Calgary, Alberta, Canada – January 28, 2009) – Genoil Inc. (the “Corporation”) (TSX VENTURE: GNO) (OTCBB: GNOLF) reports that the board of directors of the Corporation has approved the grant of an aggregate 2,700,000 incentive stock options to the Corporation’s Chairman and Chief Executive Officer to acquire up to an aggregate of 2,700,000 common shares of the Corporation. The options approved for grant are in lieu of any cash compensation otherwise payable and have been approved in an equivalent quantity to that previously granted to the Corporation’s Chairman and Chief Executive Officer, which options have since expired unexercised.
All of the 2,700,000 options were approved with an exercise price of $0.215, being the closing price of the Corporation’s shares on the TSX Venture Exchange on the date preceding the date of grant. All of the options approved 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 and stock exchange approvals.
Genoil is a technology development company providing 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 synthetic crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants in the oil. 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:
Chairman and CEO
(914) 834-7794 or (914) 393-5800
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.