July 15 2013
Company Update
Henderson, Nevada, July 15, 2013 – Rival Technologies Inc. (U.S. symbol RVTI) wishes to update shareholders on the status of its activities.
Management continues to work with its accountants and auditors to bring financial information up to date in preparation for the Company’s U.S. regulatory filing and re-listing in Germany.
The Company is working on filing a formal PCT (Patent Cooperation Treaty) patent application for its TRU technology. The PCT patent provides a process to obtain patents in various jurisdictions. The provisional patent securing TRU technology was re-filed earlier this year, protecting the technology until the formal PCT patent is filed.
Both U.S. regulatory filings and a formal patent filing are expected to be completed by the end of September 2013.
The Company is in the process of completing a financing that management believes will provide sufficient working capital through 2014.
The Company is considering a proposal to add oil production properties to its existing business, which management believes would provide positive cash flow while TRU technology is developed to commercial use. However, this proposal would require additional financing, which may or may not be available to the Company in the coming months. Management may consider acting on this proposal when, and if, adequate financing becomes available.
