Rival Technologies Inc.-Provides Corporate Update
Wednesday October 8, 9:00 am ET
LAS VEGAS, NEVADA--(MARKET WIRE)--Oct 8, 2008 -- Rival Technologies Inc. (OTC BB:RVTI.OB - News) is pleased to provide shareholders with an update of recent activities as we execute the second of our four phase business development plan.
Discussions with potential industry partners continue and the expectation that one or more major heavy oil producers will participate in the operation of the TRU(TM) process, one barrel per day, continuous feed pilot plant remains positive.
"We believe the TRU(TM) process can add $10 to $12 per barrel of bitumen produced to the bottom line of oil sands producers at current crude oil prices (US$90 per barrel). This is a very significant added value to an oil sands producer's economics," stated Sandy Constable, President, TRU Oiltech Inc.
Timing of a private placement financing to fund final engineering and construction of the pilot plant is being adjusted to align with current market conditions. Initial interest is positive and further details will be announced as they become available.
Worldwide, oil sand and heavy oil resources are massive. In Canada alone producers have a total reserve of 1.3 trillion barrels of heavy oil that will need to be developed over the next 40 years. Before moving from the field to the refinery the resource will need to be upgraded. These producers represent the prime market for TRU(TM) process technology.
Rival Technologies Inc. is an innovative energy related technology company, investing in emerging technologies with extraordinary market potential. Rival has filed several provisional patents and patent applications and is now focused on licensing its technology for industry use.
Douglas B. Thomas, President & CEO
