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RIVAL Signs Letter of Intent for Pilot Plant Financing
HENDERSON, Nev., Nov. 11, 2009 (GLOBE NEWSWIRE) -- RIVAL Technologies Inc. (OTCBB:RVTI - News) 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.
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