Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

October 02, 2007 21:00 ET

Genoil Inc. Announces Appointments of New Chief Financial Officer, Controller and Vice President of Global Sales and Marketing

CALGARY, ALBERTA--(Marketwire - Oct. 2, 2007) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce the appointment of Hendrik Lombard, CA, CFA, as its new Chief Financial Officer, effective October 6, 2007. Mr. Lombard has been acting as the Controller and Director of Corporate Finance of the Corporation since August 2006.

Mr. David Kippen, who had been appointed as Genoil's Chief Financial Officer in August of last year, is resigning his position to Mr. Lombard as his permanent replacement. Mr. Kippen states: "My tenure at Genoil has coincided with a step function forward for the company in the areas of commercial development and corporate infrastructure. Genoil's progress in all product areas - engineering services, water and marine products, GHU® commercialization - has been impressive with the ongoing development of new worldwide channels and partnerships. We have also expanded the team, enhanced our financial management staff, and adopted Sarbanes-Oxley compliance practices. I have worked closely with Hendrik Lombard for the past year and believe that he is an outstanding financial accountant and fiscal manager. I leave Genoil with confidence that the company is well positioned for its next phase of growth". Mr. Kippen has resigned effective October 6, 2007 and will be helping Mr. Lombard and Genoil in this transition. The Board wishes to thank David Kippen for his service.

Hendrik Lombard will be responsible for Genoil's financial infrastructure. Mr. Lombard has over 20 years experience in corporate finance, financial management, mergers and acquisitions, portfolio management and systems implementation. Mr. Lombard's background includes senior financial management roles with entrepreneurial and established companies in the securities and other industries in Canada and Namibia.

From 1998 to 2002, Mr. Lombard was Managing Partner at Lexus Securities and was instrumental in the start-up of this brokerage company. In this position Mr. Lombard developed a new money market system, implemented all accounting, settlement and compliance systems and directed research, portfolio management, corporate finance and trading. Prior to that, Mr. Lombard was CFO at Namib Mills, the largest grain processing company in Namibia, Africa. Mr. Lombard started as Assistant to the CEO of this entity and was promoted to CFO after five months. While in the position of CFO, Mr. Lombard had a key role in the negotiations for the takeover and integration of Namib Mill's major competitor. He also directed Namib Mill's Finance, Personnel and IT departments, and designed and implemented new production, distribution and payroll systems for 550 employees.

Mr. Lombard holds a Bachelor of Accounting degree from the University of Stellenbosch, South Africa, and an Honours B.Com. degree from the University of South Africa. He obtained his Chartered Accountant designation from the SA Institute of Chartered Accountants in 1994 and from the Canadian Institute of Chartered Accountants in 2004, and also obtained his Chartered Financial Analyst designation in 2003.

Also, Genoil has appointed a new Controller. Mrs. Monica Bottinger, who has over 15 years experience in accounting, has started working from the Genoil Calgary office, in the role formerly held by Mr. Lombard, effective October 1, 2007.

Genoil is also pleased to announce that Mr. John P. Noble, Jr., has been appointed as the new Vice President of Global Sales and Marketing for the company's bilge water treatment system-- the Crystal Sea, effective immediately. Mr. Noble had joined Genoil in a consulting capacity as a Corporate Communications advisor, developing the company's new corporate branding and public relations strategy and will continue working from the Genoil (USA) Inc. subsidiary. Mr. Noble is a management professional with over 15 years experience in corporate communications and government and international affairs.

Prior to joining Genoil, John Noble was Vice President of Public Affairs at the international communications company Fleishman-Hillard, where he was responsible for developing and managing strategic media and public relations programs for various corporations, including a global public relations campaign for the Government of Egypt, and other clients such as NCAA, Enterprise Rent-a-Car, Kontek Industries, and Kodak.

From 2002 to 2003, Mr. Noble was the Chief Operating Officer of Uni-Ter Underwriting Management Corp. in Atlanta, Georgia, and from 1998 to 2002 he was a health care lobbyist and advisor to Florida Governor Lawton Chiles and Governor Jeb Bush and the Director of Corporate and International Affairs at the Florida Agency for Health Care Administration in Tallahassee, Florida.

Genoil also hereby announces that it has issued 107,825 shares to Emil Pena, a consultant of the Corporation, pursuant to a Shares for Debt application filed with the TSX Venture Exchange which was approved on September 10, 2007. The terms of the Agreement and the payment of this debt to Mr. Pena were approved by the Board of Directors of the Corporation on June 29, 2007. Genoil's intention to enter into this arrangement was announced in a press release dated July 1, 2007.

About Genoil

Genoil Inc. is an international engineering technology development company based in Alberta, Canada that owns, developed and continues to develop innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries.

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Genoil Inc.
    James Runyan
    Chief Operating Officer & Executive Vice President
    (780) 416-5590