Thursday August 21, 9:33 am ET
BUDAPEST, HUNGARY--(MARKET WIRE)--Aug 21, 2008 -- Power of the Dream Ventures, Inc. (OTC BB: PWRV.OB), one of Hungary's premier technology acquisition and development companies, today announced the licensing of the Company's FireSAFE technology to a group of Hungarian technology investors/managers.
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, the biodegradable active ingredient will decompose within four months. FireSAFE can also be used as a preventive solution, both in the wild and in treating lumber. During fire season those areas that are the most likely to be burnt can be sprayed with the solution as a preventive measure. Lumber used in construction can also be treated with FireSAFE to increase its fire resistance.
"This is the first real step in executing our business plan to its fullest extent -- the identification, acquisition, development and most importantly the commercialization of relevant technologies. We have already received numerous international inquires regarding FireSAFE and its use. A newly formed joint company will follow up on these inquires and bring the technology to market in a fast and efficient manner," commented Viktor Rozsnyay, CEO of Power of the Dream Ventures.
Under terms of the agreement a new spin-off company called FireLESS Ltd, will be established and independently managed for the exclusive marketing and commercialization of the technology. The Company will control 30% of the new entity in addition to receiving a license acquisition fee of HUF 20 million (USD 125,000). The Company acquired FireSAFE in November of 2007 for the equivalent of USD 11,000. All further product development, production and commercialization expenses are financed by FireLESS Ltd.
"We have access to dozens of similar technologies that can be acquired, patented and made available for licensing. There are five other such products under management already. In the coming years we will incubate a large number of these opportunities in addition to the many larger projects we have under management, such as RiverPower and iGlue (http://www.iglueit.com) for example. I believe these smaller deals can provide a consistent revenue stream while firmly establishing Power of the Dream Ventures as the premier identifier and commercializer of Hungarian technology," added Mr. Rozsnyay.
About Power of the Dream Ventures
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
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Maitland, FL 32751, (800) 733-2447,
Fax: (407) 644-0758, info@redchip.com
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