Genoil Inc.

Genoil Inc.

May 23, 2013 16:28 ET

Genoil Appoints Bengt Koch, Former Executive Chairman of Atlantic Container Lines, to Advisory Board

CALGARY, ALBERTA--(Marketwired - May 23, 2013) - Genoil (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce that it has appointed Bengt Koch, former Executive Chairman of Atlantic Container Lines ("ACL"), a leading Swedish container ship line, to the Company's Advisory Board. Mr. Koch will help guide the Company's marketing and sales strategies for oil upgrading, bunker fuel desulphurization and Crystal separator markets.

The appointment of Mr. Koch to the Company's Advisory Board is in addition to the recent appointment of Mr. Slobodan Puhalac to the Advisory Board, which was announced on May 9, 2013. Mr. Puhalac has also agreed to be nominated for election as a director at the next Genoil annual meeting, subject to TSXV approval. The addition of these members to the organization validates the potential of Genoil's technology and provides the Company years of industry and managerial experience as well as broad business and governmental networking contacts that can propel Genoil to future success.

Mr. Koch has worked with many leaders of the largest shipping companies, and his contacts within the industry are extensive and global. Prior to his appointment of Executive Chairman at ACL from 1984-1990, he was the Director of Marketing and Operations at the same company from 1972-1984. Following his time at ACL, he was Managing Director of Italia di Navigazione from 1990-1993 and then Managing Director of DSR Senator Lines S.r.l. from 1993-1998. Mr. Koch's lengthy experience and widespread relationships in the shipping industry is expected to help Genoil grow its business in its industry.

Commenting on his appointment, Mr. Koch said, "I am very pleased and excited to join the Genoil team as their technology for oil upgrading, bunker fuel desulphurization and Crystal separators are second to none. I plan on developing, implementing and executing a full marketing and sales strategy in coordination with the current management team to enhance the visibility of their technology to the appropriate players in this industry."

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.

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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. Genoil 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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