GENOIL INC. PROVIDES UPDATE IN RESPECT OF HEBEI ZHONGJIE PROJECT
TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
Calgary, Alberta, Canada.- Genoil Inc. (“Genoil” or the “Corporation”) is pleased to provide an update on its project in China with Hebei Zhongjie Petrochemical Group Company Ltd. (“HZ”). Genoil’s engineering team has recently returned from a fact finding mission in China and is optimistic about the viability of the planned installation of a 20,000 BPD upgrader on HZ’s refinery site in China utilizing Genoil’s proprietary technologies. Genoil believes that the recent meetings and site visits conducted in China have allowed it to determine the correct feed for such a facility and the appropriate plant configuration and integration into the existing refinery. As a result, Genoil is currently proceeding with a feasibility study for funding which will, assuming a positive report, be followed by the Front End Engineering & Design (“FEED”) study to be integrated into a final contract approval of the project.
HZ plans to have a shipment of oil for testing in connection with the final reactor design and configuration in Alberta in late March. Delivery of this oil for testing is not expected to affect or impact Genoil’s current schedule, and engineering activities will continue as planned in an effort to meet the scheduled target date for start up in 2010. Genoil is expanding its project team in order to ensure the project continues to progress on schedule for a timely completion and start-up. The Company’s Chinese clients are looking forward to the project completion and the establishment of a heavy oil upgrader in China that is environmentally friendly and meets the Chinese government requirement to reduce coke output in the refining industry.
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 GHU is designed to economically convert high sulphur heavy oil into more valuable light upgraded oil, 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.
To learn more about Genoil, visit www.genoil.net
or contact: James Runyan
Chief Operating Officer and Executive Vice President
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.