Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

January 27, 2010 16:01 ET

Genoil Announces Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - Jan. 27, 2010) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) announced today that the Board of Directors of the Corporation has approved a grant of an aggregate 5,700,000 options to directors and consultants to acquire up to 5,700,000 common shares of the Corporation as compensation.

Genoil's Chairman and CEO has been granted 1,700,000 options pursuant to the Corporation's stock option plan for serving for serving as a director for the year commencing on the date of the Corporation's 2009 annual meeting and a further 3,000,000 as consideration for serving as Chairman and CEO of the Corporation, replacing options that were granted as salary and have since expired. Additionally, two of the Corporation's outside directors, John O'Donnell and David A. Johnson, have been each granted 250,000 options in consideration for their efforts and roles on the board. The remaining 500,000 of such options have been granted to a Consultant of the Corporation.

All of the 5,700,000 options were approved with an exercise price of C$0.18, being the closing price of Genoil's shares on the TSX Venture Exchange on the date preceding this press release. All of the options approved have a term of five years from the date of grant and vest immediately, and are conditional upon the receipt of all necessary regulatory and stock exchange approvals.

Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman and CEO
    (212) 688-8868