Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

March 10, 2009 06:00 ET

Genoil Inc. Announces Third Agreement to Protect Ocean and Coastal Waters in China

CALGARY, ALBERTA--(Marketwire - March 10, 2009) - Genoil Inc. (TSX VENTURE:GNO)(OTCBB:GNOLF) announced today it has signed a memorandum of understanding ("MOU") with Tangshan Port, in China, for the implementation of Genoil's bilge water treatment system.

This is the third major Chinese port to sign an agreement with Genoil to test and implement the utilization of Genoil's oily water separation technology to treat and clean bilge water. Stringent environmental regulations with increased penalties for untreated bilge water discharged overboard are in place to protect the oceans and coastal waters from illegal dumping of waste oil. Genoil's Crystal oily water separator meets the port's goal to minimize the impact of contaminated bilge water on the aquatic ecosystem and complies with existing environmental laws.

Tangshan Port is located southeast of Tangshan City, at Bohai Bay in Hebei province, east of Tianjin and west of Qinhuangdao, the other two ports that signed MOU's with Genoil this year. These three ports are some of the busiest and largest in China. Once approved, Genoil will furnish an oily water separation production unit that will be manufactured in China by Genoil's established manufacturing partner. They will provide a unit built according to Genoil's high quality specifications. Because of its proximity to the port, low manufacturing costs and reduced transportation costs should result.

Genoil's treatment reduces oil content from bilge water to well below 15 parts per million so it meets strict international standards for discharges into the ocean. The Crystal bilge water separator was developed by Genoil for the commercial marine industry. It has been approved by US Coast Guard, according to the International Maritime Organization standards (Resolution MEPC 107 (49), and the American Bureau of Shipping.

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.

FORWARD LOOKING STATEMENTS: Certain information regarding the company, including management's assessment of future plans, strategic partnerships, operations, financing outcomes and the ability to negotiate a definitive agreement on terms acceptable to both parties may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with an oil and gas technology development corporation, including competition from other technologies and the ability to access sufficient capital from internal and external sources. When used in this press release, such statements use words such as "intend", "may", "will", "expect", "believe", "plan" and other similar terminology. As a consequence, actual results may differ materially from those anticipated. The Corporation 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. Additionally, 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. Further information on potential risk factors that could affect the company's financial results can be found in the company's disclosure materials filed on SEDAR at and with the Securities and Exchange Commission.

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