Rival 10QSB 2007 Q1 Quarterly report (small business)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

[Mark One]

[X]

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended March 31, 2007

[   ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT

From the transition period from         to      

Commission File No. 000-49900

RIVAL TECHNOLOGIES, INC.

(Exact name of small business issuer as specified in its charter)

Nevada (State or other jurisdiction of incorporation or organization)  43-2114971 (IRS Employer Identification No.)

3155 East Patrick Lane, Suite 1, Las Vegas, Nevada 89120

(Address of principal executive offices)

(866) 694-2803

(Issuer's telephone number)

Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  [X ]   No  [   ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  [   ]   No [X]

As of August 1, 2007, Rival Technologies, Inc. had a total of 46,633,628 shares of common stock outstanding.

Transitional Small Business Disclosure Format (Check one):  Yes [  ]  No [X]

TABLE OF CONTENTS

PART I: FINANCIAL INFORMATION

Item 1.  Financial Statements

3

Item 2.  Management’s Discussion and Analysis or Plan of Operation

10

Item 3. Controls and Procedures

12

PART II: OTHER INFORMATION

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

12

Item 6.  Exhibits

12

Signatures

13

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PART I:  FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS (Unaudited)

All amounts in this report are expressed in Canadian dollars, except where specifically indicated in United States dollars.  The unaudited consolidated financial statements do not include all disclosures required by generally accepted accounting principles in the United States of America and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2006.

RIVAL TECHNOLOGIES, INC.

AND SUBSIDIARIES

(A Development Stage Company)

Consolidated Financial Statements

(Expressed in Canadian Dollars)

March 31,  2007 and 2006

C O N T E N T S

Consolidated Balance Sheets

 4

Consolidated Statements of Operations

5

Consolidated Statements of Cash Flows

6

Notes to the Consolidated Financial Statements

7

3

RIVAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A Development Stage Company)
Consolidated Balance Sheets
Expressed in Canadian Dollars
ASSETS
				March 31,
				2007
				(Unaudited)
CURRENT ASSETS
	Cash and cash equivalents			$       315,335
	Receivables, net			16,014
	Other current assets			1,773
		Total Current Assets		333,122
PROPERTY AND EQUIPMENT, net				3,162
OTHER ASSETS
	Intangible property		��	4,000
		Total Other Assets		4,000
		TOTAL ASSETS		$       340,284
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
	Accounts payable			$       103,747
	Related party payable			4,500
	Promissory note payable			5,575
		Total Current Liabilities		113,822
COMMITMENTS AND CONTINGENCIES				-
MINORITY INTEREST IN SUBSIDIARY				(101,238)
STOCKHOLDERS' EQUITY
	Common stock, 100,000,000 shares authorized without
	par value, 46,608,628 shares issued and outstanding			14,611,620
	Additional paid-in capital			651,544
	Accumulated other comprehensive income			74,884
	Deficit accumulated during the development stage			(7,777,860)
	Accumulated deficit			(7,232,488)
		Total Stockholders' Equity		327,700
		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$       340,284

The accompanying notes are an integral part of these consolidated financial statements

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RIVAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A Development Stage Company)
Consolidated Statements of Operations and Other Comprehensive Loss
Expressed in Canadian Dollars
(Unaudited)
					Cumulative Amounts
			For the		From Beginning of
			Three Months Ended		Development Stage
			March 31,		(April 1, 2003) to
			2007	2006	March 31, 2007
REVENUES			$                -	$               -	$                           -
OPERATING EXPENSES
	Amortization of beneficial conversion feature		-	-	82,622
	Consulting		9,484	83,841	666,829
	Depreciation		585	508	6,045
	Finders' fees		-	-	665,000
	Investor relations		24,194	53,391	617,851
	Other general and administrative		73,392	21,508	645,686
	Research and development		16,215	-	498,261
		Total Operating Expenses	123,870	159,248	3,182,294
LOSS BEFORE OTHER INCOME (EXPENSE)			(123,870)	(159,248)	(3,182,294)
OTHER INCOME (EXPENSE)
	Loss of subsidiary		-	(23,596)	-
	Impairment of intangible property		-	-	(4,550,000)
	Write off payable		-	-	23,617
	Interest expense		-	-	(21,564)
	Interest income		40	30	512
		Total Other Income (Expense)	40	(23,566)	(4,547,435)
LOSS BEFORE INCOME TAXES AND
MINORITY INTEREST			(123,830)	(182,814)	(7,729,729)
	Provision for income taxes		-	-	-
NET LOSS BEFORE MINORITY INTEREST			(123,830)	(182,814)	(7,729,729)
MINORITY INTEREST			21,246	-	105,238
NET LOSS			(102,584)	(182,814)	(7,624,491)
OTHER COMPREHENSIVE INCOME (LOSS)
	Foreign exchange gain (loss)		-	5,354	(153,369)
COMPREHENSIVE LOSS			$    (102,584)	$    (177,460)	$             (7,777,860)
BASIC AND DILUTED NET LOSS PER SHARE			$          (0.00)	$          (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING - BASIC AND DILUTED			46,608,628	43,944,239

