BUDAPEST, HUNGARY11/1/07 -- Power of the Dream Ventures, Inc. (PDV) announced today its results for the second quarter and nine months ended September 30, 2007.
During the period the Company recorded zero sales. In the period we incurred a net loss of $367,536, a net loss of $752,146 for the nine months ended September 30, 2007 and a net loss of $787,246 for the period from August 17, 2006 (Date of inception) to September 30, 2007. As of September 30, 2007 the Company had available cash of $375,227.
During the quarter we accomplished the fallowing significant milestones:
On August 2, 2007 Vidatech Kft., our wholly owned Hungarian subsidiary, entered into a joint development agreement with the inventors/creators of iGlue, an online content organization and search application based on semantic web technology. In the transaction Vidatech received 30% equity position in the newly formed in4 Kft, the owner and exclusive developer of iGlue.
Pursuant to an invention transfer agreement dated August 13, 2007 by and between Vidatech, our wholly owned Hungarian subsidiary, and Imre Kalmar Nagy, the inventor, we acquired worldwide rights to three technologies. The inventions are FireSAFE, a biodegradable fire fighting solution that is capable of fireproofing objects to 1,100 degrees centigrade; HardCrete, a concrete additive that allows communal waste to be mixed into concrete; and a pothole filler product that utilizes a special mix of recycled plastic to produce a pourable solution for repairing potholes.
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.