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Genoil Inc. Announces Receipt From the USPTO of Additional Patent for Its Hydroconversion Upgrader
Thursday, April 30, 2009
Calgary, Alberta -- Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) today announced that it has received an additional and new patent from the US Patent and Trademark Office for its hydroconversion upgrader technology. The patent is a valuable addition its Genoil upgrading process that economically upgrades and significantly increases the yields from high sulphur, acidic, heavy crude, bitumen, and refinery residues.
The Genoil hydroconversion upgrader is an improved catalytic hydroconversion technology that is designed to lower the capital investment and operating costs necessary for hydroprocessing today's growing sour heavy crude inventories and refinery bottoms with high conversion rates, or desulphurize heavy fuel oil fractions to meet new regulatory requirements. By employing proprietary mixing devices between hydrocarbons and hydrogen, among other innovations, Genoil's hydroconversion upgrader achieves higher conversion rates at lower temperature and pressures than traditional technologies like delayed coking and conventional hydrotreating / hydrocracking processes.
David Lifschultz, Genoil's Chairman and Chief Executive Officer, said, "Genoil's hydroconversion upgrader is one of the most important and successful technologies developed to increase the production of sour heavy crude oil and convert it into sweet light oil. Our technology successfully removes the majority of sulfur, nitrogen and heavy metals from sour heavy oil in the refining process. Genoil's hydroconversion upgrader transforms heavy oil to much lighter oil and makes it easier to transport the oil to refiners and refine into gasoline, jet fuel and diesel. Currently, there are many refineries in the world. Of these, only the minority have the capabilities and capacity to refine heavy oil. Genoil is working with not only the refiners but integrated oil producers to attach Genoil's hydroconversion upgraders to their projects. Furthermore, there are only 400 billion barrels of light oil globally versus 900 billion barrels of heavy oil, and with the global consumption of oil projected to grow rapidly over the next decade due to increased consumption from China and India developing heavy oil reserves becomes increasingly important to meet global demand for energy. At the present time the rapidly depleting resource of 400 billion barrels of proven light oil will have to be replaced by the 900 billion barrels of heavy oil and the Genoil GHU technology that is now enhanced by the additional patent can open up the additional heavy oil reserves."
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
Forward Looking Statements
Certain information regarding Genoil, including availability of capital and other sources of funds and future plans may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "hope", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. 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 Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.
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