GENOIL INC. ANNOUNCES MEMORANDUM OF UNDERSTANDING WITH QINHUANGDAO PORT
GENOIL ALSO SIGNS JOINT VENTURE AGREEMENT WITH CLARENDON GROUP INTERNATIONALCalgary, Alberta, Canada – February 3, 2009 – Genoil Inc. (TSX.V: GNO – News) (OTCBB: GNOLF.OB – News) today announced it has signed a memorandum of understanding (“MOU”) with Qinhuangdao Port and a joint venture agreement with The Clarendon Group.
The MOU with Qinhuangdao Port is for the introduction and implementation of Genoil’s oil-water separation system to treat and clean bilge water. Qinhuangdao Port is strategically located for transporting coal from the north to the south of China, handling approximately 50 percent of China’s coal shipments, or 200 million tons annually making the port the world’s largest coal loading port. Opened in 1893, Qinhuangdao Port is the eleventh largest port in the world, in terms of tonnage shipped, and is larger than any port in United States.
Genoil will either be furnishing a pilot unit or building a full production unit to speed up the final implementation of the project. The Company hopes to make a decision by the end of the month. The oil-water separation system will be produced in China by Genoil’s manufacturing partner DongHwa Entec Co., Ltd providing the Company with low production and transportation costs. Genoil expects to have a unit installed within the next three months for testing at the Port and if accepted anticipates recognizing sales and profits in 2009. The Company is optimistic that the unit will be accepted because of the technologies’ flawless operation at sites across the world over the past 10 years.
The Company also signed a joint venture agreement with The Clarendon Group to co-operate internationally in the promotion, marketing, sales, service provision and logistics of Genoil’s Crystal Oil Water Separators. The Clarendon Group, based in London, England, provides established international financial expertise with extensive knowledge and experience of new technologies with key contacts in ports and port servicing companies internationally having already made potential sales in Malaysia, Indonesia, Turkey, United States, Bahamas and China with an extended sales pipeline in the United Kingdom and other parts of Europe.
David Lifschultz, Genoil s Chairman and Chief Executive Officer, said “The Qinhuangdao Port MOU is a defining moment of Genoil and I am extremely excited that we expect to begin to report sales and profits for 2009 as a result of the MOU. Our Crystal Oil Water Separators have been operational for over 10 years throughout Australia, Romania, and United States including units at the United States’ Army’s Fort Bliss in Texas and the United States’ Marine Corps’ Camp Pendleton in California. Ports around the world are recognizing the monetary and environmental value of our Crystal Oil Water Separators and we expect to sign additional MOUs shortly with several larger Asian ports. As we role out the technology to additional Asian ports, we expect the profitability of the Company to dramatically increase.”
Genoil will be hosting a conference call Thursday, February 5, 2009 to discuss the agreements and to answer questions at 4:15 pm ET. To participate in the conference call, please dial 866-477-2375 (domestic) or 850-43… (international) and use the pin confirmation of 5026 five to 10 minutes before the call is scheduled to begin. A replay will be available from February5, 2009 until February 12, 2009. The number to hear the teleconference replay is 866-415-9493 (domestic) or 585-419-6446 (international). The replay pin is 5026.
Genoil 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 please contact:
Chairman and CEO
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 at www.sec.gov.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.