Genoil Announces ABS Certification OWS for Crystal Sea and Moving Ahead with License for Abu Dhabi Port and Upgrader Business
November 28 2011 - 6:00AM
Marketwired
Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) announced today that it
has achieved the ABS certification for all models of its Crystal
Sea oil water separator. This is in addition to obtaining the US
Coast Guard/IMO MEPC 107 49 certification for Crystal MU 30 and MU
40 of 5 m3/h and 10 m3/h. Details can be viewed at:
http://www.eagle.org/
The American Bureau of Shipping (ABS) is the most efficient
provider of marine and offshore classification services. The
mission of ABS is to serve the public interest as well as the needs
of its clients by promoting the security of life, property and the
natural environment primarily through the development and
verification of standards for the design, construction and
operational maintenance of marine-related facilities.
Genoil's Crystal Sea(TM) separators are state-of-the-art bilge
separators that have been certified by the US Coast Guard in
accordance with the International Maritime Organization Resolution
MEPC 107 (49). Crystal Sea water separators utilize a patented,
unique gravity driven process for multi-stage separation of
immiscible phases with different densities such as heavier or light
oils and water. Crystal Sea(TM) separators do not require a filter
medium making it possible for customers to significantly reduce
their cost of ownership by eliminating the need to purchase the
expensive replacement filters required by competitive water
separation products.
At the request of S.B.K. Holdings (which is the Dubai based
privately held global holding company for H.H. Dr. Sheikh Sultan
Bin Khalifa Bin Zayed Al Nahyan), Genoil has filed for a license to
build upgraders and water treatment facilities in Abu Dhabi as part
of the plan to move forward with GHU upgrading and Crystal oil
water separation business in the United Arab Emirates.
Genoil's testing of the Crystal Sea Separator on board a
2,000,000 barrel VLCC tanker continues and the results have been
positive with between about 0% contamination and .1% ppm. CEO David
Lifschultz also states that the finalization of the GHU contract in
the Middle East is progressing.
About Genoil
Genoil is a publicly traded Canadian engineering technology
development company headquartered in Calgary, Alberta, with offices
in Sherwood Park, New York City, Constanta Romania, Dubai and Saudi
Arabia. Genoil has a hydroconversion upgrader located on 147 acres,
in Northern Alberta 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)
393-5800DKLifschultz@genoil.netwww.Genoil.ca
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