Genoil Receives Breakthrough Patent for Sand Decontamination & Gives Oil Spill Update
Press Release Source: Genoil Inc. On Wednesday June 30, 2010, 6:00 am EDT
CALGARY, ALBERTA–(Marketwire – 06/30/10) – Genoil (TSX-V:GNO – News)(OTC.BB:GNOLF – News) a global leader in petroleum technology announced today that it has been awarded a major patent for it’s breakthrough sand decontamination technology by the United States patent office. The patent recognized the unique positioning of Genoil for Gulf of Mexico disaster cleanup. Genoil provides the best commercial, economic and environmentally approved off the shelf solutions for soil & water decontamination. As a result of continued research and development, the sand decontamination patent constitutes a major advancement of the reactor design. The improved reactor enhances the sand cleaning process in three stages and increases the rate of hydrocarbons extracted from the sand. Consequently, the amount of hydrocarbons removed increases while resulting in more separation in less time. In addition, the amount of heat energy is also drastically reduced resulting in greater operational savings. The reactor features a method for retaining the dissolved contaminants and blocking their transfer downstream in order to minimize the total dissolved solids in the decontaminated sand. This patent is a result of Genoil’s long term commitment to environmental technologies offering practical solutions to cleanup environmental disasters. Our sand cleaning units, which are completely portable, are the only units able to reclaim enough contaminants to return the earth to agricultural grade soil meeting the most stringent environmental & agricultural health standards.
The Genoil environmental team has reviewed the 600 miles of Gulf War oil contaminated beaches in the Middle East that resulted from the Iraq-Kuwait War. The United Nations has allocated over a billion dollars to address this environmental disaster. The Genoil sand decontamination units are portable, run on sea water, and can profitably return the sand to its pre-contamination state. We have presented detailed technical data on our sand cleaner, attending numerous meetings with local authorities, and are making significant progress towards obtaining this business. We are the only company of our kind using this innovative process that is both efficient and environmentally friendly.
Gulf of Mexico Remediation
Genoil has also presented technical material to BP on its sand decontamination. Its discussions with BP are ongoing regarding the Crystal Sea water cleaner and it has been responding to requests for more information. In consideration of the crisis in the Gulf of Mexico, Genoil has reduced the manufacturing & delivery time from three months to six weeks for an expedited fee. It should be emphasized that Ocean Therapy, Kevin Costner’s oil spill device is not state of the art, and does not comply with United States Coast Guard regulations.
David K. Lifschultz Genoil’s CEO adds: “I cannot understand how an environmental cleanup effort in the Gulf of Mexico could be reliant on the Costner technology that does not comply with Coast Guard environmental regulations.”
Genoil plans to establish a subsidiary in the Middle East and will be opening offices there to handle business in the region in the immediate future.
ADVISORY: 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. 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.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.