BUDAPEST, HUNGARY 5/24/07 -- Power of the Dream Ventures, Inc. (PDV), Hungary's premiere technology acquisition company is pleased to announce the acquisition of RiverPower, a revolutionary new power generation technology based on the utilization of kinetic energy inherent in flowing water.
RiverPower is an environmentally friendly, fully scalable, small hydro system that is capable of converting the kinetic energy of rivers into electrical power through an interconnected network of slowly rotating wheels. Constructed of stainless steel, RiverPower machines are submerged into rivers and anchored approximately one meter up from the river bed. The kinetic energy of river flow is harnessed by a slow rpm generator specifically engineered for RiverPower. Each machine is capable of producing approximately 50kWh (kilowatt hour) of electricity, twenty four hours a day, 365 days a year. There is no need to construct environmentally damaging artificial dams. Multiple RiverPower machines can be networked together to produce constant, dependable power. Minimum water speed required is 0.8 meters per second.
"With this acquisition we are demonstrating the immense technological prowess of Hungarian inventors. Mr. Salca has worked on perfecting his RiverPower technology for over 15 years. It is our pleasure to assist him and his family in completing engineering, building prototypes, conducting field testing and commercializing the technology. Following a thorough review of the technology and an extensive market study, we believe there are hundreds, if not thousands, of easily deployable gigawatts of power available in the world’s rivers. This immense power can now be easily harnessed in an environmentally friendly and an economical alternative", commented Viktor Rozsnyay, President of the Company.
As part of the acquisition the Inventors of RiverPower, Janos Salca and Viktor Salca were each issued 50,000 shares of the Company’s common stock. In addition, the inventors are also entitled to net 50% of proceeds generated through the commercialization of the technology.
"We believe in fair play. Mr. Salca has worked on this invention for over fifteen years. It is only natural that he and his family should benefit. With the expertise of our staff we believe we can add value to the continuing development, engineering and global commercialization of River Power", said Mr. Kun, Vice President of the Company.
The technology is in the process of being patented, engineering completed and one full scale prototype built for testing and evaluation purposes. Once this testing completes a full scale prototype will follow upon which the first ‘live’ deployment is expected to occur in the second half of 2008 or sooner.
This release may contain "forward-looking statements" for the purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings, and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K and subsequent filings for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
Power of the Dream Ventures, Inc. is a premier holding company focused on technology acquisition and development enabling the delivery of revolutionary concepts and ready to market products to the international market place. We provide hands on support by developing-, acquiring-, licensing-, or co-developing technologies by offering a full range of services designed to encourage and nurture growth by virtue of access to the expertise of Power of the Dream Ventures' management team, and their substantial network of advisors and contacts. We develop-, acquire-, license-, or co-develop 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 stages on that represent "disruptive technologies."
Daniel Kun, Jr.
Source: Power of the Dream Ventures, Inc.