Genoil Inc.

Genoil Inc.

September 10, 2012 18:32 ET

Genoil Inc.: Proposed Creditor Settlement

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2012) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) ("Genoil" or the "Corporation") announces that, subject to approval from the TSX Venture Exchange, it proposes to issue 10,300,460 common shares at a deemed price of $0.07 Cdn per share as part of shares for debt settlement agreements with certain parties for unpaid salaries and other creditors. The total amount of indebtedness settled in this regard will be $721,032.28 Cdn. The shares issued in connection with the settlement of this debt are subject to relevant hold periods from their date of issuance. It is proposed that 1,000,000 common shares will be issued to insiders of Genoil, excluding the CEO and President.

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

ADVISORY: Certain information herein regarding the Corporation or the proposed shares for debt application may constitute forward-looking statements under applicable securities law and necessarily involve risks that the events referred to herein may not occur as described. 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. Further information on potential risk factors that could affect the Corporation can be found in the Corporation's disclosure materials filed on SEDAR at and with the Securities Exchange Commission.

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