Rival Technologies Inc.-Provides Year-End Update to Shareholders
Thursday December 18, 9:00 am ET
HENDERSON, NEVADA--(MARKET WIRE)--Dec 18, 2008 -- Rival Technologies Inc. (OTC BB:RVTI.OB - News) is pleased to provide shareholders with a year end update of current and planned activities as we continue to execute on the second of our four phase development plan.
As previously announced, timing of the financing to fund final engineering and construction of the pilot plant has been adjusted to align with the current market malaise however; interest in the opportunity remains positive and expected progress updates will be announced as they become available.
Even though full-scale upgrader cost increases coupled with recent lower oil prices have clouded the short term sector outlook, expectations that one or more major heavy oil producers will participate in the operation of our continuous feed pilot plant, remain positive over the longer term.
It is important for shareholders to note the majority of recently announced oilsands project delays are of the very large scale bitumen mining projects, not of the smaller footprint SAGD projects.
Our outlook for 2009 remains positive. In the current economic climate, significantly lower capital expenditures for construction of the TRU(TM) process provide an economically attractive solution for primary upgrading in the field and a significant improvement to the bottom line of SAGD projects. In addition, the process delivers a premium grade, low metals, synthetic crude oil, beneficial to both the SAGD producer's project economics and to downstream refiners.
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 focused on licensing its technology for industry use.
We thank you for your continued support and wish everyone a happy holiday season.
Douglas B. Thomas, President & CEO
