BUDAPEST, HUNGARY 11/18/08 -- Power of the Dream Ventures, Inc. (OTC BB: PWRV), Hungary's premier technology acquisition and development company, today announced that it has finalized a private placement of $1,000,000 from a private investor. Shares were sold pursuant to the requirements of 'Regulation S' at a per share price of $0.40, a premium to market price on November 17.
"Right on the heels of our funding commitment from YA Global we are pleased to announce an additional, cash-based funding round from a private investor. We now have the financial strength to move full steam ahead on completing product development. The first of these will be a public Beta release of iGlue on January 30, 2009," commented Viktor Rozsnyay, President of the Company. "We are fortunate to have strong and continued investor support for our vision. We look forward to completing all tasks required to turn our vision into a fully functional, revenue producing company," Mr. Rozsnyay added.
To date the Company has raised approximately $2 million dollars in cash and secured commitments for an additional $6 million dollars through the recently announced YA Global transaction.
Source: Power of the Dream Ventures, Inc.