TSXV SYMBOL: GNO
OTCBB SYMBOL: GNOLF.OB
CALGARY, Nov. 3 /CNW/ - Genoil Inc. (the "Corporation") reports that the board of directors of the Corporation has approved the grant of an aggregate 5,600,000 stock options to employees, directors and consultants to acquire up to an aggregate of 5,600,000 common shares of the Corporation. Of the options to be granted, 4,400,000 are to directors and officers, with the remaining grants to employees and consultants. A significant number of options had recently expired for officers, directors, employees and consultants and the Board realizes the importance of motivating employees to enhance shareholder value by aligning interests of management with shareholders.
All of the 5,600,000 options were approved with an exercise price of $0.14, being the closing price of the Corporation's shares on the TSX Venture Exchange on the date preceding the date such grants were approved by the board. 4,325,000 of the options issued to directors and officers vest immediately, with 75,000 of such options vesting two years from the date of grant. All of such options issued to directors and officers have a term of five years from the date of issuance.
Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. The Genoil Hydroconversion Upgrader is designed to economically convert heavy crude oil into more valuable light synthetic crude, high in yields of transport fuels, while significantly reducing the sulfur, nitrogen and other contaminants in the oil. Genoil's shares are listed on the TSX Venture Exchange under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB.
ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
SOURCE GENOIL INC.
For further information: For further information: on Genoil Inc. visit www.genoil.net; David Lifschultz, Chairman and CEO, (914) 834-7794, (914) 393-5800