HENDERSON, Nev., Nov. 11, 2009 (GLOBE NEWSWIRE) -- RIVAL Technologies Inc. (OTCBB:RVTI) announced today 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.
'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.