The accompanying notes are an integral part of these consolidated financial statements

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RIVAL TECHNOLOGIES, INC. AND SUBSIDIARIES
(A Development Stage Company)
Consolidated Statements of Cash Flows
Expressed in Canadian Dollars
(Unaudited)
					Cumulative Amounts
					From Beginning of
			For the Three Months Ended		Development Stage
			March 31,		(April 1, 2003) to
			2007	2006	March 31, 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for period			$     (102,584)	$     (182,814)	$             (7,624,491)
Adjustments to reconcile net loss to net cash
used by operating activities:
	Amortization of beneficial conversion feature		-	-	82,622
	Depreciation		585	508	6,045
	Shares issued for services		-	-	1,395,697
	Impairment of intangible property		-	-	4,550,000
	Minority interest		(21,246)	(15,730)	(105,238)
Changes in assets and liabilities:
	Receivables and prepayments		(773)	(5,528)	(16,013)
	Other current assets		(433)	29,495	61,547
	Accounts payable and accrued liabilities		7,801	(68,879)	49,205
		Net Cash Used by Operating Activities	(116,650)	(242,948)	(1,600,626)
CASH FLOWS FROM INVESTING ACTIVITIES:
	Purchase of equipment		-	-	(9,208)
		Net Cash Used by Investing Activities	-	-	(9,208)
CASH FLOWS FROM FINANCING ACTIVITIES:
	Convertible debenture		-	-	24,967
	Promissory note payable		-	-	5,575
	Proceeds from issuance of common stock, net of
	issue costs		-	195,359	1,970,625
		Net Cash Provided by Financing Activities	-	195,359	2,001,167
EFFECT OF EXCHANGE RATE CHANGES ON CASH			26,309	21,091	(78,485)
NET DECREASE IN CASH			(90,341)	(26,498)	312,848
CASH AT BEGINNING OF PERIOD			405,676	713,059	2,487
CASH AT END OF PERIOD			$       315,335	$     686,561	$                315,335
SUPPLEMENTAL DISCLOSURES
	Interest paid		$                  -	$                 -	$                             -
	Income taxes paid		$                  -	$                 -	$                             -
	Settlement of accounts payable to an officer of the
	company		$                  -	$                 -	$                  54,744
	Shares issued to acquire intangible property		$                  -	$                 -	$             4,550,000
	Shares issued for services		$                  -	$                 -	$             1,395,697
	Shares issued to settle convertible debenture and
	accrued interest payable		$                  -	$                 -	$                  13,729
	Beneficial conversion feature recorded as
	additional paid in capital		$                  -	$                 -	$                  94,300
	Contributed capital on settlement of accounts payable		$                  -	$                 -	$                    7,500

The accompanying notes are an integral part of these consolidated financial statements

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RIVAL TECHNOLGIES, INC. AND SUBSIDIARIES

(A Development Stage Company)

Notes to the Consolidated Financial Statements

Expressed in Canadian Dollars

March 31, 2006 and 2007

NOTE 1 -   BASIS OF FINANCIAL STATEMENT PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations.  The information furnished in the interim condensed consolidated financial statements include normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such consolidated financial statements.  Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim condensed consolidated financial statements be read in conjunction with the Compan y's audited consolidated financial statements and notes thereto included in its December 31, 2006, Annual Report on Form 10-KSB.  Operating results for the three months ended March 31, 2007, are not necessarily indicative of the results that may be expected for the year ending December 31, 2007.

The operations of the joint venture as described in Note 5 will be accounted for in the accompanying financial statements as a majority-owned subsidiary, adjusted for any minority interest share in the corresponding gain or loss of the joint venture for each period presented.  

NOTE 2 -   LOSS PER SHARE

Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period.  Diluted net loss per share takes into consideration shares of common stock outstanding (computed under basic loss per share) and potentially dilutive shares of common stock.  In periods where losses are reported the weighted average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.  

