RIVAL Signs Letter of Intent for Pilot Plant Financing
RIVAL Technologies Inc. (OTCBB: RVTI) announced that it has signed a Letter of Intent with a group of investors that will provide a $6 million financing to the company.
(EMAILWIRE.COM, November 12, 2009 ) New York, NY - RIVAL Technologies Inc. (OTCBB: RVTI) announced that it has signed a Letter of Intent with a group of investors that will provide a $6 million financing to the company.
Terms of the proposed agreement are subject to a confidentiality agreement between the parties and will be announced upon successful completion of the agreement expected during the fourth quarter.
The funds will be used to complete engineering and construction of the first TRU process, one barrel per day, continuous feed pilot plant.
Rival continues to negotiate the previously announced opportunity in South America.
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.
About RIVAL Technologies Inc.
Rival’s TRU process is a revolutionary method of upgrading heavy crude oil (HCO), especially high sulfur HCO, via the addition of our proprietary distillable recyclable additive (DRA) to form an HCO-DRA mixture. The HCO-DRA mixture is then heated and distilled to form a lower density, lower acidity, lower metals, ash-free distillate containing less sulfur and having lower viscosity than the feedstock.
The proprietary TRU process is protected through extensive patent applications and the product, a premium grade synthetic oil, is trademarked TRULITE®.
The company estimates that TRU process technology adds $12-21 per barrel to the wellhead value of heavy oil.
CONTACT: Rival Technologies Inc.
Investor Relations
877-286-4198
info@rvti.com
http://www.rvti.com
Terms of the proposed agreement are subject to a confidentiality agreement between the parties and will be announced upon successful completion of the agreement expected during the fourth quarter.
The funds will be used to complete engineering and construction of the first TRU process, one barrel per day, continuous feed pilot plant.
Rival continues to negotiate the previously announced opportunity in South America.
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.
About RIVAL Technologies Inc.
Rival’s TRU process is a revolutionary method of upgrading heavy crude oil (HCO), especially high sulfur HCO, via the addition of our proprietary distillable recyclable additive (DRA) to form an HCO-DRA mixture. The HCO-DRA mixture is then heated and distilled to form a lower density, lower acidity, lower metals, ash-free distillate containing less sulfur and having lower viscosity than the feedstock.
The proprietary TRU process is protected through extensive patent applications and the product, a premium grade synthetic oil, is trademarked TRULITE®.
The company estimates that TRU process technology adds $12-21 per barrel to the wellhead value of heavy oil.
CONTACT: Rival Technologies Inc.
Investor Relations
877-286-4198
info@rvti.com
http://www.rvti.com
Contact Information:
Rival Technologies Inc.
Jim Mav
Tel: 908-464-1747
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
Rival Technologies Inc.
Jim Mav
Tel: 908-464-1747
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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