BUDAPEST, HUNGARY 19/4/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company, is pleased to announce a going forward roadmap for iGlue, to culminate the company becoming a publicly traded entity in the United Stares.
Power of the Dream Ventures will assist iGlue's management though the entire process, arranging for appropriate financial and legal representation, the formation of strategic partnerships, the hiring of internationally qualified executives to assist company founder Peter Vasko, and the location of and closing of necessary financing / placement agent services. As first step of this process we are completing interim financing for In4 Ltd., of up to Euro 1.5 million.
"Upon completing exhaustive due diligence, the careful weighing of available options, we decided that the best course of action for iGlue is to implement of a going public roadmap. After three and a half years of development we are finally at the juncture of monetizing on our investment. Our geographical location in Hungary, unfortunately, is not the most advantageous for a product such as iGlue, which we believe to be one of the new 'paradigm-shift' technologies of the Internet. As venture capital in Hungary is basically nonexistent, an alternative method was necessary to provide expansion capital for European and US market penetration. Upon due consideration we have elected to seek the necessary financing on the US public markets," commented Viktor Rozsnyay, CEO of Power of the Dream Ventures. "We anticipate completing the listing, and a simultaneous raise of $15 million dollars, within the next 60-90 days," Mr. Rozsnyay added.
Following listing, and the acceptance of a registration document, Power of the Dream Ventures will provide, to its shareholders of record, a distribution of 50% of its iGlue holdings in the form of a common stock dividend. The remaining 50% will be gradually sold to generate income, income that will be reinvested into the acquisition of new technologies.
"We currently own 38.5% of iGlue. If we are correct in our stance that iGlue represent a paradigm shift in the way we interact and use the internet, this equity will translate to substantial return on our investment. We feel it is a prudent course of action the distribute half of this return to our loyal shareholders. The remaining funds, when available, will allow us to make several additional investments in significant new technologies," Mr. Rozsnyay concluded.
iGlue represents a quantum leap in internet technology. Through the interactive use of iGlue's machine and hand annotation feature every single word on a webpage becomes a live, media rich Wikipedia-like junction point, providing users access to immediate, value added information. Hence iGlue's slogan 'Let's Wikify the Web.'
iGlu's expanded semantic database contains over 83 million data points, including over 7 million entities, with over 38 million semantic connections between them, including over three million geographical locations, more than one million names, and more than two hundred thousand institutional name entries and more.
The system currently supports Firefox and Chrome browsers.
For a quick demonstration of what iGlue can do, and to download the bookmarklet or browser plug-in and start Wikifying the Web please visit http://www.iglue.com
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
iGlue is a collaboratively developed, flexible database that contains semantic elements, entities, and their relations. iGlue uses natural language processing technology to 'read' the content of web pages, to build a semantically linked connection matrix between the words, and then annotates those entities it recognizes. The annotated words become junction points on which value added information is presented to the user. This information includes Wikipedia-like descriptions and multi-media content like contextual images, videos, maps, locations and even user generated comments. In addition to the automated machine annotation users can also hand annotate any word on the page. Through this hand annotation process the experience becomes interactive. Users can add multiple annotations to the same word such as additional images, videos, location data, comments or products from several different sources, in addition to iGlue's semantic database, sources like Google, Bing, Flickr, Facebook, Fotopedia, Amazon, ebay and more. In4, Ltd. the company developing iGlue was founded in 2007. For more information please visit http://www.iglue.com
At the Company:
President and CEO
At in4, Ltd.:
President and CEO
Source: Power of the Dream Ventures, Inc.