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Genoil Announces Management & Board Restructuring

CALGARY, ALBERTA–(Marketwired – Oct 10, 2013) – Genoil (TSX VENTURE:GNO)(GNOLF) announces that it has appointed Bruce Abbott as President, Chief Operating Officer, and member of the Board of Directors, to succeed Thomas F. Bugg who will pursue other interests. Bruce has worked with Genoil since 2008 focusing on marketing sales and business development. Bruce will lead the company’s worldwide sales and marketing effort.
Genoil has also appointed Bengt Koch, former Executive Chairman of Atlantic Container Lines (“ACL”), a leading international container carrier, to the Company’s Board of Directors to succeed Ron Hutzal who will pursue other interests. Bengt will continue to focus on new markets and business opportunities within the shipping industry worldwide.
Mr. Slobodan Puhalac has been promoted to Vice Chairman of the Board of Directors. Mr. Abbott was instrumental in bringing Slobodan to the Board, and will continue to work closely with him in Eastern Europe.
Eric Rinker has been appointed Vice President of North America. Eric will lead our corporate sales and marketing effort in the region. His career began as a field engineer with Schlumberger. He has worked in various operational and management roles with Halliburton & Weatherford. Eric is a professional engineer with strong leadership skills, experience working with engineers and has over twenty five years of oil field experience. The appointment of Eric Rinker will enable Genoil to introduce Genoil’s Crystal Separators for land applications.
Brian Korney, Genoil’s Chief Financial Officer will be succeeded by David K. Lifschultz who continues in his role as C.E.O. and chairman. David Lifschultz expresses his appreciation for the services to the company of Brian Korney, Thomas F. Bugg, and Ron Hutzel and wishes them well in all their future endeavors.
“I am excited about working with this new board and management group of experts in technical and commercial matters. I am pleased with the new management and its dedication to realize the true potential of our company” Says David Lifschultz