GENOIL INC. ANNOUNCES SUCCESSFUL TESTING OF ITS CRYSTAL BILGE WATER SEPARATOR
TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
Calgary, Alberta Genoil Inc. (“Genoil” or the “Corporation”) is pleased to announce the completion of testing on its improved Crystal Bilge Water Separator named the “Crystal Sea”. In the view of management, these tests have shown the Crystal Sea to be better than competing models. The advantages of the new Crystal include: a very simple operating system, a footprint that is 3 to 6 times smaller than other technologies, and no requirement for back washing or flushing with fresh water or sea water. Additionally, it requires no chemicals, uses very little power, has no moving parts with the exception of a pump, and the oil removed is dry enough and of a quality that it can be reused by other utilities aboard. The corporation estimates that the total market for the new Crystal Sea Separator may be as large as 50,000 ships and in excess of 15 billion dollars.
Considerable planning and scientific work has gone into the advancement of the Crystal Sea over a four year research budget and Genoil plans to bring these models immediately to the market. Initial marketing of the Crystal Sea has already begun as part of an intermediate strategy to develop a near term profit stream. Any near term profits from the Crystal Sea are expected to be used to support Genoil’s core business GHUTM upgrader efforts. Genoil is currently concentrating on advancing a number of projects outlined in a letter of intent previously entered into with Hebei Zhongjie Petrochemical Group Company Ltd. and those efforts have indicated that Genoil’s GHUTM Upgraders generally take in excess of three years to build.
Management hopes that profits generated from the Crystal Sea will be sufficient to limit the need for raising additional funds through periodic private placements which have a tendency to be somewhat dilutive. Genoil views the completion of development and testing of the Crystal Sea as an important step in the Corporation’s maturation from a research and development company into a sophisticated engineering group with a focus on executing sales through its highly developed commission based agency relationships around the world. The Crystal Sea is expected to be sold through these presently existing agencies.
The tests of the Crystal Sea separator were conducted at Testing Service, Inc. in Salt Lake City, Utah, and have successfully met IMO MEPC 107 (49) resolution and the United States Coast Guard standards. The successful tests mean Genoil may enter the United States market immediately. As new regulations are implemented globally over the next five to ten years, the tens of thousands of ships operating under these regulations are expected to be required to convert to and implement bilge water treatment technologies of the type contained in the Crystal Sea. As Genoil views its bilge water treatment models as superior and very cost effective, it expects to be well positioned to penetrate this market at once.
Genoil tested two different size units during this certification testing period. The smallest unit designed for bilge water treatment has a flow rate of 2 gallons per minute and the largest such unit is designed for a flow rate of 20 gallons per minute. The Genoil Crystal Sea Separator achieved below 15 ppm effluent in discharge water before the last stage of separation and below 5 ppm effluent after the last stage of separation. The lower level of effluent in the discharge water after the last stage of separation allows ships traveling in inland waterways in Canada to treat and discharge bilge water in an area designated for 5 ppm or below effluent in the discharge water.
The Corporation also has designs for 3 additional sizes between these smallest and largest units rated at flow rates of 5, 10 and 15 gallons per minute. It is important to note that the Crystal Sea is not a “black box technology”, but rather represents a significant improvement on the existing Genoil land based patented Crystal separator technology. Genoil’s Crystal separator technology has sixteen scale units of varying but significant duration in use that to date have worked to the great satisfaction of Genoil’s customers.
For more details on these sixteen units, see the Genoil website at www.genoil.net.
Genoil is a technology development and engineering company providing environmentally sound solutions to the oil and gas industry through the use of proprietary technologies. The GHUTM is designed to economically convert heavy crude oil into more valuable light upgraded crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants.
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:
James F. Runyan
Chief Operating Officer & Executive Vice President
Phone: (780) 416-5590
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Certain information regarding the company, including management’s assessment of future plans, strategic partnerships, operations, financing outcomes and the ability to negotiate a definitive agreement on terms acceptable to both parties may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with an oil and gas technology development corporation, including competition from other technologies and the ability to access sufficient capital from internal and external sources. When used in this press release, such statements use words such as “intend”, “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. As a consequence, actual results may differ materially from those anticipated. The Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues.
Further information on potential risk factors that could affect the company’s financial results can be found in the company’s disclosure materials filed on SEDAR at www.sedar.com and with the Securities and Exchange Commission.