Genoil and Aquamation Form Global Strategic Alliance
Companies to collaborate on oil, water and natural gas related
CALGARY, ALBERTA--(Marketwire - November 27, 2007) - Genoil Inc.
(TSX-V: GNO) (OTCBB: GNOLF) announced today that they have executed a
Joint Operating Agreement with Aquamation Inc., to collaborate in
industrial water treatment projects & process plant projects for
clients in the oil and gas and petrochemical industries.
Under the Joint Operating Agreement, Genoil and Aquamation will
jointly market and further develop and integrate their oil and water
separation technologies. Additionally, Genoil and Aquamation will
share revenues and profits for these projects.
Genoil Chief Operating Officer, James Runyan, said, "We are extremely
excited about this integrated relationship. This is a strategic move
designed to create significant global business opportunities in the
oil & gas and petrochemical markets. We believe Aquamation's world
class industrial water treatment solutions not only complement
Genoil's oil and water separation products, but will help drive
future growth and revenues."
Aquamation Chief Operating Officer, Anthony Lewis said, "We are very
pleased to partner with Genoil. This strategic alliance leverages
engineering solutions from both companies that are complimentary.
Further, Aquamation can now consider requests from our clients to
support larger projects and be confident that our combined resources
and expertise will ensure success."
Aquamation, Inc. was founded in 1998 and is a global supplier of
industrial water treatment solutions and process plants to the
petrochemical and oil & gas industries. Aquamation has provided
industrial water treatment equipment and process plants to major
customers including international and national oil companies
operating in Indonesia, Malaysia, Saudi Arabia, China, Taiwan,
Nigeria and the United States.
Genoil 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.
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. When used in this press release, such
statements use words such as "intend", "may", "will", "expect",
"believe", "plan" and other similar terminology. 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.
The TSX Venture Exchange has neither approved nor disapproved of the
information contained herein.
Chief Operating Officer & Executive Vice President
Chief Executive Officer
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2833 Broadmoor Blvd. Alberta Canada
WKN: 563517; ISIN:
Listed: NEW YORK STOCK EXCHANGE, INC. in NEW YORK STOCK EXCHANGE,