Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

May 18, 2009 06:00 ET

Genoil Inc. Announces Grant of Stock Options

CALGARY, ALBERTA--(Marketwire - May 18, 2009) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) announced today that the board of directors of the Corporation has approved the grant of an aggregate 2,250,000 incentive stock options to directors and consultants to acquire up to an aggregate of 2,250,000 common shares of the Corporation as compensation.

Genoil's Chairman and CEO has been granted 500,000 options pursuant to the Corporation's stock option plan for serving for serving as a director for the year commencing on the date of the Corporation's 2008 annual meeting and a further 500,000 as supplemental consideration for serving as Chairman and CEO of the Corporation. Additionally, one of the Corporation's outside directors, David A. Johnson, has been granted 250,000 options in consideration for his serving as in-house legal counsel. The remaining 1,000,000 of such options have been granted to Consultants of the Corporation.

All of the 2,250,000 options were approved with an exercise price of C$0.15, being slightly above the closing price of Genoil's shares on the TSX Venture Exchange on the date preceding this press release. All of the options approved have a term of five years from the date of grant and vest immediately, and are conditional upon the receipt of all necessary regulatory and stock exchange approvals.

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

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman and CEO
    (212) 688 8868