BUDAPEST, HUNGARY 12/5/11 -- Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company, today issued a letter updating sharehodlers on 2011 accomplishments and goals set for 2012.
In 2011 we have successfully:
- Completed engineering work in iGlue and have launched the first version of the award winning semantic search and content organizer.
- Completed iGlue's Summer Annotation Challenge, resulting in the distribution of $35,000 dollars in cash and prizes, the installation of 6,000 iGlue plug-ins, and the placement of over 1,600,000 annotations on over 15,000 different websites.
- Have successfully organized, coordinated and completed the going public process of iGlue. iGlue became the second Hungarian company to trade on a US exchange.
- Have negotiated with and signed a number of significant executive and advisory board personnel for iGlue's international expansion, all of whom will be announced shortly.
- Have announced and completed our common to preferred stock conversion, reducing our issued and outstanding common stock from 62,500,000 to 38,500,000, a reduction of 38%.
- And finally we announced the Record Date of our iGlue common stock dividend to shareholders of record on December 23, 2011. The dividend will be paid on January 13, 2012.
In addition, on December 3, 2011 our board of directors approved a plan whereby we will seek to up-list to the NASDAQ Global Market as soon as applicable. We believe we will be in a position to meet all eligibility requirements for such a listing in the first half of 2012.
For 2012 our plans include:
- Assist iGlue complete a $15 million round of fundraising in the first quarter of 2012 to finance international expansion and further product development.
- Monetize our iGlue holdings thereby generating our first revenue. We anticipate at least a 100 fold return on our invested capital.
- Provide iGlue dividend to our shareholders on January 13, 2011.
- Reinvest iGlue profits into a preselected roaster of 5 additional technologies, two of which we will seek to take public in the first half of 2012.
- Once these companies are public, provide dividend to our shareholders.
- Up-list Power of the Dream Ventures to the NASDAQ Global Market as soon as practicable.
- Up-list iGlue to the NASDAQ Global Market as soon as practicable.
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
US telephone: 1-646-499-4510 between 8AM and 1PM ET.
Source: Power of the Dream Ventures, Inc.