Calgary, Alberta, Canada — November 27, 2007 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) announced today that they have executed a Joint Operating Agreement with Aquamation Inc., to collaborate in industrial water treatment projects & process plant projects for clients in the oil and gas and petrochemical industries.
Under the Joint Operating Agreement, Genoil and Aquamation will jointly market and further develop and integrate their oil and water separation technologies. Additionally, Genoil and Aquamation will share revenues and profits for these projects.
Genoil Chief Operating Officer, James Runyan, said, “We are extremely excited about this integrated relationship. This is a strategic move designed to create significant global business opportunities in the oil & gas and petrochemical markets. We believe Aquamation’s world class industrial water treatment solutions not only complement Genoil’s oil and water separation products, but will help drive future growth and revenues.”
Aquamation Chief Operating Officer, Anthony Lewis said, “We are very pleased to partner with Genoil. This strategic alliance leverages engineering solutions from both companies that are complimentary. Further, Aquamation can now consider requests from our clients to support larger projects and be confident that our combined resources and expertise will ensure success.”
Aquamation, Inc. was founded in 1998 and is a global supplier of industrial water treatment solutions and process plants to the petrochemical and oil & gas industries. Aquamation has provided industrial water treatment equipment and process plants to major customers including international and national oil companies operating in Indonesia, Malaysia, Saudi Arabia, China, Taiwan, Nigeria and the United States.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation and marine technologies for the oil and gas and commercial marine industries.
CONTACT: Genoil Inc.
James Runyan, Chief Operating Officer & Executive Vice President
Phone: (780) 416-5590
CONTACT: Aquamation Inc.
Anthony Lewis, Chief Executive Officer
Phone: (713) 914-9300
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. When used in this press release, such statements use words such as “intend”, “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. 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 www.sedar.com and with the Securities and Exchange Commission.