|By Marketwired .||
|November 5, 2012 08:00 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 11/05/12 -- Genoil Inc. (TSX VENTURE:GNO)(OTCBB:GNOLF) is pleased to announce that it has granted marketing, manufacturing and distribution rights to Donghwa Entec, a reputable Korean manufacturer of marine equipment. The rights pertain to the Crystal Sea oily-water separators designed for the new shipbuilding industry together with retrofitting of existing ships. Genoil models feature one of the most compact bilge separators worldwide with throughputs ranging from 0.25 m3/hr. capacity to 10 m3/hr. units.
Donghwa Entec, being one of the largest manufacturers and suppliers of marine heat exchangers worldwide, is in an ideal position to market and manufacture Crystal Sea separators. Donghwa Entec has a significant market share of heat exchangers in Korean, Japanese and Chinese shipyards which collectively control over 90% of the shipbuilding industry. This is particularly important in that Donghwa Entec is heavily involved in the retrofit market for heat exchangers, making it an ideal partner for Genoil to deal with the retrofit market for oil-water separators on existing ships.
The contract recently signed with Donghwa Entec also licenses Donghwa Entec to be the sole manufacturer of Crystal Sea separators. Donghwa Entec has been selected as Genoil's exclusive manufacturer due to its superior manufacturing capabilities, high productivity and quality control. Donghwa Entec is certified by ISO 9001, ISO 14001, ABS, DNV, BV, Lloyd Register, Germanischer Lloyd, ASME and has also obtained numerous awards of excellence in Korea. Donghwa Entec recently obtained MED Module D certification issued by ABS for manufacturing Crystal Sea separators in accordance with European Union standards.
In developing Crystal Sea separators Genoil's efforts were aimed at bringing to the market a unique product that is capable of removing oil without using filters. Unlike conventional separators, Crystal Sea is capable of achieving excellent purity of the water through mechanical separation alone and no moving parts. This is further verified as Crystal Sea has been approved and tested by the US Coast Guard to permit our units to be placed on all ships arriving at US ports. Apart from greater reliability and ease of operation, the Crystal Sea units feature very low operating and maintenance costs which were proven during extensive tests onboard a 330,000 TWD super tanker over a period of 2 years.
David Lifschultz, Genoil's Chairman, stated: "I am delighted that after extensive analysis and research that Genoil has entered into a manufacturing and marketing agreement with such a high quality firm as Donghwa Entec. It is a major player in the shipping and retrofit market in heat exchangers and we trust that our oily-water separator will be a real complement to their existing market."
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
Certain information regarding Genoil, 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.
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.
Chairman & CEO
(212) 688 8868
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