TSXV SYMBOL: GNO OTCBB SYMBOL: GNOLF.OB CALGARY, June 2 /PRNewswire-FirstCall/ -- 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. DATASOURCE: Genoil Inc. CONTACT: David Lifschultz, Chairman and CEO, (212) 688-8868, http://www.genoil.net/

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