375 N. Stephanie Street, # 1411
89014-89 Henderson, Nevada, us
Rival Secures USD $137 Million Financing for TRU Process Development
The investment group led by Bridge Gap Konsult based in Calgary, Canada will provide project financing as detailed below over the course of the next 36 months. Funds from the nonrecourse agreement will be advanced over three stages for continuous development of the TRU process from pilot to production.
The first stage, USD $6 million, is assigned to engineer, fabricate and operate, the previously announced one Barrel per day (Bpd), continuous feed pilot plant. Upon successful completion of Stage One, a further USD $16 million will be provided to engineer, fabricate and operate a Stage Two demonstration plant. The company is excited about the future prospects for the TRU process and will immediately begin to explore options available to it for securing a farmin or strategic industry partner for the minimum fifteen Bpd demonstration facility.
Stage Three funding of USD $115 million will be provided to engineer, fabricate and operate a minimum 10,000 Bpd production facility with a yet to be named industry partner.
While there can be no certainty of reaching the full production stage at this point, the company believes there is a reasonable likelihood that each stage will be successfully concluded in the timeframe envisaged. Projected revenues, based upon an anticipated trailing royalty model, are estimated at USD $7 million per annum for each 10,000 Bpd increment. Further announcements will be made in due course as each stage proceeds.
Worldwide, oil sand and heavy oil resources are massive. In Canada alone producers have a total reserve of 1.3 trillion barrels of heavy oil that will need to be developed over the next 40 years. Before moving from the field to the refinery the resource will need to be upgraded. These producers represent the prime market for the TRU process technology.
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 forwardlooking 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 forwardlooking 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.
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