Genoil Inc.

Genoil Inc.

October 10, 2013 04:38 ET

Genoil Announces Management & Board Restructuring

CALGARY, ALBERTA--(Marketwired - Oct. 10, 2013) - Genoil (TSX VENTURE:GNO)(OTCBB:GNOLF) announces that it has appointed Bruce Abbott as President, Chief Operating Officer, and member of the Board of Directors, to succeed Thomas F. Bugg who will pursue other interests. Bruce has worked with Genoil since 2008 focusing on marketing sales and business development. Bruce will lead the company's worldwide sales and marketing effort.

Genoil has also appointed Bengt Koch, former Executive Chairman of Atlantic Container Lines ("ACL"), a leading international container carrier, to the Company's Board of Directors to succeed Ron Hutzal who will pursue other interests. Bengt will continue to focus on new markets and business opportunities within the shipping industry worldwide.

Mr. Slobodan Puhalac has been promoted to Vice Chairman of the Board of Directors. Mr. Abbott was instrumental in bringing Slobodan to the Board, and will continue to work closely with him in Eastern Europe.

Eric Rinker has been appointed Vice President of North America. Eric will lead our corporate sales and marketing effort in the region. His career began as a field engineer with Schlumberger. He has worked in various operational and management roles with Halliburton & Weatherford. Eric is a professional engineer with strong leadership skills, experience working with engineers and has over twenty five years of oil field experience. The appointment of Eric Rinker will enable Genoil to introduce Genoil's Crystal Separators for land applications.

Brian Korney, Genoil's Chief Financial Officer will be succeeded by David K. Lifschultz who continues in his role as C.E.O. and chairman. David Lifschultz expresses his appreciation for the services to the company of Brian Korney, Thomas F. Bugg, and Ron Hutzel and wishes them well in all their future endeavors.

"I am excited about working with this new board and management group of experts in technical and commercial matters. I am pleased with the new management and its dedication to realize the true potential of our company" Says David Lifschultz

About Genoil

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

For more information on Genoil Inc. visit

Certain information regarding Genoil Inc., including management's assessment of future plans, initiatives, operations, and the ability to successfully complete any initiatives may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with an oil and gas technology development corporation, including competition from other technologies and companies, and the ability to access sufficient capital to successfully develop the company's business. As a consequence, actual results may differ materially from those anticipated. The Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company's ability to successfully execute on its projects. Further information on potential risk factors that could affect the company's financial results can be found in the company's disclosure materials filed on SEDAR at and with the Securities and Exchange Commission.

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.

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