USA (212) 688-8868 sales@genoil.net

GENOIL ANNOUNCES RESULTS OF ANNUAL MEETING AND NEW BOARD OF DIRECTORS (2007-05-14)

GENOIL ANNOUNCES RESULTS OF ANNUAL MEETING AND NEW BOARD OF DIRECTORS
2007-05-14

 

TSXV SYMBOL:  GNO
OTCBB SYMBOL:  GNOLF.OB

Calgary, Alberta, Canada.-  Genoil is pleased to announce that at Genoil’s Annual General and Special Meeting (the “AGM”) held May 14, 2007, Messrs. David K. Lifschultz, Brian Korney, Joseph Fatony and Henry Bloomfield were appointed as Genoil’s Board of Directors.  Genoil is also pleased to announce that Genoil’s shareholders passed each of the motions voted upon at the AGM.

Henry Bloomfield and Joseph Fatony are both new directors to Genoil.

Henry J.F. Bloomfield, Q.C., KJ.ST.J., B.A., LL.B., M.B.A., is the Principal and Managing Partner of Bloomfield & Associates, a legal firm in Montreal.  Attorney Henry Bloomfield, specializes in Canadian Federal and Provincial Corporate Law, International Finance, Securities Matters; International Taxation law.   Mr. Bloomfield is also active in International Banking, Shipping, and Canadian Federal Patent and Trademark Law, along with Finance and Mergers and Acquisitions.  Mr. Bloomfield has been a Member of the Bar of Quebec since 1969.  Henry Bloomfield was appointed Queens Counsel in 1991 and is also President of the Eldee Foundation, a Canadian Charitable Foundation, and of the Humane Society of Canada.  From 1986 to 1996, Henry Bloomfield was Director of the former Federal Business Development Bank, now the Business Development Bank of Canada as well as Chairman of the Audit Committee, Chairman of the Trustees of the Pension Fund and Chairman, Quebec Regional Advisory Board, RAQ.  Mr. Bloomfield was also Chairman of BJB Global Investment Management Limited, Canada a Joint Venture with Banque Julius Baer of Zurich, Switzerland, from 1994 to 1997.  Mr. Bloomfield was on the Board of Directors of Banco Commercial Portugues from 1999-2001, and he was a director of Heller Financial Canada from 1998 to 2002, and also director of VTEL (Vermont Telephone Company), a privately owned telephone company, from 1984 to 2003.  From 1980 to 1987 he was appointed by the Minister of Financial Institutions of Quebec as Member of the Commission, Commission Des Valuers Mobilieres Du Québec (Quebec Securities Commission).   Prior to that, he held different positions for J. Henry Schroder in the USA and Canada, being Director, Secretary, Treasurer and Vice-President Money Management.  Mr. Bloomfield received his Law Degree, LL.B. June 1968 from the University of Montreal, and graduated from Harvard School of Business Administration, Cambridge, Mass., obtaining an M.B.A. Degree with emphasis on international finance.

Joseph C. Fatony is the principal and Chief Financial Officer of AFC Realty Capital, Inc, a real estate investment banking firm in New York.  His career spans over 40 years in which Mr. Fatony has held executive positions in the investment and banking industry and has developed, managed and been consultant to real estate projects nationwide. Prior to joining AFC Realty Capital, Inc., Mr. Fatony was Chairman of the Board and founder of SRF Builders Capital Corp., a New York State mortgage bank.  He was responsible for the origination and funding of real estate projects throughout the northeast.  SRF was a joint venture with a Fortune 50 company and together they initiated, funded and completed in excess of $500 million of real estate financings.  During his career, Mr. Fatony has financed in excess of $3 billion in real estate projects throughout the United States and Canada.  His executive positions in the banking industry include that of Vice President with the Bank of New York for over 20 years.  During that time, Mr. Fatony was officer in charge of the Wall Street Private Banking Department.  Prior to that, he was officer in charge of the Fifth Avenue Trust Department.  He has acted as consultant to syndicators in real estate and securities. Mr. Fatony holds a BA and MBA from Long Island University.  He is a member of the Advisory Board to the Dean of the School of Business and Information Systems as well as a member of the Board of Directors for the Graduate School at Long Island University and The Advisory Board of Lakeland Bank.  Mr. Fatony is also a member of the Accountant’s Forum, the Long Island Association, the National Real Estate Club, Garden State Credit Association, the Williams Club and the International Council of Shopping Centers. Mr. Fatony is currently on the Board of Directors of Rovion Corp.  Mr. Fatony is the former Chairman of the Board of American Investment Services, a registered investment advisor.  Mr. Fatony is a former Director of Air Freight Services, Inc., Lansdell Protection Agency, Lifschultz Industries, Energetic Genomics Corp. and Howington Industries and a former trustee of the American Institute for Economic Research.  He is also an adjunct professor of finance and management at Long Island University.

Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies.  The Genoil Hydroconversion Upgrader is designed to economically convert heavy crude oil into more valuable light synthetic crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants in the oil.  Genoil’s shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.

For more information on Genoil Inc. visit www.genoil.net
David Lifschultz
Chairman and CEO
(212) 688-8868

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ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.