Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

October 22, 2009 23:59 ET

Genoil Inc. Announces Extension of Term of Notes and Warrants

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2009) - Genoil Inc. (the "Corporation") (TSX VENTURE:GNO) (OTCBB:GNOLF) has agreed to the extension of the term of an aggregate $1,227,355.84 principal amount of convertible notes (the "Notes") and an aggregate 1,136,442 common share purchase warrants (the "Warrants") which were previously issued and are currently outstanding. The Notes and Warrants were originally issued to a group of four investors in October, 2008 which included Lifschultz Enterprises Co., LLC ("Enterprises"), Sidney B. Lifschultz 1992 Family Trust (the "Trust") and David K. Lifschultz, having a conversion price equal to $0.27 in respect of the Notes, and an exercise price of $0.41 in respect of the Warrants. The Notes and Warrants had an original term expiring on October 6, 2009, which term will be amended and extended to October 6, 2010. The Notes and Warrants will remain substantially unamended in all other respects.

Genoil is an international engineering technology development company based in Alberta, Canada, that develops innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries. 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: 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 OR (914) 393-5800