Genoil Announces Results of Annual Meeting and New Board of Directors
Tuesday, June 07, 2005 5:18:07 PM ET
CALGARY, Alberta, Jun 07, 2005 (BUSINESS WIRE) -- Genoil (TSX VENTURE:GNO)
(OTCBB:GNOLF)is pleased to announce that at Genoils 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 Genoils shareholders passed each of the motions voted upon at the
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, Genoils 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
Genoils 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. Genoils 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 managements
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 companys 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
companys financial results can be found in the companys Reports filed with the
Securities and Exchange Commission.
The TSX Venture Exchange has neither approved nor disapproved of the information
Genoil Inc. (TSX VENTURE:GNO) (OTC Bulletin Board:GNOLF)
SOURCE: Genoil Inc.
CONTACT: Genoil Inc.
Chairman and CEO
Copyright Business Wire 2005