Following is a reconciliation of the loss per share for the three months ended March 31, 2007 and 2006:

	For the Three Months Ended March 31,  2007                      2006
Net (loss) available to  common shareholders	$            (102,584)	$          (177,460)
Weighted average shares -   basic and diluted	43,944,239	46,608,628
Basic and diluted loss per share  (based on weighted average shares)	$                  (0.00)	$                (0.00)

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RIVAL TECHNOLGIES, INC. AND SUBSIDIARIES

(A Development Stage Company)

Notes to the Consolidated Financial Statements

Expressed in Canadian Dollars

March 31, 2006 and 2007

NOTE 3 -   GOING CONCERN

As shown in the accompanying unaudited consolidated financial statements, the Company incurred a net loss of $102,584 during the three month period ended March 31, 2007.  This factor, as well as the uncertain conditions that the Company faces relative to capital raising activities, create an uncertainty as to the Company’s ability to continue as a going concern.  The Company is seeking to raise additional capital through public and/or private placement offerings, targeting strategic partners in an effort to increase revenues, and expanding revenues through strategic acquisitions.  The ability of the Company to continue as a going concern is dependent upon the success of capital offerings or alternative financing arrangements and expansion of its operations.  The unaudited consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.  As of March 31, 2007, the Company had cash and cash equivalents of $315,335.  The Company will require additional funding during the next twelve months to finance the growth of its current operations and achieve its strategic objectives.  Management is actively pursuing additional sources of financing sufficient to generate enough cash flow to fund its operations through 2007 and 2008.  However, management cannot make any assurances that such financing will be secured.  

NOTE 4 -   INCOME TAXES

Income taxes are computed under the provisions of the Financial Accounting and Standards Board (FASB) Statement No. 109 (SFAS 109) Accounting for Income Taxes.  A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards.  Deferred tax expenses (benefits) result from the net change during the period of deferred tax assets and liabilities.  

Deferred tax assets are reduced by a valuation allowance, when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.  

The Company has approximately $5,500,000 of operating loss carry-forwards, which expire in various periods through 2026.  The availability of certain operating loss carry-forwards for income tax purposes is subject to certain restrictions due to Internal Revenue Code Section 382 because there was a change in control of the Company in 2001.  

The Company has provided a valuation allowance against its deferred tax assets given that it is in the development stage and it is more likely than not that these benefits will not be realized.  

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RIVAL TECHNOLGIES, INC. AND SUBSIDIARIES

(A Development Stage Company)

Notes to the Consolidated Financial Statements

Expressed in Canadian Dollars

March 31, 2006 and 2007

NOTE 4 -   INCOME TAXES (Continued)

The deferred tax asset consisted of the following at March 31, 2007.

Deferred tax asset:

Income tax benefit of operating loss carry forwards        Valuation allowance	$                2,646,203       (2,646,203)
Net deferred tax asset	$                            -

NOTE 5 -   JOINT VENTURE

On February 23, 2007, the Company and its subsidiary, TRU Oiltech, entered into a joint venture agreement that entitled the joint venture partner a 25% interest and exclusive right to exploit the TRU Oiltech technology in Venezuela until March 2008.  The joint venture partner has the responsibility, out of its share of joint venture participation, to compensate others that may assist, either directly or indirectly, in facilitating the commercial exploitation of the Company’s technology in Venezuela.  Additionally, the Company and the joint venture partner are to share in long-term savings obtained from the use of Rival’s technology in Venezuela on a ratio of a minimum of 25% of the savings for the account of the Company and joint venture partner.  

NOTE 6 -   SUBSEQUENT EVENTS

On April 6, 2007, the Company issued 25,000 Regulation “S” common shares to a consultant for providing consulting services to the Company.  The amount of the shares was $15,353 (euros 13,426).  

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In this report references to “Rival,” “Rival Technologies,” “we,” “us,” and “our” refer to Rival Technologies, Inc.

NOTE REGARDING PROJECTIONS AND FORWARD LOOKING STATEMENTS

Except for historical information contained herein, this Form 10-QSB contains express or implied forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. We may make written or oral forward-looking statements from time to time in filings with the Securities and Exchange Commission (“SEC”), in press releases, quarterly conference calls or otherwise. The words "believes," "expects," "anticipates," "intends," "forecasts," "project," "plans," "estimates" and similar expressions identify forward-looking statements.  These statements reflect our current views with respect to future events and financial performance or operations and speak only as of the date the statements are made.

