Calgary, Alberta, Canada & Istanbul, Turkey — August 8, 2008 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) has entered into a Memorandum Of Understanding (“MOU”) with OCM Tasimacilik Lojistik Madencilik Ticaret Ve Sanayi A.S. (“OCM”), one of the largest conglomerates in Turkey, to jointly cooperate and develop oil water separation projects.
The Corporation’s CEO, Mr. David Lifschultz, met with representatives of OCM Holdings yesterday in Istanbul. OCM has extensive exposure in Russia, the former Soviet Republics, the Middle East, Africa, and around the world, and will assist Genoil in its efforts to market the oil water separation equipment.
Genoil has pioneered different oil water treatment technologies that can be applied for treating and decontaminating ships bilge water. In Coast Guard tests, Genoil’s Crystal Sea units, the newest generation of our existing Crystal technology, have exceeded U.S. Coast Guard regulations.
Genoil and OCM have come up with new environmental applications for the Crystal oily-water separation marine units. Through this joint venture the companies expect to generate substantial ongoing revenues from the processing of bilge water, contaminated water and produced water in various applications.
Genoil’s oily-water separators can also be used for polishing produced water downstream of free water knock-out units and reclaiming such crude oil, which could be sold to oil companies or other third parties. The Genoil technology provides a necessary and profitable option to this application, allowing for an effective environmental solution to this otherwise contamination hazard.
Genoil anticipates further press releases with updates on the trip to China and negotiations on more favorable market terms for our upgrading project with Haiyitong, Inc., refinery.
As part of the trip, the Genoil team has been working to finalize relationships in the Middle East, making presentations to major oil companies, producers and refiners.
Genoil Inc. is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
For further information contact:
Chairman and CEO
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “hope”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil’s financial results can be found in Genoil’s disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.