Genoil Inc.
OTC Bulletin Board : GNOLF

Genoil Inc.

September 12, 2005 06:00 ET

James Runyan Joins Genoil as Senior Vice President of Engineering and Operations; Genoil Selected to Present at Pan Asian Oil Conference

CALGARY, ALBERTA--(CCNMatthews - Sept. 12, 2005) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) is pleased to announce that James Runyan will be joining Genoil as Senior Vice President of Engineering and Operations effective immediately. James Runyan has significant engineering, procurement, and construction experience, as well as an impressive track record of growing companies. "Mr. Runyan has the management talent that can lead Genoil effectively. His experience in refining and with refinery managers as well as his tremendous track record growing other hydrocarbon companies from initial stages into established companies with significant revenues will benefit Genoil and our shareholders greatly," stated Chairman and CEO David Lifschultz. Mr. Runyan stated that he is "excited at the opportunity to provide hands on project management and to help open doors that can help Genoil execute more efficiently."

Genoil was selected to present on their leading hydroconversion technology at the Pan Asian Oil Conference in Bangkok, a key conference that will be attended by refinery managers and petroleum executives. Prior attendees include Sinopec, PetroChina, PetroVietnam, Petronas, Caltex, Petroleum Authority of Thailand, Pertamina of Indonesia, Shell, ExxonMobil, Marubeni, Itochu, BP, Hindustan Petroleum, Reliance Petroleum, Yukong Oil and Thai Oil Company. Mr. Runyan will be attending the conference and presenting on Genoil's behalf.

Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader can economically convert heavy crude oil into more valuable light synthetic crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants in the oil. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.

ADVISORY: Certain information regarding the company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers 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.

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 in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

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