Inc., we will be announcing the record date for our planned distribution of iGlue common stock. Each share of PWRV common stock will receive 0.05 share of iGlue common stock in this dividend. In practical terms this means that each shareholder with 10,000 shares of PWRV common stock will receive 500 shares of iGlue common stock as dividend," added Mr. Rozsnyay.
iGlue will be looking to raise fifteen million dollars in expansion capital once the merger has been finalized and all regulatory requirements are met. This funding will be used for product and international expansion.
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
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