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

Genoil Inc.

July 15, 2005 12:40 ET

Genoil Inc. Announces Review of Corporate Governance Practices

CALGARY, ALBERTA--(CCNMatthews - July 15, 2005) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) ("Genoil" or the "Corporation") announces that its Board of Directors has completed a review of the Corporation's current corporate governance practices and procedures and has evaluated the effectiveness of such procedures as they relate to the Corporation and its current stage of development. The results of this review have been filed on SEDAR and can be accessed at www.sedar.com.

Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader is designed to 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: 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.

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

Contact Information

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