TORONTO, ONTARIO — (Marketwire) — 08/04/11 — Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) has achieved the lowest parts per million (PPM) results on record with respect to oily water separation, making the Crystal Sea Separator the highest performing commercial water separator available. This was done using Genoil–s Crystal Sea Separator (Crystal), which does not use a filter medium, and instead applies the laws of physics such as centrifugal force, gravity, vortex effect and inertial forces to achieve its results.
The Crystal was able to consistently maintain a separation level of one part per million in recent sea trials on board a 2,000,000 barrel super tanker in the Caribbean Sea, performed longer and proved more than adequate for such a large tanker. Since the industry standard allows for lengthy downtime for filter changes, separators as large as 10Cm3, which is double the size of the Crystal, are normally required for vessels of this size. Genoil has established that even in the harshest tropical climates, its 5Cm3 separator is a viable option for one of the largest vessels in the world, thus providing a strong competitive advantage for the Crystal.
Current coast guard and international IMO regulations mandate that oil-water separation must be 15 parts oil per million parts water, or below. This creates several advantages for the Crystal Sea Separators. Since the filters do not have to be replaced regularly, the process becomes a nearly costless operation. The replacement of a filter would have an average cost of $4,000.00 per filter per quarter, and includes additional downtime of a couple of days for the change. Typically, this downtime results in the need for separators that operate at a larger capacity to make up for days of downtime without any separation. Moreover, the Crystal is cheaper in purchase price than that of the competition, and up to 75% below the cost of what the aforementioned tanker company is currently using. Ultimately, tanker companies that use the Crystal will get more production for less cost.
In addition to the success of the Crystal Sea Separator, Genoil continues to market the GHU Upgrader in Russia, China, Venezuela, Mexico, Africa, and the Middle East. Genoil has made significant progress with one particular oil company and continues to believe that this contract, which will be material, is very close to completion.
About Genoil
Genoil is a publicly traded Canadian engineering technology development company headquartered in Edmonton Alberta, with offices in Calgary, Sherwood Park, New York City, Constanta Romania, and Dubai & Abu Dhabi. Genoil has a hydroconversion upgrader, owns a 10bpd hydroconversion upgrader located on 147 acres and offers an array of clean tech petroleum technologies. Genoil–s shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.
For more information on Genoil Inc. visit .
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 and with the Securities and Exchange Commission.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Genoil Inc.
David Lifschultz
Chairman & CEO
(914) 393-5800