Genoil Inc.

Genoil Inc.

March 25, 2015 09:41 ET

Genoil Provides an Update on Upgrading Projects

NEW YORK, NEW YORK--(Marketwired - March 25, 2015) - The Genoil ("Genoil" or the "Corporation") (OTCBB:GNOLF) executives including a technical engineering team have scheduled an imminent trip to China to hold meetings with HYT, China National Petroleum Corporation (CNPC) and their affiliates. Genoil will be meeting with the officers of both companies, who visited the Genoil GHU in Two Hills Alberta in 2008. This visit took place during the testing for the HYT projects feasibility study. The purpose of the our upcoming trip will be to work on the financing for the new Genoil / HYT refinery and to line up long term contracts on input feedstocks and output products. The construction of a Genoil GHU in combination with our new refinery will be the first major commercial and most advanced heavy oil upgrader in China. This will be the newest and most advanced refinery in the world.

Genoil is working towards completion of its certified financial reports for 2013 and 2014 and is working on both years simultaneously. In addition, the company has made substantial progress in marketing and sales in Saudi Arabia, Venezuela, Russia, China & Nigeria. Heavy and light oil spreads are still very profitable and the current oil prices have not affected any projects we are working on. This is especially true in China where the demand for imported oil grew by 500,000 barrels a day last year.

"The company has been able to substantially reduce its burn rate while growing the organization and expanding its sales coverage," says David Lifschultz.

Genoil is pleased to announce that it has settled debt for $3631.00 for 72,000 common shares at a price of $0.05 USD per share as part of shares for debt settlement agreements with various parties for consulting services performed. The shares issued in connection with the settlement of this debt are subject to United States hold period from their date of issuance.

In accordance with corporation's employee stock option plan Genoil reports that the board of directors of the Corporation (the "Board") has approved the grant of incentive stock options to the directors of the Corporation and outside consultants for part of 2014 and the year 2015. The Board has approved the grant of an aggregate of 8,350,000 options to acquire common shares of the Corporation at an exercise price of $0.05. Of the 8,350,000 options approved for grant, 6,500,000 will be granted to directors of the Corporation for their future efforts in the coming fiscal year. Of the total 8,350,000 options granted 2,500,000 were replacing employee expired options.

The securities to be issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption there from under the 1933 Act and the securities laws of all applicable states.

ADVISORY: Certain information regarding the company, including management's assessment of future plans, contact values, completions dates, operations, profitability and the uses of the company's technology, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas technologies, production, refining, marketing and transportation such as loss of market, volatility of prices, environmental risks, competition from other technologies, the effectiveness of the company's technologies and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company 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.

Contact Information

  • Genoil Inc.
    (212) 688-8868