GENOIL INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT|GenOil Inc.

GENOIL INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
2008-07-25

Calgary, Alberta, Canada — July 25, 2008 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) is pleased to announce that it has closed the second and final tranche of the private placement initially announced on July 9, 2008 (the “Offering”). Subsequent to the closing of the first tranche of the Offering, Genoil has issued an additional 1,593,422 Units, at a price of U.S. $0.23 per Unit, each Unit consisting of one common share and 0.25 common share purchase warrants (“Warrants”) for additional gross proceeds of approximately U.S. $365,000. The Warrants are exercisable until two years following their issue date at a price of U.S. $0.29. The common shares issued in connection with this private placement are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation.

Funds raised will be used by the Corporation for working capital purposes and to pay outstanding debt, a portion of which is held by related parties.

The securities issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

About Genoil

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:
David Lifschultz

Chairman and CEO

(212) 688-8868

www.genoil.net

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