Genoil Inc.
TSX VENTURE : GNO
OTC Bulletin Board : GNOLF

Genoil Inc.

November 11, 2009 08:05 ET

Genoil Inc. Retains Launchpad IR as Investor Relations Counsel & Announces Shares for Debt Transaction

CALGARY, ALBERTA--(Marketwire - Nov. 11, 2009) - Genoil (TSX VENTURE:GNO)(OTCBB:GNOLF) is pleased to announce that it has retained Launchpad IR to implement a comprehensive investor relations program. "Launchpad IR has extensive experience and knowledge in representing public companies in the oil and energy sectors. Genoil presents us with the perfect opportunity to leverage our network of contacts in the investment community in order to increase awareness of the company's compelling growth story," said Todd Fromer, founding partner of Launchpad IR. "Genoil's range of innovative and efficient technologies sets them apart from the industry. We look forward to working with Genoil and the management team."

Focusing on "engineering technology for the future", 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.

Genoil chairman and CEO, David Lifschultz, has more than 30 years of diverse management experience. Mr. Lifschultz has had a long and successful career in directing companies in the fields of technology, transportation and energy. For 10 years, Mr. Lifschultz was President and CEO of Lifschultz Industries Inc, a high tech precision heat measuring company that measured heat to the nano degree, which was sold to Danaher in 2001.

"As we continue to move forward, we believe that now is the appropriate time for a strategic communications partner. We look forward to the professional help and counsel that Launchpad IR will provide us with," Mr. Lifschultz said. "Clear communication of our Company's objectives and milestones are essential as we continue to grow and further develop our technologies and products."

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 Inc. ("Genoil" or the "Corporation") has completed a shares for debt transaction to satisfy amounts outstanding to certain creditors (the "Creditors") of the Corporation. Shares were issued pursuant to debt cancellation agreements between Genoil and each of the Creditors, whereby each of the Creditors agreed to forgive and cancel debts currently owing to such Creditor by the Corporation. The total debt owing to the Creditors which has been cancelled is in an aggregate amount of U.S. $118,509.21, which amounts have been cancelled in exchange for an aggregate of 897,873 common shares (the "Shares") of the Corporation. The Shares are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation.

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

For more information on Genoil Inc. visit www.genoil.net.

About Launchpad IR

Headquartered in New York City Launchpad Investor Relations is focused on the micro-cap market. Our years of experience representing hundreds of small public companies allows us to deliver targeted communications to investments bankers, direct sources of capital, institutional investors and the hard-to-reach retail investor marketplace.

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
    (914) 393-5800
    Website: www.genoil.net