Forward-looking statements involve risks and uncertainties and readers are cautioned not to place undue reliance on forward-looking statements. Our actual results may differ materially from such statements. Factors that cause or contribute to such differences include, but are not limited to, those discussed elsewhere in this Form 10-QSB.

Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate with the result that there can be no assurance the results contemplated in such forward-looking statements will be realized. The inclusion of such forward-looking information should not be regarded, as a representation that the future events, plans, or expectations contemplated will be achieved. We undertake no obligation to publicly update, review, or revise any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statements based. Our filings with the SEC may be accessed at the SEC's Web site,www.sec.gov.

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

Executive Overview

We are a holding company operating on a consolidated basis with our wholly-owned subsidiary, CWI Technology, Inc., and our majority-owned subsidiary, TRU Oiltech, Inc.  These subsidiaries are development stage companies engaged in the business of developing technologies related to diesel engines and an upgrading process for heavy crude oil.  Our subsidiaries are in the testing phase of their technologies and intend to move toward licensing and marketing these technologies.  

We have not received, nor recorded consolidated revenue from ongoing operations for the past two years and have relied on equity transactions to fund development of our business plan.  We anticipate that equity financings will be our primary source of funding for the next twelve months.

TRU Oiltech, Inc. – develops and markets the TRU technology which is a mild thermal reagent-based upgrading process added to heavy crude oil and oil sands bitumen that improves viscosity for transfer in pipeline systems.  Management believes this process could reduce costs for oil producers that transfer millions of barrels of heavy crude each day.  Generally, adding diluent or condensates to heavier oils represents 30% of the total cost per barrel of blended heavy oils.  The TRU technology process may potentially reduce this cost by $5 to $10 per barrel, and, as licensor of the technology, we anticipate receiving a fee of $1 to $2 per barrel.

On April 11, 2007, TRU Oiltech filed with the United States Patent and Trademark Office a patent application titled,“Method of Upgrading Heavy Crude Oil.” and is now commencing the business development phase for this technology.  

TRU Oiltech intends to seek out partnerships with oil producers that will lead to licensing revenue from the commercial use of the TRU technology.  Tru Oiltech will obtain samples from a potential customer, then it will complete a series of tests using the TRU technology to optimize samples for upgrading.  The samples will be provided to the potential customer with test results and an economic model.  If the potential customer is satisfied

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with the results, then the parties will enter into a licensing agreement.  The parties will design and construct a continuous feed one-barrel-per-day pilot plant.  Then if satisfied with the results of the pilot plant, the parties will enter into a royalty agreement and then the customer will expand the TRU process to a full scale field pilot or a full scale production facility.

On February 23, 2007, Rival Technologies and TRU Oiltech entered into a joint venture agreement with Harrison Kramer Corp. (“Harrison Kramer”) that entitled Harrison Kramer a 25% interest and exclusive right to exploit the TRU technology in Venezuela until March 21, 2008.  The Orinoco Oil belt is located in eastern Venezuela and it one of the largest bitumen accumulations in the world.  The TRU technology can substantially increase the economic recoveries of Orinoco bitumen and Harrison Kramer has agreed to assist in the commercialization of the TRU technology in Venezuela.  Under the joint venture agreement, Harrison Kramer has the responsibility, out of its share of the joint venture participation, to compensate others that may assist, either directly or indirectly, in facilitating the commercial exploitation of the TRU technology in Venezuela.  Additionally, the parties are to share in long-term savings obtained from the use of the TRU technology in Vene zuela on a ratio of a minimum of 25% of the savings for the account of Rival and Harrison Kramer.  

CWI Technology, Inc. –  develops and markets the CWI Technology a diesel engine technology for the automotive transportation industry called Continuous Water Injection technology.  This technology is a continuous water injection system designed to reduce harmful nitrogen oxide and smoke emissions, improve fuel efficiency and provide cleaner operations of diesel engines.  On January 26, 2007, the United States Patent and Trademark Office allowed the CWI technology patent titled, “Emission Control Water Injection System for Diesel Engines”.  

CWI Technology has conducted several tests of its technology in various engines, but as of the date of this report, it has not finalized any agreements related to the licensing of this technology.

Plan of Operation

Our challenge for the next twelve months will be to obtain financing to develop our subsidiaries’ technologies to a commercially viable application and market them to customers.  However, our subsidiaries may be unable to develop each technology to a point where it satisfies the needs of the market.  In that case, our subsidiaries may have to research and develop other applications or we may need to abandon our business plans.

