BUDAPEST, HUNGARY 8/13/07 -- Power of the Dream Ventures, Inc. (PDV), Hungary's premiere technology acquisition company is pleased to announce the acquisition of three environmental technologies from inventor Imre Kalmar Nagy.
"I have known Mr. Kalmar for eight years now. He’s been trying to commercialize his inventions for at least that long. Unfortunately in Hungary obtaining financing is an arduous, if not impossible process. I am happy that we are able to help in commercializing what we deem to be great inventions with large potential." commented Viktor Rozsnyay, President of the Company.
The three inventions are: FireSAFE is an environmentally safe, biodegradable liquid that is designed to prevent and if necessary, extinguish natural fires (forest, bush) that are exceedingly hard, or impossible to contain with water or other fire fighting methods (it fireproofs to 1,100 degrees centigrade). HardCrete, a concrete additive that allows communal waste to be mixed into concrete and used for road construction, greatly reducing landfill volume. And a pothole repair solution that utilizes a special mix of recycled plastics to produce a pourable solution for removing potholes.
According to the agreement PDV paid Mr. Kalmar HUF 5,000,000 (approximately $25,000) for the three inventions, which have been deemed patentable by Pintz & Co., patent attorneys at law after extensive due diligence. The Agreement covers all methods and extents of utilization of the inventions and all aspects of the underlying technology, which are to be patented with Vidatech as the patent holder. Upon successful deployment and commercialization of any or all of the three technologies, Vidatech will receive sixty percent of revenues generated, while the Inventor will receive forty percent.
"As in all of our previous agreements, we believe if fair play. Mr. Kalmar worked on perfecting his inventions for many years. It is only natural that he and his family should benefit on the end. I believe we can add value to his work by commercializing the products." said Mr. Daniel Kun, Vice President of the Company.
Going forward patent applications will be filed for all three inventions, and then independent testing and verification will be initiated. Once test results are obtained the products will be available for licensing worldwide.
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.