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Genoil Announces Private Placement

CALGARY, ALBERTA -- (Marketwire) -- 02/20/13 -- Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE:GNO) (OTCBB:GNOLF) announces plans to raise up to $200,180 through a non-brokered private placement of up to 3,336,333 common shares at a price of $0.06 per common share. The securities to be issued in connection with this offering are subject to a hold period.

Proceeds from the private placement will be used for general working capital purposes and repayment of debt. The private placement is subject to the approval of the TSX Venture Exchange.

The securities to be issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

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

For more information on Genoil Inc. visit www.Genoil.ca.

ADVISORY: Certain information regarding the Corporation, including the closing of the proposed private placement 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 failure to obtain required approvals for the private placement from the TSX Venture Exchange. 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. Further information on potential risk factors that could affect the Corporation's financial results can be found in the Corporation'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.

Genoil Inc.
David Lifschultz
Chairman & CEO
(914) 393-5800
[email protected]

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