Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

October 21, 2009 23:59 ET

Genoil Inc. Provides Progress Report and Announces Initial Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Oct. 21, 2009) - Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to provide a progress report and update on both Genoil's joint venture for its Crystal Oil Water Separators projects, as well as on the pipeline of potential projects for its Genoil Hydroconversion Updgrader ("GHU") that are currently being pursued.

Genoil's CEO, David Lifschultz, has been stationed in the Middle East for the past few months working on business development in the region and Genoil's joint venture team is actively in discussions with ports throughout Asia, the Middle East, and other territories in an effort to move towards the implementation of a Genoil Crystal Sea unit at one of such ports. Genoil additionally continues to actively market its GHU in South America, Canada, Asia and the Middle East and Genoil remains confident in the prospect for future sales or joint ventures involving the GHU.

Genoil has also announced that it has closed a private placement (the "Private Placement"), whereby the Corporation has issued 1,399,884 units (the "Units"), at a price of U.S. $0.13 per Unit, each Unit consisting of one common share (a "Common Share") and one common share purchase warrant (a "Placement Warrant") for total gross proceeds of approximately U.S. $182,000. The Placement Warrants are exercisable until two years following their issue date at a price of U.S. $0.20. The common shares and Placement Warrants issued in connection with the Private Placement are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation. Genoil's CEO David Lifschultz states "As one of the largest shareholders of Genoil it is my preference to raise capital in small increments to avoid excess dilution as it is my strong belief that Genoil is well positioned to execute on key corporate milestones in the near future that should enhance shareholder value significantly. To that extent, the Lifschultz family has lent funds to Genoil in order to limit dilution to existing shareholders."

The securities issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

Genoil is an international engineering technology development company based in Alberta, Canada, that develops innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.

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

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman and CEO
    (212) 688-8868 OR (914) 393-5800