Rival Technologies Inc.
Rival Technologies Announces Ecopetrol Colombia Opportunity
Rival Technologies Inc. / 16.11.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- HENDERSON, Nev., Nov. 16, 2009 (GLOBE NEWSWIRE) -- Rival Technologies Inc. (OTCBB:RVTI) is pleased to announce that through our Colombian business partner, we are working towards commercialization of our proprietary heavy oil upgrading process with the largest Colombian oil company, Ecopetrol (USD $54 billion market cap.). Previously announced technical due diligence completed by Ecopetrol has moved discussions towards completing a contractual arrangement for the purchase of a continuous feed pilot plant utilizing the TRU(R) technology. The contract will put the TRU(R) process at the forefront of an initiative to achieve increased production goals. Negotiations are expected to conclude with a contractual agreement soon. Total oil resources worldwide are estimated at roughly 9 to 13 trillion barrels, of which 70 percent are oil sands, heavy oil and bitumen. Before moving from the field to the refinery these resources will need to be upgraded and represent the prime market for Rival's 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. CONTACT: Rival Technologies Inc. Investor Relations 877-286-4198 info@rvti.com http://www.rvti.com News Source: NASDAQ OMX 16.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Rival Technologies Inc. United States Phone: Fax: E-mail: Internet: ISIN: US7680271043 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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