Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

September 16, 2011 06:00 ET

Genoil Inc. Receives Coast Guard Certification for Its Crystal MU 30 and MU 40 Bilge Separators

CALGARY, ALBERTA--(Marketwire - Sept. 16, 2011) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce that two larger model Crystal MU 30 and MU 40 oily-water separators, of 5 m3/h and 10 m3/h capacity, have recently been certified by the US Coast Guard in accordance with IMO Resolution MEPC 107 (49). These models are essential in offering a complete line of bilge separators.

The US Coast Guard/IMO MEPC 107 (49) certifies bilge separators that achieve less than 15 parts per million (ppm) oil content. While lower oil contamination of the effluent is highly desirable, the 15 ppm limit was set due to the industry's inability to provide more efficient separators. However, during the most recent Crystal test, oil readings indicated zero ppm oil content in the effluent without filters.

"This certification is the culmination of nine years of research and development," said David Lifschultz, Genoil's Chairman and CEO. "Our Crystal separators' thoroughly innovative approach in oil-water separation virtually eliminates the use of filters, which results in significant savings in operating costs and zero downtime."

Mr. Lifschultz concluded, "Apart from setting new purity standards in the industry, the Crystal Separator saves $16,000 a year on filter changes, has a smaller footprint and is 75% cheaper than competitor's products, according to the ship owner."

The Crystal separators are now available in a variety of models, ranging from the industry's most compact bilge unit of 0.25 m3/h, to the recently approved 5 and 10 m3/h capacity units. Korean, Japanese and Chinese shipyards, which comprise a majority of the shipbuilding industry, require companies to produce coast guard certified separators that reach up to 10 m3/h capacity in order to be placed on their list of manufacturers. The approval of Genoil's 10 m3/h unit affords these countries the opportunity to choose the Company for their oily-water separation projects.

Work on a material GHU upgrading contract is nearing completion.

About Genoil

Genoil is a publicly traded Canadian heavy oil upgrading, engineering, and technology development company headquartered in Edmonton Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta, Romania, and Dubai & Abu Dhabi. Genoil has a hydroconversion upgrader, owns a 10bpd hydroconversion upgrader located on 147 acres, and offers an array of clean tech petroleum technologies and heavy oil upgrading solutions. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.

ADVISORY: 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. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Genoil Inc
    David Lifschultz
    Chairman and CEO
    (212) 688-8868 or (914) 393-5800