Genoil Inc. Provides 2009 Year-End Update
Company Expects Patent Award for New Sand Decontamination Technology;
Retains Leading Middle Eastern Agent for Roll-out of Crystal Sea Bilge Cleaning
NEW YORK, December 22, 2009 — Genoil Inc. (TSX VENTURE: GNO)(OTCBB:
GNOLF), an international engineering technology development company with innovative
hydrocarbon, oil and water separation and maritime technologies based in Alberta,
Canada today provided an update to shareholders on its business progress in 2009.
The Company also announced that it has been notified by the U.S. Patent Office that it
has been allowed its first patent for an innovative sand decontamination technology
developed by Genoil.
The sand decontamination technology can clean sand for use in various applications
including concrete mixing, construction and the development of beaches. Genoil expects
the patent will be granted by the U.S. Patent Office before March 8, 2010.
In addition, Genoil has announced the establishment of a formal contract with an agent
that has considerable funding capacity for rolling out the Crystal Sea bilge cleaning
technology for ports in the Middle East. The Company anticipates initial contracts for
bilge water cleaning for ports to be established in 2010, as well as to begin work in
major sanitation projects in the region.
David Lifschultz, Chairman and Chief Executive Officer of Genoil, said, “I have been in
the Middle East traveling to various countries to support our agents in their sales and
marketing efforts. I am confident that these efforts will yield tangible commercial success
for our Crystal Sea technology in 2010.
“Most important, we have been engaged in high-level discussions with a number of
sovereign nations regarding GHU Upgrading projects in the region. Though much of that
work is under confidentiality agreements through agents that include some of the most
prominent business men in the countries at hand, a great deal of progress has been
made since I have headquartered myself in the Middle East over the past five months.”
Genoil has designed and developed a number of important technological innovations,
including the Genoil Hydroconversion Upgrader (GHU®), which economically upgrades
and significantly increases the yields of heavy crude oils and heavy refinery feedstocks