BUDAPEST, HUNGARY 10/25/07 -- Power of the Dream Ventures (PDV), Hungary's premiere technology acquisition company, is pleased to announce the completion of the Company’s second private placement.
Pursuant to the agreements, conducted under Regulation S of the Securities Act of 1933, as amended, the Company sold 104,000 shares of its common stocks at $2.50 per share for a total subscription receivable of $260,000. As part of the raise the Company also entered into a Registration Rights Agreement, pursuant to which it agreed that as soon as practicable from the Offering Termination Date, 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.
"Fallowing the closing of our first private placement we received inquiries from a number of additional, potential investor. From the first round of funds we were able to acquire a number of significant technologies, which in turn allowed us to sell shares in this second placement at a much better valuation. After reviewing our current status, these new investors deemed it appropriate to purchase at the new price level. Needless to say we are thrilled. The fact we were able to raise funds in Hungary is a miracle in itself, but to do it in two rounds and at level completed is fantastic. I believe PDV is emerging a real force in Hungarian technology identification, acquisition and commercialization. This will be a long process fought with many obstacles, but we are certainly going in the right direction." commented Viktor Rozsnyay, President of the Company.
Funds raised in the offering will be used for technology acquisition and general corporate expenses.
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.