Genoil Inc.
OTCBB : GNOLF

Genoil Inc.

October 13, 2014 09:08 ET

Viscount Torrington to Join Genoil Advisory Board and Genoil Raises Capital & Settles Debt at $.05 a Share

NEW YORK, NEW YORK--(Marketwired - Oct. 13, 2014) - Genoil Inc. ("Genoil" or the "Corporation") (OTCBB:GNOLF) -

Lord Torrington has joined the Advisory Board of Genoil. Lord Torrington's career has involved technical, administrative and financial roles in the worldwide natural resource industries and extensive contacts and negotiations with financial institutions and governments on all continents at many levels.

He graduated as a geologist from Oxford University in 1964 and after ten years in the mining industry, largely in Southern Africa with Anglo American Corporation and Lonrho. He became CEO of the Attock Oil Company (later Anvil Petroleum) and subsequently served as Chairman of Expro North Sea, a major UK-based international service company. In 1994 he became Managing Director of Heritage Oil & Gas, initiating its successful entry into oil and gas discoveries in Congo Brazzaville and Uganda's Western Rift Valley.

Lord Torrington also served on the House of Lords European Communities Energy Committee, chairing it from 1984 to 1987. He is currently a non-executive Director of Lansdowne Oil & Gas plc and involved in wildlife charities in Africa.

Lord Torrington regards this as a most exciting time to join Genoil as it seizes the major opportunity in the bunker fuel market where the International Maritime Association regulations stipulate a reduction of sulfur content in bunker fuel from over 4% in cases to a maximum of from .1% to .5% around the world effective in stages from January 1, 2015 to January 1, 2020. Genoil is presently working to develop a major bunker fuel desulfurization project at the Port of Rotterdam.

Lord Torrington is particularly excited about this Rotterdam project and believes that this will be the first mover project that facilitates the roll out of the GHU desulfurization technology around the ports of the world such as Singapore, Fujairah and others.

The company is working on three major contracts in Asia, Europe and in the Middle East. Drafts have been exchanged between the parties and negotiations are ongoing.

NON BROKERED PRIVATE PLACEMENT:

Genoil announces that it has closed a non-brokered United States private placement, pursuant to which the Corporation issued 4,314,000 common shares, at a price of USD $0.05 per share for total gross proceeds of $215,700.00. The common shares issued in connection with the private placement are subject to hold periods pursuant to relevant governmental holding periods. In connection with the shares issued for this private placement the company issued 4,314,000 warrants at a strike price of .05.

Genoil is pleased to announce that it has settled debt for $289,971.68 for 5,799,434 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.

"Genoil has substantially reduced its burn rate while at the same time it has continued to expand the organization and opportunities as reflected in the fact that we are negotiating three contracts simultaneously. In addition, we have expanded our territorial coverage through agents to cover most of the heavy oil reserves in the world and are in talks with many countries often at the highest levels of government as well as their national oil companies. We welcome with pleasure Tim Torrington to our Advisory Board whose experience in Africa, the Middle East, Asia and the North Sea will be invaluable to us," says David Lifschultz, the CEO of Genoil.

Contact Information

  • Genoil Inc.
    David K. Lifschultz
    CEO
    212 688 8868