GENOIL INC. ANNOUNCES TERMINATION OF JOINT OPERATING AGREEMENT WITH AQUAMATION INC.
Calgary, Alberta, Canada – May 16, 2008 – As previously announced on November 27, 2007, Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF.OB) entered into a Joint Operating Agreement (the “Agreement”) with Aquamation Inc. (“Aquamation”), with a view to collaborating in industrial water treatment projects and processing plant projects for clients in the oil and gas and petrochemical industries. Under the Agreement, the Corporation and Aquamation agreed to jointly market and further develop and integrate their oil and water separation technologies and to share revenues and profits from these projects.
Aquamation has terminated the Agreement effective May 2nd, 2008 in accordance with its provisions. The Corporation intends to focus its future efforts on marketing and distributing the Corporation’s core heavy oil hydroconversion and oil-water separation systems. Genoil expects that any significant future revenue and cash flow will be generated in staged phases following the execution of definitive agreements for the design, implementation and procurement of these technologies and the licensing of its intellectual property.
The Corporation was paid under the Agreement on an hourly basis for the provision of engineering services and to the date of the Agreement’s cancellation the Corporation had generated $119,565 in revenues and expense recoveries, with approximately $36,109 of such revenues and expense recoveries being attributable to the 2008 period.
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 CEO
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.