BUDAPEST, HUNGARY 11/20/08 -- Power of the Dream Ventures, Inc. (OTC BB: PWRV), one of Hungary's premier technology acquisition and development companies, today announced the filing of a PCT patent application for the company's FireSAFE technology.
"We are moving ahead with the development of FireSAFE. After the recent license of the technology we are now establishing the international protection necessary for wide scale commercialization," commented Mihaly Zala, CTO of the company.
FireSAFE is an environmentally friendly, biodegradable liquid designed to prevent, and if necessary extinguish natural fires that are exceedingly hard, or impossible to contain with water or other fire-fighting solutions. This category includes forest, bush and other natural fires. FireSAFE reaches the heart of the fire, coating all surfaces with a crystalline layer that hardens when exposed to heat. The layer thus formed is capable of withstanding heat as high as 1,100 degrees centigrade, enough to stop the most fearsome forest fires. Following use (containment of the fire) the biodegradable active ingredient will decompose in approximately four months. FireSAFE can be manufactured anywhere on the planet with ease as all its ingredients are widely and cheaply available. The technology was licensed in August of 2008 to FireLESS Ltd. As part of the licensing agreement Power of the Dream Ventures received 30% equity in FireLESS Ltd in addition to a HUF 20 million license acquisition fee.
Source: Power of the Dream Ventures, Inc.