CALGARY, ALBERTA -- (Marketwire) -- 08/13/10 -- Genoil (TSX VENTURE: GNO)(OTCBB: GNOLF) announces Paul H. Rubin is joining Genoil's Advisory Board. Paul is excited that Genoil is soon to open offices in the Middle East to implement its water cleaning technologies for the ports and sand decontamination technology to clean the Arabian beaches polluted from the Gulf War. He has reviewed many alternatives to cleaning up the Gulf of Mexico and is most impressed with Genoil's Crystal as it is one of the few technologies that could clean the BP oil spill while meeting US Coast Guard regulations. Mr. Rubin's colleague who is also a Genoil Advisory Board member, Hashem Dezhbakhsh Chair of the Economics Department at Emory University is working on a Genoil business plan for cleaning up the slop oil for one of the largest ports in the world. This project has been approved by the port.
Paul H. Rubin is Samuel Candler Dobbs Professor of Economics at Emory University in Atlanta and editor in chief of Managerial and Decision Economics. He is a Fellow of the Public Choice Society and former Vice President of the Southern Economics Association, and is associated with the American Enterprise Institute, Independent Institute, and the Technology Policy Institute.
Dr. Rubin has been Senior Staff Economist at President Reagan's Council of Economic Advisers, Chief Economist at the U.S. Consumer Product Safety Commission, Director of Advertising Economics at the Federal Trade Commission, and vice-president of Glassman-Oliver Economic Consultants, Inc., formerly a litigation consulting firm in Washington.
Paul states "I have been actively looking at solutions for the Gulf oil spill and believe that Genoil's oil water separation technology provides one of the most viable alternatives available, and I am delighted to be part of a Company that can help make the beaches clean for my grandchildren."
He has taught economics at the University of Georgia, City University of New York, VPI, and George Washington University Law School. Dr. Rubin has written or edited eleven books, and published over one hundred and fifty articles and chapters on economics, law, regulation, and evolution in journals including the American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Legal Studies, Journal of Law and Economics, the Yale Journal on Regulation, and Human Nature, and he frequently contributes to the Wall Street Journal and other leading newspapers.
His work has been cited in the professional literature about 5,400 times. Books include Managing Business Transactions, Free Press, 1990, Tort Reform by Contract, AEI, 1993, Privacy and the Commercial Use of Personal Information, Kluwer, 2001, with Thomas Lenard, Darwinian Politics: The Evolutionary Origin of Freedom, Rutgers University Press, 2002, and The Evolution of Efficient Common Law (edited), 2007, Elgar. He has consulted widely on litigation related matters and has been an advisor to the Congressional Budget Office on tort reform.
He has addressed numerous business, professional, government, policy and academic audiences. Dr. Rubin received his B.A. from the University of Cincinnati in 1963 and his Ph.D. from Purdue University in 1970.
Paul recently wrote three Wall St Journal article's about the Gulf of Mexico BP oil spill, and has been actively quoted in the press on this issue, and has appeared on national TV including CNBC's Kudlow & Co to discuss it. Paul's Wall St Journal articles on the Gulf of Mexico BP Oil Spill include "A Tale of Two Disasters," Wall Street Journal, June 22, 2010, "Why Is the Gulf Cleanup So Slow?," Wall Street Journal July 2, 2010 and "A Gulf Spill Tort Primer," Wall Street Journal, August 1, 2010.
Genoil is very excited to have Paul on our team.
To replace expired options the board of directors of the Corporation has approved the grant of incentive stock options to the Corporation's Chairman and Chief Executive Officer to acquire up to an aggregate of 1,000,000 common shares of the Corporation. Pursuant to the Compensation Committee's recommendation, the 1,000,000 options granted to the Corporation's Chairman and Chief Executive Officer, were granted to replace options that had expired, unexercised, and are the CEO's sole compensation and remuneration for the services he provides to the Corporation. The grant constitutes an incentive for his continued future success in furthering Corporate objectives, in lieu of cash compensation.
The options were approved with an exercise price of $0.16, being the closing price of the Corporation's shares on the TSX Venture Exchange on the date preceding the date such grants were approved. All of the options approved have a term of five years from the date of grant and vest immediately.
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.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contacts:
Genoil Inc.
David Lifschultz
Chairman & CEO
(914) 393-5800
DKLifscultz@genoil.net
www.genoil.ca
