Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

April 25, 2007 13:00 ET

Genoil Announces Testing Agreement With Hebei Zhongjie

CALGARY, ALBERTA--(CCNMatthews - April 25, 2007) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) ("Genoil" or the "Corporation") is pleased to announce that it has entered into a definitive testing agreement with Hebei Zhongjie Petrochemical Group Company Ltd. ("HZ") for testing of their heavy oil at Genoil's pilot plant.

This agreement was signed on April 16, 2007 and the oil samples of the M180 blend and HZ refining residual oil are to be shipped to the Genoil Two Hills, Alberta, pilot facility at beginning of May, with arrival estimated in early June.

The test run at the pilot facility will allow Genoil to complete its feasibility study and determine the final catalyst selection, operating conditions and optimization of the Genoil GHU™ process required to move this project into the Front End Engineering and Design ("FEED") phase, subject to final project funding once the FEED study is complete.

The Hebei Zhongjie GHU™ project is currently on schedule and slated to begin plant start up as planned. Genoil plans to begin working with EPC (Engineering, Procurement & Construction) contractors upon completion of the FEED study and once final project funding has been secured.

"We are very pleased with the progress made to date and are eager to continue with the testing and FEED studies to keep this project moving on schedule. Hebei Zhongjie has been and continues to be an excellent client to work with and we look forward to their continued involvement and support on this project", stated Genoil's COO and Executive Vice President, James Runyan.

Genoil is a technology development and engineering company providing sound solutions to the oil and gas industry through the use of proprietary technologies. The GHU™ is designed to economically convert high sulphur heavy oil into more valuable light upgraded oil, high in yields of transportation fuels, while significantly reducing the sulphur, nitrogen and other contaminants. 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, strategic partnerships, operations, financing outcomes and the ability to negotiate a definitive agreement on terms acceptable to both parties 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 the ability to access sufficient capital from internal and external sources. When used in this press release, such statements use words such as "intend", "may", "will", "expect", "believe", "plan" and other similar terminology. 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 obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues. 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.

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

Contact Information

  • Genoil Inc.
    James Runyan
    Chief Operating Officer and Executive Vice President
    (780) 416-5590