BUDAPEST, HUNGARY 1/7/08 -- Power of the Dream Ventures (PDV), Hungary's premiere technology acquisition company is pleased to announce the start of engineering work on the full sized RiverPower prototype. Work will be accomplished in-house.
"Following the successful testing on the 1/4th scale RiverPower machine at Hungary's Environmental and Water Resource Research Institute we are now moving forward with development work by completing engineering on one of the modules of the full RiverPower machine. I anticipate this work to complete in approximately a month and a half, upon which we will build the module and field test it in the river Danube." commented Mihaly Zala, Chief Technology Officer of the Company.
Since acquiring RiverPower on May 24, 2007 the Company has filed two patent applications to protect the technology, completed engineering and design on the inventors original concept, built and independently tested two one forth scale prototypes and completed engineering and have started construction on an 8kW generator specifically designed for RiverPower. It is anticipated that full scale versions of the modular machine will begin field testing in mid 2008. For commercial rollout is planned for 2009.
"I believe today we have taken another significant step forward in bringing RiverPower to market. I look forward to completing engineering work and actually field testing the life sized machine, in a real river." added Viktor Rozsnyay, President of the Company.
For more information please visit the official RiverPower website at http://www.river-power.com
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.