HENDERSON, Nev., April 26, 2010 (GLOBE NEWSWIRE) -- Rival Technologies Inc. (OTCBB:RVTI) is pleased to provide shareholders with an update of ongoing activities.
Rival has entered into a 'Financial Consultants Agreement' with Moody Capital Solutions Inc. Under the terms of the eight month agreement, Moody Capital, a Georgia corporation in good standing as a FINRA member, will provide the company with consulting services consisting of initiating and maintaining direct contact with a proprietary network of U.S. brokers, institutions and private investors, to increase awareness of Rival to potential U.S investors.
In conjunction with this Agreement, the company is pursuing a private placement to fund pilot plant development, intellectual property work and general administration.
The company recently re-filed its provisional patent, thereby extending the PCT filing date by an additional one year. This provides the company needed time to complete preliminary engineering on the pilot plant and include important information in the final patent.
As noted in our recent Form 10-K, the funding announced in December 2009 has been delayed for an undetermined period of time and no funds have been received under the terms of the agreement to date.
Management continues to negotiate on previously announced opportunities for the TRU® process in active international markets. Interest remains positive and progress will be announced as it occurs.
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. |
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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.