Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

April 11, 2006 15:00 ET

Genoil Inc. Announces Shares for Debt Application

CALGARY, ALBERTA--(CCNMatthews - April 11, 2006) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) ("Genoil" or the "Corporation") will be filing a Shares for Debt Application with the TSX Venture Exchange to satisfy the amounts outstanding to Thomas Bugg, the former Chief Operating Officer of the Corporation, for the first quarter of 2006. These shares are being issued pursuant to a severance agreement between Genoil and Mr. Bugg. Mr. Bugg resigned his position with the Corporation in November, 2004, and will be providing consulting services until June, 2006. The payment of Q1 debt is to be based on a price per share of $1.16, such price being the closing price on April 10, 2006 less 20%, being the maximum discount allowable by the policies of the TSX Venture Exchange.

The terms of these employment and severance agreements and the payment of this debt to Mr. Bugg was approved by disinterested shareholders at the Annual and Special Meeting of the Corporation held on June 3, 2005.

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 synthetic crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants 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.

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

Contact Information

  • Genoil Inc.
    David K. Lifschultz
    Chairman & CEO
    (212) 688-8868