Genoil Inc. Announces Conversion of Cdn. $750,000
TSX.V SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
CALGARY, AB, April 27, 2006 – Genoil Inc. is pleased to announce that a corporation affiliated with David K. Lifschultz, the Chairman and CEO of Genoil Inc., has converted $750,000 aggregate principal amount of an unsecured convertible debenture, plus accrued interest, into common shares of Genoil Inc. In accordance with the terms of the debenture Genoil has issued 1,800,000 common shares to the former debenture holder. The convertible debenture was originally placed in October, 2005 as a six month convertible debenture on substantially similar terms to a private placement completed by Genoil in late December, 2004. The debenture being converted carried a 12% annual interest rate and the conversion price of the debenture was Cdn $0.44 per share.
Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader can economically convert heavy crude oil into more valuable light synthetic crude, high in yields of transport fuels, while significantly reducing the sulphur, nitrogen and other contaminants in the oil.
FOR FURTHER INFORMATION PLEASE CONTACT:
David K. Lifschultz
Chairman & Chief Executive Officer
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.