CALGARY, ALBERTA--(Marketwire - Sept. 6, 2012) - Genoil Inc. (TSX VENTURE:GNO)(OTCBB:GNOLF) ("Genoil" or the "Company") is pleased to announce that it has agreed to extend the term of an aggregate $1,227,355.84 principal amount plus interest accrued thereon of convertible promissory notes (the "Notes") which were previously issued by the Company. The Notes were originally issued to certain related parties being Bruce Abbott, Sidney B. Lifschultz 1992 Family Trust, Lifschultz Enterprises Co. LLC, and David K. Lifschultz (the "Noteholders") in October, 2008. The Notes had an original term expiring on October 6, 2009, which had been amended and extended to October 6, 2010, and October 6, 2011.
The Noteholders have agreed, by way of a Note Extension and Amendment Agreement, and subject to receipt of all necessary regulatory and stock exchange approvals, to extend the maturity date of the Notes until October 6, 2013.
The Company and the Noteholders have also agreed to amend the conversion price of the Notes from $0.27 to $0.10 per common share and to grant a security interest to the Noteholders in all of the Company's present and after-acquired property to secure the Company's obligations under the Notes. The Notes will remain substantially unamended in all other respects.
The Company also advises that it has been reclassified from a Tier 1 issuer to a Tier 2 issuer on the TSX Venture Exchange effective as of July 4, 2012.
Genoil is an international engineering technology development company based in Alberta, Canada that develops innovative hydrocarbon, oil and water separation, and marine technologies.
For more information on Genoil Inc. visit www.Genoil.ca.
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.