Power of the Dream Ventures Issues Update to Shareholders
February 28 2012 - 9:14AM
Marketwired
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.
About PDV
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
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Contact: At the Company: Viktor Rozsnyay President and
CEO Phone: +36-1-456-6061 Fax: +36-1-456-6062 US telephone:
1-646-499-4510 between 8AM and 1PM ET