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

Genoil Inc.

June 08, 2005 06:00 ET

Genoil Appoints Robert B. Fields to Board of Directors

CALGARY, ALBERTA--(CCNMatthews - June 8, 2005) - Genoil (TSX VENTURE:GNO) (OTCBB:GNOLF)is pleased to announce that Mr. Robert B. Fields a New York City based financier has been appointed to its Board of Directors. Mr. Fields is currently the Chairman of ActForex Inc, a global management service provider whose foreign exchange trading software is used by its clients/licensees to trade billions USD monthly. Mr. Fields also currently sits as a Director of Statmon Technologies Inc. (STCA.OB) of Los Angeles, CA.

Mr. Fields is an entrepreneur with diverse experience ranging from key senior management positions and directorships with major corporations, to independent engagements in the fields of management consulting, investment banking, mergers, asset management and dispositions.

Prior to being Chairman of ActForex, Mr. Fields was Executive Advisor to Laidlaw Global Corp. (AMEX) from 1999 to 2002 and Vice Chairman and a director of Laidlaw Ship Funding Ltd. from 1997 to 1999. From 1995 to 1998 he was a director of Hospital Staffing Services, Inc. (NYSE). Prior to that he served as President and CEO of L'Express Inc., a New Orleans based interstate regional airline, EVP of American Finance Group in Boston, and as a director of Flight International Group of Newport News, Virginia. Additionally, Mr. Fields has held key positions with, and provided asset and management consulting to major U.S. corporations that included Allied Signal/Henley Group (Honeywell), W.R. Grace & Co., General Electric Credit Corp., Citibank and was managing director of Equifund, L.P. An esteemed member of the New York Friars Club, Mr. Fields served on the Board of Governors for four years, and currently serves on the Friars Foundation Board.

"We are extremely pleased to have as accomplished and respected member of the international business community as Robert Fields as a member of our Board," stated David K. Lifschultz, Chairman and CEO of Genoil. "Mr. Fields' area of expertise spans a diverse group of industries. His unique entrepreneurial spirit and intelligence has resulted in the success of many businesses over several decades. His contribution to Genoil will be especially valuable as we continue to forge alliances with oil producers and refiners around the world."

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