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

GENOIL INC. ANNOUNCES APPOINTMENT OF CONTROLLER AND DIRECTOR OF CORPORATE FINANCE (2006-08-21)

GENOIL INC. ANNOUNCES APPOINTMENT OF CONTROLLER AND DIRECTOR OF CORPORATE FINANCE
2006-08-21

 

TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB

CALGARY, AB, August 21, 2006: Genoil Inc. (“Genoil” or the “Corporation”) is pleased to announce that Hendrik Lombard, C.A., C.F.A, has been appointed as Controller and Director of Corporate Finance of the Corporation. Mr. Lombard has been involved for more than 10 years in accounting and consolidations, corporate finance, cash management, international trade, mergers and acquisitions, portfolio management and internal control implementation. Mr. Lombard will report to the Corporation’s CFO and will manage Genoil’s financial accounting processes and systems. Mr. Lombard will be responsible for the Corporation;s financial reporting, its compliance with exchange listing requirements and audit preparation.

Mr. Lombard holds a Bachelor of Accounting degree from the University of Stellenbosch, South Africa, and an Honours B.Com. degree from the University of South Africa. Mr. Lombard obtained his Chartered Accountant designation from the SA Institute of Chartered Accountants in 1994 and from the Canadian Institute of Chartered Accountants in 2004, and also obtained his Chartered Financial Analyst designation in 2003.

Mr. Lombard’s background includes senior financial and management roles with entrepreneurial and established companies in the securities and other industries in Canada and Namibia. Before joining Genoil, Mr. Lombard was a consultant providing financial reporting, taxation, accounting and auditing services. From 1998 to 2002, Mr. Lombard was Managing Partner at Lexus Securities, where he was instrumental in the start-up of this brokerage company. In this position Mr. Lombard developed a new money market system, implemented all accounting, settlement and compliance systems and directed research, portfolio management, corporate finance and trading. Prior to that, Mr. Lombard was Senior Executive at Namib Mills, the largest grain processing company in Namibia, Africa. Mr. Lombard started as Assistant to the CEO of this entity and was promoted to CFO after five months. While in the position of CFO, Mr. Lombard had a key role in the negotiations for the takeover and integration of Namib Mill’s major competitor. He also directed Namib Mill’s Finance, Personnel and IT departments, and designed and implemented new production, distribution and payroll systems for 550 employees. Mr. Lombard also served with KPMG early in his career and was in administrative positions at ABN Amro Bank and other mid-sized firms in the late 1990s. In connection with Mr. Lombard’s employment, the Company’s Board has approved the granting of 250,000 options with an exercise price of Can. $0.73 per share that will vest over a four year period in pro rated annual increments from the date of issuance.

Genoil is a technology development and engineering company providing environmentally sound 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 upgraded crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants.

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 FURTHER INFORMATION PLEASE CONTACT:
Genoil Inc.
David Kippen
Interim CFO
(403) 750-3450
Website: www.genoil.net