GENOIL INC. ANNOUNCES SHARES FOR DEBT APPLICATION.
Calgary, Alberta, Canada — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) intends to file a shares for debt application with the TSX Venture Exchange to satisfy amounts outstanding to Emil Pena, a consultant of the Corporation. These shares are being issued pursuant to a debt cancellation agreement between Genoil and Mr. Pena (the “Agreement”), whereby Mr. Pena has agreed to forgive and cancel all debts currently owing to him by the Corporation, being U.S. $63,617.00 in exchange for common shares of the Corporation. The shares to be issued in satisfaction of this debt will be based on a price per share of U.S. $0.590, such price being the closing price on the OTC Bulletin Board on June 28, 2007.
The terms of the Agreement and the payment of this debt to Mr. Pena were approved by the Board of Directors of the Corporation on June 29, 2007.
Genoil Inc. 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.
For further information contact:
Chairman and CEO
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.