Genoil Announces Extension of Existing Warrants

CALGARY, ALBERTA -- (Marketwire) -- 03/05/13 -- Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE: GNO) (OTCBB: GNOLF) is pleased to announce that it has applied to the TSX Venture Exchange to extend the term of 1,000,000 warrants that were issued on March 22, 2011 and 550,000 warrants that were issued on April 8, 2011 (collectively, the "Warrants") such that the Warrants will have an expiry date of March 21, 2016. The exercise price of all of the Warrants to be extended will remain the same at US$0.20 per share. The warrant holders have agreed to pay to Genoil a fee for the extension. The extension of the term of these Warrants is subject to approval of the TSX Venture Exchange.

Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.

ADVISORY: Certain information regarding the Corporation, including statements that the term of the Warrants will be extended as stated in this news release, may constitute forward-looking statements under applicable securities law and necessarily involve risks that events and actual results may differ from those anticipated and what has been described herein, including the risk that the TSX Venture Exchange will not approve the extension and the TSX Venture Exchange will approve the extension on terms that are different than those set out in this news release. The Corporation assumes no obligation to update these forward-looking statements or to update the reasons why actual results could differ from those contemplated by these 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.

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.

Genoil Inc.
David Lifschultz
Chairman & CEO
(914) 393-5800

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