Calgary, Alberta, Canada – June 24, 2008 – Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) is pleased to announce that the meetings in Beijing mentioned in yesterday’s press release are confirmed for the week of July 7th. The Corporation will be meeting with the Chinese National Petroleum Company, its subsidiary Sinopec, the Chinese Development Bank and other financial authorities. The primary goal of these meetings is to establish a strategic partnership with China to implement the Genoil upgrader within China and around the world for the purpose of upgrading heavy oil to light oil for producing higher yields of gasoline, jet fuel and diesel. Such a partnership is important to China to unleash the potential of its heavy oil reserves in the country and to enable them to also unleash that potential for reserves acquired around the world, and it is important to Genoil to establish its technology as a paradigm in the industry. As part of that strategic partnership, Genoil would desire to work with Chinese financial authorities to finance the Haiyitong Inc. (“HYT”) project, but that by no means is the only source that is available for such a funding. Genoil is exploring other sources and many of these are now opening up as the Chinese have made this project much more profitable by lifting to a significant extent the price controls that restrained profitability, as explained in yesterday’s release. The Corporation regards it as an important milestone that HYT is prepared to invest 36 million dollars in this project. Once the financing is in place, Genoil will immediately move to sign a final project contract with HYT and initiate steps to build this upgrader for 20,000 barrels a day as fast as is possible. It is anticipated the HYT project will take three years to be completed.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
For more information contact:
Chairman and Chief Executive Officer
(212) 688 – 8868
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
FORWARD LOOKING STATEMENTS: Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “hope”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil’s financial results can be found in Genoil’s disclosure materials filed on SEDAR at www.sedar.com
and with the Securities Exchange Commission available atwww.sec.gov