Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

March 02, 2009 06:00 ET

Genoil Inc. Announces Memorandum of Understanding With Tianjin Port

CALGARY, ALBERTA--(Marketwire - March 2, 2009) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) today announced it has signed a memorandum of understanding ("MOU") with Tianjin Port, one of China's major shipping harbors.

The MOU with Tianjin Port is for the introduction and implementation of Genoil's oil-water separation system to treat and clean bilge water of oil, contaminants, chemicals and pathogens. This is the second Chinese port to sign an agreement with Genoil to use its oil-water separation technology. Tianjin Port is located 170 km south east of Beijing and east of Tianjin city - China's third largest city. During 2007, Tianjin Port was the fourth largest port in China and sixth largest in the world with over 300 million tons of annual throughput. Tianjin Port's total container throughput reached 7.1 million twenty-foot equivalent units ("TEUs") last year, making the Port one of the world's top 20 container ports.

Similar to the recently announced MOU with the Qinhuangdao Port - the world's largest coal port - Genoil will either furnish a pilot unit or build a full production unit to speed up the final implementation of the project. The Company hopes to make a decision on which type of unit it will provide Tianjin Port shortly. The oil-water separation system will be produced in China by Genoil's manufacturing partner DongHwa Entec Co., Ltd providing the Company with low production and transportation costs. Genoil expects to have a unit installed within the next four months for Tianjin Port to demonstrate the efficiency of Genoil's equipment at eliminating oil and other pollutants from the water in a ship's bilge, and return clean water back to the waterway. The Company anticipates recognizing sales and profits in 2009 and is optimistic that the unit will be accepted because of the technologies' flawless operation at sites across the world over the past 10 years.

David Lifschultz, Genoil's Chairman and Chief Executive Officer, said "I am extremely pleased with the progress we are making penetrating the world's largest ports. With this agreement we now have two of the busiest ports in China and the world. We are working with our marketing partner The Clarendon Group, and our manufacturing partner DongHwa Entec, to increase our exposure to Asia's large ports and we expect additional agreements with Asian ports to be announced in the coming months. In addition, we anticipate to have installed pilot or full-service test units in Tianjin and Qinhuangdao by the end of the 2009 second quarter. We are optimistic that the testing process will go quickly and full operational capabilities will follow shortly after."

About Genoil

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


Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "hope", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at and with the Securities Exchange Commission available at

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

Contact Information

  • Genoil Inc.
    David Lifschultz
    Chairman and CEO
    (914) 834-7794