Calgary, Alberta, Canada – June 6, 2008 – Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) reports that Mr. Joseph Fatony has tendered his resignation as a member of the board of directors effective as of June 6, 2008. Mr. Fatony had previously advised the Corporation that, due to health concerns, he would be withdrawing his name for consideration as a director nominee at the Corporation’s annual meeting of shareholders (the “Meeting”). The Corporation’s directors wish to express their gratitude to Mr. Fatony for his contributions to the Corporation during the period of his service as a director. The Corporation has additionally announced that Mr. Thomas Bugg, the Corporation’s newly appointed President, has been appointed by the Corporation’s board of directors to fill the vacancy on the board created by Mr. Fatony’s departure.
The board of directors of the Corporation has approved the grant of an aggregate 1,500,000 incentive stock options to Mr. Thomas Bugg pursuant to the Corporation’s stock option plan as an incentive and in consideration for his serving as President and as a board member of the Corporation.
The issuance of the 1,500,000 options is contingent on the approval of the Corporation’s shareholders to the amendment of the Corporation’s stock option plan at the Meeting. If such amendments are approved the 1,500,000 options are to be issued with an exercise price of $0.22, being the last closing price of the Corporation’s shares on the TSX Venture Exchange on the date prior to the approval of such grant. All of the options approved shall have a term of five years from the date of grant and vest immediately. All of the options approved are conditional upon the receipt of all necessary regulatory, shareholder and stock exchange approvals.
Genoil Inc. is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
Chairman and CEO
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.