BUDAPEST, HUNGARY 10/29/07 -- Power of the Dream Ventures, Inc. (PDV), Hungary's premiere technology acquisition company is pleased to announce the acquisition of revolutionary desalination technology from inventor Otto Buresch.
“We were captivated by the potential of Otto’s desalination device. Since building of a full working prototype will cost relative small amounts, not more than $400,000, we felt it was appropriate to get involved given the immense upside potential. Fresh drinking water is already a problem in many regions, and could become an even bigger issue in the near future. Otto’s concept and design is refreshing in its approach and could provide an alternative to the currently employed reverse osmosis and multi-stage flash distillation methods. In addition, the device can be made self contained and power off of solar panels for portability.” commented Viktor Rozsnyay, President of the Company.
Pursuant to the invention transfer agreement Vidatech obtained exclusive rights to develop and commercialize the device. Prior to signing the agreement a thorough due diligence review was completed to establish the uniqueness and patentability of the technology by Pintz and Co., independent patent attorneys. Once the technology enters commercial service Vidatech is entitled to receive sixty percent of revenues while Mr. Buresch would receive forty percent. Since in its current stage of development the desalination device only consists of comprehensive design specifications and engineering drawings there was no upfront payment. All cost relating to the development of the device will be borne by PDV.
“Coming from the engineering background it made instant sense to me what Otto was proposing. In fact it was an elegant approach. I believe we can build a demo unit in relatively short time if a number of component manufacturing issues can be resolved. We may need to order sub assemblies from international suppliers, but I don’t see a problem in proving proof of concept.” said Mihaly Zala, Chief Technology Officer of the Company.
The technology itself uses a mixture of vacuum distillation with ultrasonic impulse excitation and cavitation, a unique mix of seemingly unrelated technologies that has not been brought together before.
Going forward patent application(s) will be filed to protect the inventions. Concurrent with writing of the patent engineering will commence on building a technology demonstrator prototype. Fallowing extensive field testing a commercial version will be built after which the technology will be available for licensing.
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.