BUDAPEST, HUNGARY 2/21/08 -- Power of the Dream Ventures (PDV), one of Hungary's premier technology acquisition companies, is pleased to announce the acquisition of an environmentally friendly process invented for the homogenous mixing of water with gasoline for use in internal combustion engines. The invention allows for up to 40% water to be mixed with gasoline through a proprietary process based on ultrasonic principles.
Prior to the acquisition, PDV conducted a lengthy due diligence effort to thoroughly understand the benefits, risks, and potential pitfalls of the process.
"One of the main goals of our business is to seek out technologies that can have a 'disruptive' effect on one or more established industries. Fortunately Hungary abounds in these. When we were first presented with the idea for this invention we were skeptical. The months spent on background checks, understanding of the technology, and the finances involved in implementing this invention made an overwhelming business case. Considering that the technology was established to be patentable, and that it was demonstrated, it was decided an acquisition was the best course of action to purse." said Viktor Rozsnyay, President of the Company.
"The technological bases of this process are sound. All of the sub components are in use by industry, however no one has thought of putting them together in this fashion before. Given the immense potential, all of the PDV executive team was eager to pursue this opportunity." added Mihaly Zala, Chief Technology Officer of the Company.
The technology transfer agreement stipulates that when all testing is complete and the technology is commercialized, its inventor, Otto Buresch, is entitled to receive 40% of net proceeds from all commercial activities.
"This technology has the potential to revolutionize transportation by greatly reducing gasoline consumption and emissions. Given the fact our company already manages a number of promising and market ready 'green' technologies, this green-tech addition was a natural and prudent choice." concluded Daniel Kun, Vice President of the Company.
Patenting of the technology is currently ongoing. A full scale technology demonstrator prototype is in the design phase and is expected to be built by the end of Q2, 2008. Following extensive testing, both of the technology, its life cycle, and potential corrosive effect (if any) of engines a full disclosure will be made available. If proven, licensing opportunities will be sought with automotive manufacturers worldwide.
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.