As noted in our last annual report on form 10-KSB, our auditors have expressed an opinion that our continued existence is dependent upon the success of capital offerings or alternative financing arrangements and expansion of operations.  As a result of equity financing, our consolidated cash position at March 31, 2007 was $315,335, and we had working capital of $219,300, but we recorded a net loss of $102,584 for the three month period ended March 31, 2007.  Management believes that equity funding will provide cash for operations for the next twelve months and we are actively raising funds through equity transactions to proceed with the development of the subsidiaries’ technologies.

Rival Technologies agreed to provide $150,000 in financing to TRU Oiltech to fund research and tests aimed at obtaining a patent and developing a commercially viable process and, as of March 31, 2007, we had provided $220,577 towards this project.  In addition, we committed to provide M.A. Turbo with $230,000 in development and marketing funds to complete the CWI Technology.  As of March 31, 2007, we have provided $107,607 for this project.

During the past two years we relied on sales of our common stock for cash.  As of May, 2006, we had sold an aggregate of 6,543,394 shares in a Regulation “S” offering and realized gross proceeds of $2,805,782.  Regulation “S” provides for the offers and sales of restricted securities outside of the United States.  These securities are not registered under the Securities Act of 1933 and cannot be offered or sold in the United States unless registered under the Securities Act or an exemption from registration is available.

11

During the three month period ended March 31, 2007, we spent $16,215 on research and development and we anticipate that we will have research and development expense in future periods as our subsidiaries further develop their technologies.

We do not anticipate hiring employees in the short term, but this action will be based upon the success of our subsidiaries’ technology development.

ITEM 3.  CONTROLS AND PROCEDURES

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC.  This information is accumulated and communicated to our executive officer to allow timely decisions regarding required disclosure.  Our Chief Financial Officer who is also our principal executive officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report.  Based on that evaluation, she concluded that our disclosure controls and procedures were not effective.  

Her evaluation identified a weakness in our disclosure controls and procedures with respect to timely gathering of information and processing of that information to allow timely filing of our reports.  We changed our independent registered accounting firm in April of 2006, but our financial information was not timely prepared and in June 2006 we returned to our former independent registered accounting firm in order to complete the filing of our past due reports.  The change of accounting firms further delayed the filing of our reports.  Management is taking steps to implement accelerated time tables for the gathering and processing of financial and non-financial information to prevent late filings in the future.

Other than as described above, our Chief Financial Officer determined that there were no changes made in our internal controls over financial reporting during the first quarter of 2007 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

PART II:  OTHER INFORMATION

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following discussion describes unregistered securities sold by Rival Technologies that have not been previously reported.

On April 6, 2007, we issued 25,000 Regulation “S” shares to Karsten Behrens in consideration for services valued at $15,353 related to our Regulation “S” offering.  We relied on an exemption from registration provided by Section 903 of Regulation “S”.  All sales are offshore transactions, with no direct selling in the United States, the shares are restricted securities and cannot be sold to or for the account of a United States citizen without registration or unless an exemption from registration exists.

ITEM 6.  EXHIBITS

Part I Exhibits

31.1

Principal Executive Officer Certification

31.2

Chief Financial Officer Certification

32.1

Section 1350 Certification

Part II Exhibits

No.

Description

3.1

Articles of Incorporation of Rival Technologies, Inc. (Incorporated by reference to exhibit 3.1 to Form 8-K, filed October 31, 2005)

3.2

Articles of Merger, dated September 6, 2005 (Incorporated by reference to exhibit 3.2 to Form 8-K, filed October 31, 2005)

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3.3

Bylaws of Rival Technologies, Inc. (Incorporated by reference to exhibit 3.3 to Form 8-K, filed October 31, 2005)

4.1

The 2005 Stock Equity Incentive Plan of Rival Technologies Inc. (Incorporated by reference to exhibit 4.1 to Form S-8, filed June 30, 2005)

10.1

Distribution Agreement between Rival Technologies and M.A. Turbo/Engine Ltd., dated July 15, 2005 (Incorporated by reference to exhibit 10.3 to Form 10-QSB filed November 21, 2005)

21.1

Subsidiaries of Rival Technologies (Incorporated by reference to exhibit 21.1 of Form 10-QSB, as amended, filed May 1, 2007)

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date:   August 13, 2007 /s/RIVAL TECHNOLOGIES, INC. Registrant


By: /s/ Robin J. Harvey                                                                        Robin J. Harvey           President, Chief Financial Officer, Treasurer and Director

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