One company that is truly on the rise is Rival Technologies Incorporated. Located in the town of Henderson, Nevada, Rivals transitions the TRU process technology from the lab to the pilot plant stage. This state-of-the-art upgrading process is designed to vastly improve the quality and economic value of heavy crude oil.
Today Rival Technologies took a major step towards enhancing their future with the announcement that it has signed a financing agreement, which was previously announced on November 11, with no dilution to existing shareholders.
The funding will be provided in three stages over the next 36 months for the continuous development of the TRU process from pilot to production and will be funded by an investment group led by Bridge Gap Konsult, which is based in Calgary, Canada.
The three stages will follow one another is a strategic fashion with the first stage of USD $6 million being assigned to engineer, fabricate and operate the one Barrel per Day (Bdp) continuous feed pilot. Upon successful completion of stage one, $16 million will be provided for a demonstration plant and then a third stage of funding for $115 million will be provided to operate a minimum 10,000 Bpd production facility with a yet to be named industry partner.
Rival Technologies believes there is a great chance of reaching full production stage and a reasonable likelihood that each stage will be successfully concluded in the timeframe envisaged with projected revenues at an estimated $7 million per annum for each 10,000 Bpd increment.
With this financing in place, Rival Technologies is on the verge of becoming a recognizable name. The company’s success is credited to their renowned management team, which is led by their President and CEO Doug Thomas. Thomas has a marketing background spanning thirty years and brings extensive worldwide oilfield experience to the company with experience gained from successful introductions of new oilfield products to markets in North and South America, Russia, China and Australia.
Currently, Rival Technologies is trading is trading in the $0.25 range. With TRU process development, a strong financing deal in place and leaders such as Doug Thomas at the helm, Rival Technologies may soon rival all competitors in their field.