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

Genoil Inc.

June 07, 2005 17:18 ET

Genoil Announces Results of Annual Meeting and New Board of Directors

CALGARY, ALBERTA--(CCNMatthews - June 7, 2005) - Genoil (TSX VENTURE:GNO) (OTCBB:GNOLF)is pleased to announce that at Genoil's Annual General Meeting (the "AGM") held June 3rd, 2005, Messrs. Robert B. Fields of New York City, and Terry Kemp of Calgary were nominated to join the existing Board of Directors. As a result, and subject to regulatory approval, the current Genoil Board of Directors consists of Messrs. David Lifschultz, Lawrence Lifschultz, Adam Hedayat, Brian Korney, Robert Fields and Terry Kemp. Genoil is also pleased to announce that Genoil's shareholders passed each of the motions voted upon at the AGM.

Genoil has set the 2005 compensation for the independent members of the Board of Directors at 250,000 options. These 250,000 options were granted to Messrs. Robert Fields, Lawrence Lifschultz, and Adam Hedayat following the AGM on June 3, and vest immediately. Messrs. Terry Kemp and Brian Korney were each also granted 250,000 options, of which 125,000 vest immediately, and 125,000 vest on December 3, 2005. David Lifschultz, Genoil's Chairman and Chief Executive Officer, will not receive separate compensation for acting as a director. In lieu of cash compensation otherwise payable in 2005, and in order to conserve Genoil's working capital position, David Lifschultz has agreed to receive and has been granted 1.7 million options that vest immediately as his total compensation for the 2005 fiscal year. All options granted are exercisable at the market price on the date of grant.

Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader can economically convert heavy crude oil into more valuable light refined products such as motor gasoline and diesel fuel, while significantly reducing the sulfur content in the oil. 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: Certain information regarding the company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company 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.

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 obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.

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
    Website: www.genoil.net