GENOIL’S GHU TECHNOLOGY PATENT APPROVED BY CANADIAN INTELLECTUAL PROPERTY OFFICE
Calgary, Alberta, Canada — October 31, 2007 — Genoil Inc. (TSX.V: GNO; OTCBB: GNOLF) is pleased to announce that the Canadian Intellectual Property Office has approved a patent application relating to Genoil’s innovative upgrading technology, the GHU® (Genoil Hydroconversion Upgrader).
The GHU® Canadian patent was officially issued on September 29, 2007, with number 2,306,069, and Genoil believes it represents a great step in the commercialization of the upgrader and in Genoil’s intellectual property protection. The GHU® uses hydrogen addition to convert heavy oil fractions into a lighter synthetic crude, with reduced contaminants. The high quality product can be shipped to the refineries or pipelined from the field without the need for mixing lighter oil or adding diluents. The GHU® process is designed not only to increase the value of the oil, but also to increase the volume output, while eliminating sulphur, nitrogen, metals and other contaminants from the oil, and helping to meet tight environmental regulations for clean transportation fuel. The GHU® is designed to produce no coke in the upgrading process unlike traditional upgrading schemes, and the heavier residue fraction left after upgrading is reused as a gasifier to produce the required hydrogen and steam to operate the process.
James Runyan, Chief Operating Officer and Executive Vice President noted: “We are very proud of offering this process as a solution to the existing problems for oil refiners and producers and as an alternative to other upgrading technologies. The use of the GHU® technology can help refiners by upgrading the heavier crude fractions and residues into a high quality synthetic product. As heavy oil production is increasing worldwide, the GHU® technology will allow refinerys to make a better utilization of their refinery capacity by upgrading the bottoms, and meet demand for quality transportation fuels. The GHU® can also help producers meet pipeline specifications by eliminating the need for diluents, and by bringing a higher price than the heavy crude with high sulphur content.”
ADVISORY:Certain information regarding the company, including management’s assessment of future plans, contact values, completions dates, operations, profitability and the uses of the company’s technology, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas technologies, including production, refining, marketing and transportation such as loss of market, volatility of prices, environmental risks, competition from other technologies, the effectiveness of the company’s technologies and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company 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.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect the company’s financial results can be found in the company’s Reports filed with the Securities and Exchange Commission and with the Canadian Securities Administrators.