Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

July 08, 2010 14:11 ET

Genoil Inc. Announces Approval of Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - July 8, 2010) -

Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) (the "Corporation") reports that the Board of Directors of the Corporation (the "Board") has completed a review of compensation levels for the Corporation's officers and has consequently approved the grant of incentive stock options to such individuals for 2010. The Board has approved the grant of an aggregate of 3,000,000 options to acquire common shares of the Corporation at an exercise price of $0.20, being superior to the closing price of the Corporation's shares on the TSX Venture Exchange on the day prior to this Press Release and equal to the price per share the day prior to the date Board approval for the grant was made. Of the 3,000,000 options approved for grant, 1,500,000 have been approved for grant to the Corporation's Chief Executive Officer and 1,500,000 to the Corporation's President as an inducement for their continued efforts and their compensation, in lieu of any salary compensation, for 2010. All options described above vest immediately and have a term of five years from the date of grant.

The approval of the grant of these options resulted from a recommendation made by the Corporation's Chairman and Chief Executive Officer with the unanimous approval of the Board. The recommendation was based upon a review of the current, competitive industry conditions and with the objective being the retention of the Corporation's key individuals. Consideration was also given to the recent movement in the Corporation's share trading price. The Corporation's Compensation Committee had previously commissioned an independent third party compensation expert to report on compensation matters given the current energy industry compensation levels for similar organizations and utilized this report to provide a baseline in making its recommendations regarding appropriate compensation for the Corporation's senior officers.

Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.

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. 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.

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