Rival Technologies Inc.-Pilot Plant Negotiations Nearing Completion
May 13, 2009 9:00:00 AM
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View Additional ProfilesHENDERSON, NEVADA -- (MARKET WIRE) -- 05/13/09 -- Rival Technologies Inc. (OTCBB: RVTI) is pleased to provide shareholders with an update of recent activities as we continue to execute on the second phase of our business development plan.
Rival is currently focused on concluding an agreement with a large South American oil company that will result in a pilot plant being financed and built. The heavy oil feed-stock for this pilot plant is perfectly suited for maximizing value utilizing the TRU process, even at current crude oil prices. The negotiating team reports an agreement is forthcoming.
"This is an ideal partner for the TRU process because their heavy oil is tailor made for our technology. The TRULITE® generated from this feedstock should easily be the highest quality that we have seen to date," stated Klaus Oehr, Director of Technology for TRU Oiltech Inc.
In addition, negotiations are underway with a large European oil company for a second pilot plant.
Total oil resources worldwide are estimated at roughly 9 to 13 trillion barrels of which 30% are conventional. Oil sands, heavy oil and bitumen make up the remaining unconventional 70%. Before moving from the field to the refinery unconventional resources will need to be upgraded and represent the prime market for the TRU process technology.
Douglas B. Thomas, President & CEO
Rival Technologies Inc.
Certain statements in this press release constitute "forward looking statements" within the meaning of the United States Securities Legislation. The Company's actual results could differ from those in the forward-looking statements. Do not construe this information as investment advice. This is not a solicitation to buy or sell securities. This does not purport to be a complete analysis of the Company. Investing in securities is speculative and carries a high degree of risk. Past performance does not guarantee future results. Readers should consult their own independent advisers with any investment, including any contemplated investment. All information contained in this press release should be independently investigated. This press release contains forward-looking statements. These remarks involve risks and uncertainties. Risks are not limited to quarterly fluctuations in results or the Company's management of growth and competition. Other risks are detailed in the Company's SEC filings. Actual results may differ materially from such information set forth herein.
Contacts:
Rival Technologies Inc.
Investor Relations
877-286-4198
info@rvti.com
www.rvti.com
