CALGARY, ALBERTA--(Marketwired - March 28, 2017) - Genoil Inc. (OTCQB:GNOLF), the publicly traded clean technology engineering company for the petroleum industry, has today announced the addition of a special adviser to its management team with the appointment of Douglas A. Phillips, CPA, who joins Genoil to provide strategic input on major transactions and provide advice to top management.
Phillips has a distinguished track record in business counsel, having served a wide variety of domestic and foreign companies in the areas of accounting and auditing, mergers and acquisitions, and corporate structurings. He served as the Chairman, CEO and Managing Partner of WeiserMazars LLP, Certified Public Accountants, in the US, and as Co-CEO and the Vice Chairman of Mazars SCRL on an international level. In these roles, which he held until 2015, Phillips achieved a top ranking in the greater New York region and the US, executing twenty mergers and acquisitions and engineering significant organic growth for the company.
He is currently CEO of GYST Advisors LLC, a management consulting firm focusing on strategy, business development, mergers and acquisitions, financial performance and risk management.
Phillips joins Genoil after the agreement of several major initiatives for the company. In November 2016, Genoil signed a US $50 billion Letter of Intent to develop and construct upgrading and energy projects in Russia and Chechnya, including the provision of a complete solution from oil field development through to the production of 3.5m barrels per day of clean fuels. In April 2016, Genoil received a $5 billion Letter of Intent from a Chinese Policy "Superbank" to develop a project in the Middle East. In February 2017 Genoil also signed a Memorandum of Understanding with Bomin Group, a leading global physical supplier and trader of marine fuel, to develop a co-operation agreement to supply the marine market with compliant low sulphur products.
Bruce Abbott, COO of Genoil, commented: "The level of interest in Genoil's Hydroconversion Unit has been growing steadily in line with the global demand for cleaner energy and low sulphur products. Doug's high level of experience in strategic business development and finance will add real value to Genoil as we drive continued growth and negotiate on future deals."
The appointment of Douglas Phillips follows the recent appointment of Raushan Telyashev as Vice President of Genoil Middle East, which is testament to Genoil's strong and continued global growth ambitions.
About Genoil Inc.:
Genoil is a publicly traded Canadian clean technology engineering company for the petroleum industries. Genoil is headquartered in Edmonton, Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta, Romania, and Dubai & Abu Dhabi. Genoil has developed its proprietary technology, the Hydrocracking Upgrader (GHU), which converts heavy crude oils and refinery bottoms into clean burning fuels for transportation industries including shipping. The GHU can be placed in remote locations, including receiving terminals, pipelines and ports. The company operates one of the largest and most advanced pilot & design test facilities in the world, from its 147-acre site in Alberta, Canada.
About The Genoil Hydrocracking Upgrader:
The Genoil Hydrocracking Upgrader (GHU®) is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulphur oil for a very low cost. The Genoil GHU was designed to be versatile, can be placed at many different locations, either upstream at oil fields, or downstream at refineries, in a standalone form at ports and other logistical locations.
The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulphur reducing the amount from 5.14% to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analysed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.