CALGARY, ALBERTA -- (Marketwired) -- 07/16/13 -- (TSX VENTURE: GNO)(OTCBB: GNOLF) Genoil announced today that it has appointed Slobodan Puhalac, former Minister of Economy, Energy and Development in Bosnia to the Company's Board of Directors. Additionally, Mr. Puhalac will play critical energy infrastructure role for Genoil and is instrumental in the development of the South Stream pipeline, which by circumventing the Ukraine is one of the most important Russian energy projects.
In line with this Mr. Puhalac revived Lukoil's interest in Genoil's upgrader for the Yarega Field in the Komi region of Russia. This resulted in Lukoil submitting a new request for proposal (RFP) for a Genoil Upgrader at the Yarega field in November 2012. Discussions are ongoing with Lukoil and others.
Mr. Puhalac's directorship will be reviewed by the TSXV in accordance with TSXV policies, including customary background checks.
Genoil is an international engineering technology development company based in Alberta, Canada that has developed a leading crude oil upgrading and desulfurization technology. Additionally Genoil is in a partnership with SBK Holdings in the United Arab Emirates to market it's upgrading, desulfurization and all environmental technogies. 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 www.Genoil.ca.
Certain information regarding Genoil Inc., including management's assessment of future plans, initiatives, operations, and the ability to successfully complete any initiatives 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 companies, and the ability to access sufficient capital to successfully develop the company's business. 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 successfully execute on its projects. 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. There is no certainty that the TSX will approve Mr. Puhalac's appointment as director.
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.