GENOIL INC. AND STONE & WEBSTER INTERNATIONAL SIGN BINDING MEMORANDUM OF UNDERSTANDING
Calgary, Alberta, Canada — October 9, 2007 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) announced today that it has signed a binding Memorandum of Understanding with Stone & Webster International, Inc. (SWI), a wholly owned subsidiary of The Shaw Group Inc. (NYSE: SGR), pursuant to which SWI will provide marketing and technical assistance to Genoil in connection with further development of Genoil’s Genoil Hydroconversion Upgrader (“GHU”) technology.
Under the Memorandum of Understanding, Genoil and SWI will jointly participate in the marketing and further development of the GHU technology and will share the royalties from the licensing of the GHU technology. Genoil has granted SWI the exclusive right to provide global engineering, procurement and construction services to third party customers of Genoil for the scope of work required to incorporate the GHU technology into new and existing heavy oil upgrading projects. In addition, Genoil has granted SWI a right of first refusal for ten years to provide global engineering, procurement, construction and related services to such third party customers for the remaining project scope of work for such projects.
About Stone & Webster
A unit of The Shaw Group Inc. (NYSE: SGR), Stone & Webster International, Inc. (SWI), is a global leader in the development, engineering, design and construction of facilities supporting domestic and international power generation. Stone & Webster employs proprietary process technology to provide cost-effective solutions for petrochemical, refining and gas processing applications for the global process engineering and construction market. It provides engineering, construction and consulting services to federal facilities and environmental remediation, water and wastewater and transportation markets, and is a complete service provider to the chemicals and fibers, pipeline, telecommunications, energy services and manufacturing operations.
For further information, please visit Stone & Webster at www.shawgrp.com
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 the oil and gas and commercial marine industries.
CONTACT: Genoil Inc.
Chief Operating Officer & Executive Vice-President
CONTACT: The Shaw Group Inc
Director, Communications and Marketing
Energy & Chemicals
ADVISORY:Certain information regarding the company, including management’s assessment of future plans, contact values, completions dates, operations, profitability and the uses of the company’s technology, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas technologies, production, refining, marketing and transportation such as loss of market, volatility of prices, environmental risks, competition from other technologies, the effectiveness of the company’s technologies and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company 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.
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 the company’s financial results can be found in the company’s Reports filed with the Securities and Exchange Commission and with the Canadian Securities Administrators.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.