Some good news here today.....
Power of the Dream Ventures, Inc. (OTCBB: PWRV), Hungary's premier technology acquisition and development company, today announced several steps taken to further strengthen shareholder value in anticipation of producing the company's first revenue in 2012.
On April 5, 2012, the Company filed a Preliminary Information statement announcing several Corporate Action items, including:
the reduction of the authorized shares of common stock from 250,000,000 to 50,000,000 without affecting the issued and outstanding shares of the Company's common stocks
an increase in the par value of the Company's common stock and preferred stock from $.0001 per share to $.001 per share
and the creation of a class of Series B Preferred stock. Each Series B Preferred share shall have two votes and shall vote together with the common shares of the Company, each share of Series B Preferred shall not be convertible; each share of Series B Preferred shall be deemed the equivalent of two (2) shares of the Company's common stock for the purpose of calculating the participation in all cash distributions or stock dividends
These Corporate Actions require a mandatory return of all certificates to the Company's Transfer agent for processing and re-issuance.
"With these corporate actions, we are looking to further strengthen our share count position. I believe that the reduction of our issued and outstanding shares to 50 million shows that we are not looking to dilute our common base. The creation of the Series B Preferred is in anticipation of our near term fund raising goal, in which new, long term investors will receive these shares to further reduce our common dilution. I anticipate that 2012 will finally produce our first, significant revenue, revenue we will use to invests in / acquire additional technologies," Mr. Rozsnyay added.
