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Message: Announces Memorandum of Understanding With Tianjin Port
| March 2, 2009 |
| Genoil Inc. Announces Memorandum of Understanding With Tianjin Port |
| CALGARY, ALBERTA--(Marketwire - March 2, 2009) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) today announced it has signed a memorandum of understanding ("MOU") with Tianjin Port, one of China's major shipping harbors. The MOU with Tianjin Port is for the introduction and implementation of Genoil's oil-water separation system to treat and clean bilge water of oil, contaminants, chemicals and pathogens. This is the second Chinese port to sign an agreement with Genoil to use its oil-water separation technology. Tianjin Port is located 170 km south east of Beijing and east of Tianjin city - China's third largest city. During 2007, Tianjin Port was the fourth largest port in China and sixth largest in the world with over 300 million tons of annual throughput. Tianjin Port's total container throughput reached 7.1 million twenty-foot equivalent units ("TEUs") last year, making the Port one of the world's top 20 container ports. Similar to the recently announced MOU with the Qinhuangdao Port - the world's largest coal port - Genoil will either furnish a pilot unit or build a full production unit to speed up the final implementation of the project. The Company hopes to make a decision on which type of unit it will provide Tianjin Port shortly. The oil-water separation system will be produced in China by Genoil's manufacturing partner DongHwa Entec Co., Ltd providing the Company with low production and transportation costs. Genoil expects to have a unit installed within the next four months for Tianjin Port to demonstrate the efficiency of Genoil's equipment at eliminating oil and other pollutants from the water in a ship's bilge, and return clean water back to the waterway. The Company anticipates recognizing sales and profits in 2009 and is optimistic that the unit will be accepted because of the technologies' flawless operation at sites across the world over the past 10 years. David Lifschultz, Genoil's Chairman and Chief Executive Officer, said "I am extremely pleased with the progress we are making penetrating the world's largest ports. With this agreement we now have two of the busiest ports in China and the world. We are working with our marketing partner The Clarendon Group, and our manufacturing partner DongHwa Entec, to increase our exposure to Asia's large ports and we expect additional agreements with Asian ports to be announced in the coming months. In addition, we anticipate to have installed pilot or full-service test units in Tianjin and Qinhuangdao by the end of the 2009 second quarter. We are optimistic that the testing process will go quickly and full operational capabilities will follow shortly after." About Genoil Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies. |
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