BUDAPEST, HUNGARY 8/01/07 -- Power of the Dream Ventures, Inc. (PDV), Hungary's premiere technology acquisition company is pleased to announce the formation of in4 LLC, a Hungarian software company working on developing semantic internet technology. The product is the brain child of Peter Vasko, a respected programmer and web search authority. Mr. Vasko will serve as the Managing Director of in4 LLC.
In connection with the transaction PDV signed a loan commitment with in4. According to the agreement the Company committed to loan in4 approximately $271,000 in total funds. The loan can be withdrawn by in4 through May 31, 2009 in monthly or quarterly installments. The loan bears interest at the Hungarian prime interest rate. The purpose of the loan is to finance the development of in4’s revolutionary software product called ‘iGlue’, a search engine, content organizer, database builder, interactive encyclopedia and social network enabler based on semantic internet technology.
Pursuant to the agreement PDV received 30% equity in in4 LLC.
"This is a significant equity purchase transaction for us. in4’s iGlue is so revolutionary there is now way I can adequately communicate its significance in a press release. It will revolutionize online search and information delivery. I don’t want to make comparisons to other established brands, but I will say iGlue’s market impact will be significant." commented Viktor Rozsnyay, President of the Company.
According to the contract, if the software is successfully deployed, the outstanding amount of the loan, and the related interest, may be converted into equity by PDV in in4 for up to and additional 10%, giving PDV total equity of 40%.
"Peter is a great innovator and a prudent manager. All monies allocated to the development will be spent in a manner agreed upon. I believe our iGlue equity position will yield significant returns to our investors. I for one am very excited that we can work together with Peter and the rest of the iGlue team on this revolutionary project." added Daniel Kun, Vice President of the Company.
On a going forward basis in4 will finish programming of iGlue and then release a public Beta of the product on the Internet, in the first half of 2008.
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.