Rival Technologies (PK) (USOTC:RVTI)
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Rival Technologies Inc. (OTCBB:RVTIF) announced today
an agreement to acquire a heavy oil upgrading technology called TRU
Oiltech. Rival has obtained a majority interest, and will fund
research and tests aimed at completing a patent and commercially
viable process later this year.
TRU Oiltech is a mild thermal reagent process, added to heavy
crude oil and oil sands bitumen in order to improve their viscosity
for transfer in pipeline systems. Rival expects TRU Oiltech to
provide substantial per barrel cost savings over existing methods.
Oil producers transfer millions of barrels per day of heavy crude to
refiners. This very large market potential makes TRU Oiltech an
exciting acquisition for Rival.
Tars sands have raised interest with numerous major oil
processors across North America. According to an Alberta Energy
Board's report, annual bitumen production will more than double from
the current production levels in the next 10 years. The oil and gas
industry has recently reported renewed interest in the expansion of
oil sand production and related technologies.
"Increased oil consumption along with higher energy prices has
created opportunity for new technologies. TRU Oiltech has the
potential to add significantly to Rival shareholder value. We have an
aggressive research and development schedule planned for this
technology in the next three months," stated Robin J. Harvey,
President of Rival Technologies Inc..
On behalf of the Board of Directors
Robin J. Harvey, President
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 companies' 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.
Rival Technologies Inc. (OTC Bulletin Board:RVTIF)