TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
Calgary, Alberta, Canada.
Genoil Inc. (the “Corporation”) announces that, following the TSX Venture Exchange’s acceptance of the Corporation’s proposal to issue common shares of the Corporation in lieu of unpaid directors’ fees in an aggregate amount of $223,000 owing to certain directors by the Corporation, the Corporation has issued an aggregate of 660,740 common shares of the Corporation to such directors. Disinterested shareholders approved such issuance at the recent annual and special meeting of shareholders of the Corporation held on May 14, 2007 (the “Meeting”).
Management and the directors believe that it is in the best interests of the Corporation for the directors to settle this debt outstanding by issuing shares in liue of cash compensation otherwise payable to the aforementioned directors for the period in 2007 up to the Meeting date, in order to conserve the Corporation’s working capital position.
Genoil is an international engineering technology development company based in Alberta, Canada, that develops innovative hydrocarbon, oil and water separation, and marine technologies for the oil and gas and commercial marine industries. Focusing on “engineering technology for the future”, Genoil has designed and developed a number of important technological innovations, including the Genoil Hydroconversion Upgrader (GHUTM) which economically upgrades and significantly increases the yields of heavy crude oils and heavy refinery feedstocks into light, clean transportation fuels; and the Crystal Sea Separator, a revolutionary bilge water treatment system which has successfully met or exceeded the highest guidelines and standards of the United States Coast Guard and the International Maritime Organization’s Resolution MEPC 107 (49) for pollution prevention equipment for ship bilges.
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.
Chairman and CEO
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.