BUDAPEST, HUNGARY 24/3/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology commercialization company, is pleased to announce that the Company's Board of Directors has approved the conversion of certain common stock held by officers of the company into preferred stock.
Under this conversion two officers of the Company, Viktor Rozsnyay, President & CEO, and Daniel Kun, Jr., Vice President, will each convert substantially all of their holdings. Viktor Rozsnyay will convert twelve million shares of common stock into three million shares of Convertible Series A preferred stock, and Daniel Kun, Jr. will also convert twelve million shares of common stock into three million shares of Convertible Series A preferred stock.
Each new three million block of Convertible Series A Preferred will carry voting power, and will receive dividend, when available, equivalent to fifteen million shares of common stock. The Series A preferred will also become available to be converted back into common stock, in six equal installments of 500,000 Series A preferred to 400,000 common stock beginning in 2016. There are no other special rights or privileges associated with these Series A Preferred Stock.
"Both Daniel and I are in this company for the long haul. We don't want to, and cannot, sell our common stock. Therefore it made sense to reduce our issued and outstanding shares by twenty four million. We believe this is good for the company and good for the shareholders. After four years of building the foundation we are at the cusp of major expansion. Yesterday's announcement of our investment in Genetic Immunity is one of the most significant events in company history. We worked for two years to close this transaction. It is one of those once in a lifetime opportunities. A company with an HIV vaccine that has been clinically shown to reduce viral load by median 70% is of paramount significance. And, next week, iGlue will launch its social media enabled version at GeeknRolla in London, culminating in three years of development work," commented Viktor Rozsnyay.
The common to preferred conversion will reduce Power of the Dream Ventures' issued and outstanding shares by more than 40%.
The transaction will be completed by May 31, 2011.
Power of the Dream Ventures, Inc. is a leading technology holding company. We identify and harness the unique technological prowess of Hungary's high-tech industry, turning promising ideas and ready to market products/technologies into global industry leaders. We focus on developing, acquiring, licensing, or co-developing 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 stage that represent "disruptive technologies." We primarily focus on providing enabling solutions in the fields of environmental technologies, power generation and storage, software products and services, biotechnology, medical devices and what we call 'disruptive technologies.' For more information please visit our website at Http://www.powerofthedream.com
At the Company:
President and CEO
Source: Power of the Dream Ventures, Inc.