BUDAPEST, HUNGARY 10/31/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company is pleased to announce that the Company has filed, on Form 8-K, notice of a common stock to preferred stock conversion originally announced in May of 2011.
In the conversion two officers of the Company, Viktor Rozsnyay, CEO and Chairman of the Board of Directors and Daniel Kun, Jr., Vice-President, have elected to each convert twelve million (12,000,000) shares of their common stock, for a total of twenty four million shares, into two million (2,000,000) restricted shares of a new class of Series A Preferred stock. The details of this new Series A preferred have been filed with the SEC on Form 8-k on Friday, October 28, 2011.
"After 4 years of work we are now ready to implement the final phase of our start-up. With iGlue gathering steam, and on the verge of completing its going public process, we were able to finalize and file our common stock to preferred stock conversion document. When we originally started the company, including shares issued for fund raising, our issued and outstanding was approximately forty three million. Over the last four years, as we continued to maintain operations at a much depressed share price, our issued and outstanding rose to over sixty million. With this conversion we are now at approximately thirty eight million, just a bit higher than our original count. With this conversion we are reducing the Company's issued and outstanding shares by 38.5%," commented Mr. Rozsnyay, CEO of Power of the Dream Ventures.
It may take up to thirty days for this conversion to fully run its course. Once it is completed the company will have approximately thirty eight million shares of common stock issued and outstanding.
"Both Daniel and myself are in this for the long haul. We have not sold shares and in fact I have repurchased over one million seven hundred thousand common stock on the open market. We look forward to updating our shareholders on more important events in the coming weeks," added Mr. Rozsnyay.
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. 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
US telephone: 1-646-499-4510 between 8AM and 1PM ET.
Source: Power of the Dream Ventures, Inc.