SOURCE: Power of the Dream Ventures, Inc.

November 20, 2008 09:41 ET

Power of the Dream Ventures Files PCT Application for FireSAFE

BUDAPEST, HUNGARY--(Marketwire - November 20, 2008) - Power of the Dream Ventures, Inc. (OTCBB: PWRV), one of Hungary's premier technology acquisition and development companies, today announced the filing of a PCT patent application for the company's FireSAFE technology.

"We are moving ahead with the development of FireSAFE. After the recent license of the technology we are now establishing the international protection necessary for wide scale commercialization," commented Mihaly Zala, CTO of the company.

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 (containment of the fire) the biodegradable active ingredient will decompose in approximately four months. FireSAFE can be manufactured anywhere on the planet with ease as all its ingredients are widely and cheaply available. The technology was licensed in August of 2008 to FireLESS Ltd. As part of the licensing agreement Power of the Dream Ventures received 30% equity in FireLESS Ltd in addition to a HUF 20 million license acquisition fee.

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

Contact Information

  • Contact:

    Mihaly Zala
    Chief Technology Officer
    Phone: +36-1-456-6061
    Fax: +36-1-456-6062