BUDAPEST, HUNGARY 10/9/08 -- Power of the Dream Ventures, Inc. (OTC BB: PWRV), Hungary's premier technology acquisition and development company, today announced that it has finalized a financing commitment of up to $5,000,000 from a YA Global Investments, L.P. The terms of the financing allow the Company to sell up to $5,000,000 in tranches of equity, based upon a specified discount to the market price of the Company shares, calculated over the five trading days following notice of an election to sell shares.
This financing commitment provides the Company with the capital necessary to continue the development of the Company's current technology portfolio and to acquire additional technologies.
"This commitment allows us to finish executing our business plan and bring to market a number of significant technologies we have been incubating. I believe this coming year will bring significant progress for us, including the launch of our iGlue software and RiverPower technologies, among others," commented Viktor Rozsnyay, CEO of the Company. "This commitment shows trust in the company and our business model. Now it's our turn to fully execute and provide return to our investors from technology commercialization revenues," Mr. Rozsnyay added.
In connection with the financing commitment, YA Global also acquired a warrant to purchase up to an additional 4,027,386 shares of common stock.
Source: Power of the Dream Ventures, Inc.