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

Genoil Inc.

July 12, 2005 06:00 ET

Genoil Inc. Announces Kirk Morgan as its New Chief Financial Officer

CALGARY, ALBERTA--(CCNMatthews - July 12, 2005) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF.OB) ("Genoil") hereby announces that Brian Korney has resigned from his position as Chief Financial Officer, a position which he has held since September 1, 2004. Mr. Korney will continue to sit on Genoil's Board of Directors.

Genoil's directors wish to express their gratitude to Mr. Korney for his service and contributions during his tenure as Chief Financial Officer.

Genoil is pleased to announce that Kirk Morgan, B. Comm., C.A., has been appointed as its new Chief Financial Officer. Mr. Morgan obtained his Bachelor of Commerce degree from the University of Calgary in 1980 and his Chartered Accountant's designation in 1984 upon completion of his Articles with Clarkson Gordon (Ernst & Young) Chartered Accountants. Since 2000 Mr. Morgan has been acting as a business consultant providing consulting services including finance, taxation, accounting and computer services to companies in various industries. Mr. Morgan also has experience in assisting TSX listed companies meet their SEDAR financial reporting requirements.

From 1991 to 2000 Mr. Morgan was the Executive Vice President (Finance) of Royal Host R.E.I.T. ("Royal Host"), one of Canada's largest franchised hotel chains, where he directed the operations of over 110 hotels. Mr. Morgan was a key participant in Royal Host's Initial Public Offering ("IPO") in 1997. Following the IPO, Mr. Morgan was instrumental in completing the merger of Royal Host with Royco Hotels & Resorts Ltd. ("Royco") and RVI, a large Canadian time share exchange business, to form a company with a combined value of $400 million. Mr. Morgan also served on the Executive Committee of Royal Host Corp.

Before joining Royal Host, Mr. Morgan held the position of Vice President (Finance) and Chief Financial officer of Royco where he directed the company's financial and accounting functions for its head office and up to 150 managed hotels. While in this position, Mr. Morgan was also responsible for ensuring that Royco's various reporting entities were in compliance with Toronto Stock Exchange and SEC requirements. Mr. Morgan also served on Royco's Executive Committee.

Mr. Morgan previously held the position of Controller with Royco and before joining Royco, he held the position of Assistant Controller with Relax Hotels & Resorts and worked for TCPL Resources Ltd.

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: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein 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.

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman & CEO
    (212) 688-8868
    Website: www.genoil.net