Genoil Inc.

TSX VENTURE : GNO
OTCBB : GNOLF


Genoil Inc.

February 28, 2013 09:00 ET

Genoil Announces Closing of Private Placement and Reissue of 2011 Consolidated Financial Statements

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2013) - Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE:GNO)(OTCBB:GNOLF) is pleased to announce that it has closed a non-brokered private placement pursuant to which the Corporation issued 3,336,333 common shares at a price of Cdn $0.06 per share for total gross proceeds of $200,180. The common shares 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 will be refiling its consolidated financial statements for the year ended December 31, 2011 due to certain non-material clarification changes that were requested by the Securities and Exchange Commission in the United States. No material changes have been made to the consolidated financial statements that were originally filed.

The securities to be 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 more information on Genoil Inc. visit www.Genoil.ca.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information