Genoil Announces Much Improved Crystal Sea Test Results on Recent Trials in the Caribbean Sea
August 04 2011 - 6:00AM
Marketwired
Genoil Inc. (TSX VENTURE: GNO)(OTCBB: GNOLF) has achieved the
lowest parts per million (PPM) results on record with respect to
oily water separation, making the Crystal Sea Separator the highest
performing commercial water separator available. This was done
using Genoil's Crystal Sea Separator (Crystal), which does not use
a filter medium, and instead applies the laws of physics such as
centrifugal force, gravity, vortex effect and inertial forces to
achieve its results.
The Crystal was able to consistently maintain a separation level
of one part per million in recent sea trials on board a 2,000,000
barrel super tanker in the Caribbean Sea, performed longer and
proved more than adequate for such a large tanker. Since the
industry standard allows for lengthy downtime for filter changes,
separators as large as 10Cm3, which is double the size of the
Crystal, are normally required for vessels of this size. Genoil has
established that even in the harshest tropical climates, its 5Cm3
separator is a viable option for one of the largest vessels in the
world, thus providing a strong competitive advantage for the
Crystal.
Current coast guard and international IMO regulations mandate
that oil-water separation must be 15 parts oil per million parts
water, or below. This creates several advantages for the Crystal
Sea Separators. Since the filters do not have to be replaced
regularly, the process becomes a nearly costless operation. The
replacement of a filter would have an average cost of $4,000.00 per
filter per quarter, and includes additional downtime of a couple of
days for the change. Typically, this downtime results in the need
for separators that operate at a larger capacity to make up for
days of downtime without any separation. Moreover, the Crystal is
cheaper in purchase price than that of the competition, and up to
75% below the cost of what the aforementioned tanker company is
currently using. Ultimately, tanker companies that use the Crystal
will get more production for less cost.
In addition to the success of the Crystal Sea Separator, Genoil
continues to market the GHU Upgrader in Russia, China, Venezuela,
Mexico, Africa, and the Middle East. Genoil has made significant
progress with one particular oil company and continues to believe
that this contract, which will be material, is very close to
completion.
About Genoil
Genoil is a publicly traded Canadian engineering technology
development company headquartered in Edmonton Alberta, with offices
in Calgary, Sherwood Park, New York City, Constanta Romania, and
Dubai & Abu Dhabi. Genoil has a hydroconversion upgrader, owns
a 10bpd hydroconversion upgrader located on 147 acres and offers an
array of clean tech petroleum technologies. Genoil's shares are
listed on the TSX Venture Exchange under the symbol GNO, as well as
on the OTC Bulletin Board under GNOLF.
For more information on Genoil Inc. visit www.Genoil.ca.
ADVISORY: Certain information regarding the company, including
management's assessment of future plans, strategic partnerships,
operations, financing outcomes and the ability to negotiate a
definitive agreement on terms acceptable to both parties 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 the ability to access sufficient capital
from internal and external sources. 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 obtain new contracts and accurately estimate net revenues due to
variability in size, scope and duration of projects, and internal
issues. 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.
Contacts: Genoil Inc. David Lifschultz Chairman & CEO (914)
393-5800 DKLifschultz@genoilemirates.com www.Genoil.ca
Genoil (TSXV:GNO)
Historical Stock Chart
From May 2024 to May 2024
Genoil (TSXV:GNO)
Historical Stock Chart
From May 2023 to May 2024