Genoil Inc.

Genoil Inc.

February 16, 2012 15:04 ET

Genoil Inc.: Proposed Creditor Settlement

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2012) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) announces that it proposes to issue 3,831,160 common shares at a deemed price of $0.10 Cdn per share as part of a shares for debt settlement agreement with related parties for unpaid salaries and other creditors. The total amount of indebtedness settled in this regard is $383,116 Cdn. The shares issued in connection with the settlement of this debt are subject to relevant hold periods from their date of issuance.

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 regarding the Corporation, including management's assessment of future plans, operations or financing alternatives 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. 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, ability to secure financing acceptable to the Corporation and the Corporation's ability to obtain new contracts and accurately estimate net revenues due to the 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 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