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Genoil Announces Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Feb 5, 2013) - Genoil Inc. ("Genoil" or the "Corporation") (TSX VENTURE:GNO) (GNOLF) is pleased to announce that it has closed a non-brokered private placement, pursuant to which the Corporation issued 6,815,783 common shares, at a price of Cdn $0.06 per share for total gross proceeds of $408,947. The common shares issued in connection with the private placement are subject to a four-month hold period pursuant to the rules of the TSX Venture Exchange and Canadian securities legislation.

The securities to be issued by the Corporation have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable 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 more information on Genoil Inc. visit www.Genoil.ca.