Donghwa Entec Co, Ltd. Enters into Licensing Agreement With Genoil
Calgary, Alberta, Canada – March 1, 2010 – Genoil Inc. (TSX.V: GNO – News)
(OTCBB: GNOLF.OB – News) today announced it has signed an exclusive licensing agreement with DongHwa Entec Co., Ltd. located in Busan, South Korea. Under the terms of the agreement, DongHwa will license, for a five year period, Genoil’s Bilge Water Separation technology for all ships, industrial fields and off-shore rigs manufactured or retrofitted in Korea, China and Japan. Additionally, DongHwa will also build the Genoil Bilge Water Separator units for sale by Genoil.
DongHwa is recognized globally as one of the leading manufacturers of heat exchangers and related multi-stage water generators for a number of industries including marine. David Lifschultz, Genoil s Chairman and Chief Executive Officer, said “We are very pleased to be working with DongHwa as our marketing and manufacturing partner. DongHwa accounts for the majority of all marine heat exchangers used in ships. For example, in both Korea and China they account for 70 percent of the shipping industry’s heat exchangers and in Japan that rate is 60 percent. This bodes well for us as DongHwa is positioned to use its leverage to book bilge cleaner sales.
“Thus, this agreement is a testament to our industry leading oil/water separation technology. In addition, we believe this is the beginning of higher worldwide demand as boat manufacturers, shipping companies, ports and other users of the world’s waterways look at Genoil’s oil/water separation units as the leading technology to limit the amount of oil entering the ecosystem. The DongHwa agreement is an important milestone in the evolution of Genoil, as we are working hard to transform Genoil into a profitable company focused on increasing shareholders’ value.
“Based on the continual sales activity for both the GHU Upgrader and Crystal Sea Separator products, we are now at a point in organizing manufacturing facilities for regional locations to reduce transportation costs and expedite deliveries by shorter shipping distances. With DongHwa covering the Pacific Rim, we are in the process of determining other low-cost manufacturing centers to serve (1) the Caspian Sea area, (2) Europe, and (3) other major markets. As a result, this will allow Genoil to efficiently manufacture and ship at competitive prices.”
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
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