Power of the Dream Ventures, Inc. (PWRV.OB) is pleased to announce the licensing of its FireSAFE technology to a group of Hungarian technology investors/managers. Power is one of Hungary’s premier acquisition and development companies focusing on the technology section.
“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,” said Viktor Rozsnyay, CEO of Power of the Dream Ventures.
According to the agreement, a new spin-off company named FireLESS Ltd. will be established to exclusively market and commercialize the technology. Per the agreement, Power will receive a license acquisition fee of $125,000 and retain a 30% interest in the new company. From this point, FireLESS Ltd. will take responsibility of any further development, production, and commercialization of the products.
FireSAFE is a biodegradable, environmentally friendly liquid designed to prevent and extinguish naturally-occurring fires that are found to be difficult or impossible to contain with water or other traditional firefighting methods. The FireSAFE liquid coats any surface with a crystalline layer that hardens when exposed to heat. The hardened layer is then able to withstand heat exposure of up to 2000 degrees Fahrenheit.
FireSAFE can be applied as a preventive solution in forest areas or in treating lumber prior to use at construction sites. Treating lumber increases its fire resistance during construction, which is especially important during framing when the structure is exposed to the elements. During fire season, forest areas in danger of burning may be sprayed with the solution as a preventative measure. The active ingredient in FireSAFE naturally decomposes within a four-month period.
“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,” stated Rozsnyay. “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.”
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