Revolutionary Oil Technology Company 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 16, 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
Disclosure: All material herein was prepared by Keros Capital Inc. (Keros) based upon information believed to be reliable. The information contained herein is not guaranteed by Keros to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Keros is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.keroscapital.com or mentioned herein. Keros has been compensated two hundred twenty five thousand shares for this advertising effort. Keros affiliates, officers, directors and employees may own shares and may buy and sell additional shares of the company mentioned herein and may profit in the event those shares rise in value. Keros will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market. Copyright 2009 by Keros Capital. All rights reserved. This publication or part thereof may not be duplicated or reprinted without the written permission of the Publisher. Facsimile including photocopy(s) is strictly forbidden, except for facsimile correspondence between Keros Capital. If this publication contravenes any securities laws and/or regulations, the securities regulations of the country will prevail. In this event, this publication must be discarded immediately. Anyone not wishing to receive future Keros Capital Investor Reports should email us at opt-out@keroscapital.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
Disclosure: All material herein was prepared by Keros Capital Inc. (Keros) based upon information believed to be reliable. The information contained herein is not guaranteed by Keros to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Keros is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.keroscapital.com or mentioned herein. Keros has been compensated two hundred twenty five thousand shares for this advertising effort. Keros affiliates, officers, directors and employees may own shares and may buy and sell additional shares of the company mentioned herein and may profit in the event those shares rise in value. Keros will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market. Copyright 2009 by Keros Capital. All rights reserved. This publication or part thereof may not be duplicated or reprinted without the written permission of the Publisher. Facsimile including photocopy(s) is strictly forbidden, except for facsimile correspondence between Keros Capital. If this publication contravenes any securities laws and/or regulations, the securities regulations of the country will prevail. In this event, this publication must be discarded immediately. Anyone not wishing to receive future Keros Capital Investor Reports should email us at opt-out@keroscapital.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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