TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
CALGARY, June 2 /CNW/ - Genoil Inc. (the "Corporation") is pleased to
announce the appointment of Mr. Thomas Bugg as President of the Corporation.
Mr. Bugg has been involved in both the oil industry and with technology
business for the last 25 years through previous direct involvement with the
Corporation and through various public and private companies. During that time
he has been involved in several acquisitions and consolidations of companies.
Mr. Bugg has been intimately involved with the oil and gas and upgrading
industries as well as the technology business through a variety of different
companies. Mr. Bugg has also been involved in attempting to develop an
efficient portable upgrader and has experience with many different types of
upgraders including ultrasonic, chemical reactions and small pressure vessels.
Mr. Bugg was one of the original founders of Ensign Drilling Limited,
currently one of the largest drilling contractors in North America.
Subsequent to that time Mr. Bugg was involved in several private companies
including small oil and gas companies and oil tool manufacturers before
commencing Beau Canada Exploration Limited ("Beau") as a public company listed
on the Toronto Stock Exchange, for which he acted as Chairman, CEO and
President, taking the company from no production in 1988 to over 18,000 BOE by
the year 2000. Beau was subsequently purchased by a large independent US
company for over $750MM including debt.
In the late 1990s, Beau took over majority interest of the Corporation
and under Mr. Bugg's leadership changed Genoil's mandate to become a
technology company focused on the development of small economic upgraders.
Mr. Bugg was initially President and CEO of this company and following Beau's
purchase in late 2000 Mr. Bugg continued to manage the operations of the
Corporation until December 31, 2005 whereafter he acted as a consultant to the
Corporation until June 30, 2006.
Mr. Bugg has served on the board of several private and public companies
and has additionally served on the Board of Governors for the Canadian
Association of Petroleum Producers.
The Corporation has additionally announced that following an internal
review it has determined to adopt a new marketing strategy in respect of its
Crystal Sea separator for marine use. As a result of such review the
Corporation will be reducing the price of its Crystal Sea separator by as much
as 40% with additional discounts provided for volume purchases.
Further, and in connection with the reorganization of the Corporation's
management, the Corporation has announced that Mr. James Runyan has ceased all
duties with the Corporation and as such, no longer serves as the Corporation's
Chief Operating Officer and Executive Vice President.
Genoil Inc. is an international engineering technology development
company based in Alberta, Canada, that develops innovative hydrocarbon, oil
and water separation, and marine technologies for the oil and gas and
commercial marine industries.
For further information:
For further information: David Lifschultz, Chairman and CEO, (212)