Genoil Announces Results of Annual Meeting FOR: Genoil Inc.
TSX VENTURE SYMBOL: GNO
OTC Bulletin Board SYMBOL: GNOLF
June 7, 2005
Genoil Announces Results of Annual Meeting and New Board of Directors
CALGARY, ALBERTA--(CCNMatthews - June 7, 2005) - Genoil (TSX VENTURE:GNO)
(OTCBB:GNOLF)is pleased to announce that at Genoil's Annual General Meeting
(the "AGM") held June 3rd, 2005, Messrs. Robert B. Fields of New York City, and
Terry Kemp of Calgary were nominated to join the existing Board of Directors.
As a result, and subject to regulatory approval, the current Genoil Board of
Directors consists of Messrs. David Lifschultz, Lawrence Lifschultz, Adam
Hedayat, Brian Korney, Robert Fields and Terry Kemp. Genoil is also pleased to
announce that Genoil's shareholders passed each of the motions voted upon at
the AGM.
Genoil has set the 2005 compensation for the independent members of the Board
of Directors at 250,000 options. These 250,000 options were granted to Messrs.
Robert Fields, Lawrence Lifschultz, and Adam Hedayat following the AGM on June
3, and vest immediately. Messrs. Terry Kemp and Brian Korney were each also
granted 250,000 options, of which 125,000 vest immediately, and 125,000 vest on
December 3, 2005. David Lifschultz, Genoil's Chairman and Chief Executive
Officer, will not receive separate compensation for acting as a director. In
lieu of cash compensation otherwise payable in 2005, and in order to conserve
Genoil's working capital position, David Lifschultz has agreed to receive and
has been granted 1.7 million options that vest immediately as his total
compensation for the 2005 fiscal year. All options granted are exercisable at
the market price on the date of grant.
Genoil is a technology development company providing solutions to the oil and
gas industry through the use of proprietary technologies. The Genoil
Hydroconversion Upgrader can economically convert heavy crude oil into more
valuable light refined products such as motor gasoline and diesel fuel, while
significantly reducing the sulfur content in the oil. 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.
ADVISORY: Certain information regarding the company, including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities law and necessarily involve risks
associated with oil and gas exploration, production, marketing and
transportation such as loss of market, volatility of prices, currency
fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers 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.
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 in the sponsoring
client. 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.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Genoil Inc.
David Lifschultz
Chairman and CEO
(212) 688-8868
Website: www.genoil.net
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
INDUSTRY: OIS - Oil (Secondary)
SUBJECT: BRD - BOARD OF DIRECTORS
FOR: Genoil Inc.
TSX VENTURE SYMBOL: GNO