BUDAPEST, HUNGARY 8/15/07 -- Power of the Dream Ventures, Inc. (PDV) announced today its results for the second quarter and six months of its fiscal year ended June 30, 2007.
During the period the Company recorded zero sales. In the period we incurred a net loss of $344,784, a net loss of $384,610 for the six months ended June 30, 2007 and a net loss of $419,710 for the period from August 17, 2006 (Date of inception) to June 30, 2007. As of June 30, 2007 the Company had available cash of $186,443.
During the quarter we accomplished the fallowing significant milestones:
-On April 10, 2007, the Company entered into a reverse merger transaction with Vidatech. In connection with the merger 2,500,000 shares of PDV common stock remained outstanding and PDV issued 33,300,000 shares of its common stock for all the outstanding common stock of Vidatech. As a result of this transaction, the former stockholders of Vidatech became the controlling stockholders of PDV. Accordingly, the reverse merger has been accounted for as a recapitalization of Vidatech.
-In June 2007, pursuant to a private placement under Regulation S of the Securities Act of 1933, as amended, the Company sold 2,250,000 shares of its common stocks at $0.34 per share for a total subscription receivable of $765,000. Of the total subscription receivable, $153,000 was received on or before June 30, 2007 and the balance was received by the Company in full by August 21 2007. The Company also entered into a Registration Rights Agreement, pursuant to which it agreed that within 90 days from the Offering Termination Date, as defined, it would file a registration statement with the SEC covering the resale of the shares of the Company's common stock that are issuable pursuant to this private placement. There are no stipulated damages outlined in the Registration Rights Agreement. Under such agreement, the holder is entitled to exercise all rights granted by law, including recovery of damages under this agreement.
-In June 2007 the Company entered into five consulting agreements with five consultants for 12 to 24 month periods. According to the agreements the consultants will provide general business consulting services. As consideration for such services, the Company issued an aggregate of 1,375,000 shares of the Company’s common stock.
-On May 24 2007 the Company entered into an Invention Transfer Agreement (“ITA”) with two Hungarian individuals (“Inventors”). As pursuant to the terms of the agreement transfer of rights to the inventions have been effected and the Company become the owner all right to the technology. The Company has since then filed two patent applications in the Republic of Hungary to protect the technology. The Company intends to file necessary PCT applications for both patents within the time allotted for such filings. In connection with the ITA, the Company issued 100,000 shares of the Company’s common stock to the Inventors upon the execution. These shares issuance were recorded at fair value of $0.34 per share in the total amount of $34,000. The cost of the related invention was recorded as research and development expense.
Power of the Dream Ventures, Inc. is engaged in identifying, developing, acquiring, investing in or licensing of intellectual properties invented in the Republic of Hungary for commercialization on the international market.
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.