CALGARY, ALBERTA–(Marketwire -11/28/11)- Genoil Inc. (TSX-V: GNO.V – News) (OTC.BB: GNOLF.OB – News) announced today that it has achieved the ABS certification for all models of its Crystal Sea oil water separator. This is in addition to obtaining the US Coast Guard/IMO MEPC 107 49 certification for Crystal MU 30 and MU 40 of 5 m3/h and 10 m3/h. Details can be viewed at: http://www.eagle.org/
The American Bureau of Shipping (ABS) is the most efficient provider of marine and offshore classification services. The mission of ABS is to serve the public interest as well as the needs of its clients by promoting the security of life, property and the natural environment primarily through the development and verification of standards for the design, construction and operational maintenance of marine-related facilities.
Genoil’s Crystal Sea™ separators are state-of-the-art bilge separators that have been certified by the US Coast Guard in accordance with the International Maritime Organization Resolution MEPC 107 (49). Crystal Sea water separators utilize a patented, unique gravity driven process for multi-stage separation of immiscible phases with different densities such as heavier or light oils and water. Crystal Sea™ separators do not require a filter medium making it possible for customers to significantly reduce their cost of ownership by eliminating the need to purchase the expensive replacement filters required by competitive water separation products.
At the request of S.B.K. Holdings (which is the Dubai based privately held global holding company for H.H. Dr. Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan), Genoil has filed for a license to build upgraders and water treatment facilities in Abu Dhabi as part of the plan to move forward with GHU upgrading and Crystal oil water separation business in the United Arab Emirates.
Genoil’s testing of the Crystal Sea Separator on board a 2,000,000 barrel VLCC tanker continues and the results have been positive with between about 0% contamination and .1% ppm. CEO David Lifschultz also states that the finalization of the GHU contract in the Middle East is progressing.
Genoil is a publicly traded Canadian engineering technology development company headquartered in Calgary, Alberta, with offices in Sherwood Park, New York City, Constanta Romania, Dubai and Saudi Arabia. Genoil has a hydroconversion upgrader located on 147 acres, in Northern Alberta and offers an array of clean-tech petroleum technologies. Genoil’s shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.
For more information on Genoil Inc. visit www.Genoil.ca.
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. 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 atwww.sedar.com and with the Securities and Exchange Commission.
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