Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

December 22, 2009 06:00 ET

Genoil Inc. Provides 2009 Year-End Update

Company Expects Patent Award for New Sand Decontamination Technology; Retains Leading Middle Eastern Agent for Roll-out of Crystal Sea Bilge Cleaning Technology

NEW YORK, NEW YORK--(Marketwire - Dec. 22, 2009) - Genoil Inc. (TSX VENTURE:GNO)(OTCBB:GNOLF), an international engineering technology development company with innovative hydrocarbon, oil and water separation and maritime technologies based in Alberta, Canada today provided an update to shareholders on its business progress in 2009.

The Company also announced that it has been notified by the U.S. Patent Office that it has been allowed its first patent for an innovative sand decontamination technology developed by Genoil.

The sand decontamination technology can clean sand for use in various applications including concrete mixing, construction and the development of beaches. Genoil expects the patent will be granted by the U.S. Patent Office before March 8, 2010.

In addition, Genoil has announced the establishment of a formal contract with an agent that has considerable funding capacity for rolling out the Crystal Sea bilge cleaning technology for ports in the Middle East. The Company anticipates initial contracts for bilge water cleaning for ports to be established in 2010, as well as to begin work in major sanitation projects in the region.

David Lifschultz, Chairman and Chief Executive Officer of Genoil, said, "I have been in the Middle East traveling to various countries to support our agents in their sales and marketing efforts. I am confident that these efforts will yield tangible commercial success for our Crystal Sea technology in 2010.

"Most important, we have been engaged in high-level discussions with a number of sovereign nations regarding GHU Upgrading projects in the region. Though much of that work is under confidentiality agreements through agents that include some of the most prominent business men in the countries at hand, a great deal of progress has been made since I have headquartered myself in the Middle East over the past five months."

Genoil has designed and developed a number of important technological innovations, including the Genoil Hydroconversion Upgrader (GHU®), which economically upgrades and significantly increases the yields of heavy crude oils and heavy refinery feedstocks into light, clean transportation fuels; and the Crystal Sea™ Separator, a revolutionary bilge water treatment system which has successfully met or exceeded the highest guidelines and standards of the United States Coast Guard and the International Maritime Organization's MEPC Resolution 107 (49) MEP for pollution prevention equipment for ship bilges.

Mr. Lifschultz continued, "Genoil's Hydroconversion Upgrader is being met with significant interest in the Middle East and remains the single most valuable technology in our portfolio. Of the 900 billion barrels of heavy oil reserves produced in the world each year, only a small fraction is being converted to light oil. We believe the future of the global oil industry relies on conversion of those 900 billion barrels of heavy oil into light, clean transportation fuels and we at Genoil can do that on a mass basis with our patented GHU Upgrading technology. We strongly believe that the broad adoption of Genoil's GHU technology would be as transformative to the energy industry as Microsoft's introduction of Windows was to the global technology revolution. Given the tremendous potential of our technology and the near-term prospects for having an initial agreement for commercialization of the GHU technology, we will continue to fund Genoil through small, private capital raises so as not to dilute our loyal shareholders."

About Genoil

Genoil's treatment reduces oil content from bilge water to well below 15 parts per million so it meets strict international standards for discharges into the ocean. The Crystal bilge water separator was developed by Genoil for the commercial marine industry. It has been approved by US Coast Guard, according to the International Maritime Organization standards (Resolution MEPC 107 (49), and the American Bureau of Shipping.

Stringent environmental regulations with increased penalties for untreated bilge water discharged overboard are in place to protect the oceans and coastal waters from illegal dumping of waste oil. Genoil's Crystal oily water separator meets the port's goal to minimize the impact of contaminated bilge water on the aquatic ecosystem and complies with existing environmental laws.

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

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