Returning to the Caribbean Market Strengthens Genoil's Regional Focus
NEW YORK, NY / ACCESSWIRE / November 21, 2018 / (OTC PINK: GNOLF) Genoil is pleased to announce that Emile Heskey the former professional footballer from the United Kingdom joins Genoil to lead the company's business development in the Caribbean region. Mr. Heskey will work through Genoil to raise finance for much needed reconstruction of Island's affected by Hurricane Irma and to help the local economies to get back on their feet. He will assist Genoil in the entire Caribbean region to source project opportunities where Genoil and our partner companies can do energy related development and reconstruction work. Emile has a relationship with many people in Antigua including Prime Minister Gaston Browne who has met with the UK Secretary of State about funding reconstruction of their Islands. The Antiguan government had recently considered building a small refinery and Genoil intends to reopen these important discussions.
Mr. Heskey said, "I am excited to join the company and to make introductions for Genoil Inc. in the Caribbean market as the company expands our footprint globally. Our extensive international relationships and cutting edge GHU technology has the potential to capture the market among heavy oil producers around the world. The vision of the company is to build a strong environmentally focused desulfurization and heavy oil business that is based on our unique technology. Genoil's state-of-the-art technology, combined with our very experienced board of directors and management team, give me the confidence that the GHU technology will be successfully commercialized and implemented around the world."
When Genoil was a Beau Canada subsidiary it did extensive offshore exploration in the Caribbean. We are excited to re-enter this important and strategic market. Just prior to Murphy Oil buying Beau Canada, Genoil was spun out and became an independent oil company. We retained our offshore concessions and ownership of our large portfolio of cutting edge upgrading and environmental technologies. According to a recent World Oil Magazine there are more oil reserves in the Caribbean than in Venezuela.
Emile who has spent a lot of time in front of the camera, will also assist Hassan & Moktar with Genoil international media and communications. He has worked for Sky Media, BBC, & BT, BeIN Sports & Premier League Production and has done promotional work around the world including working in India. Emile also has a company which focuses on promotions and knows a lot of high-level contacts in England from his previous career.
David Lifschultz, CEO, added, "We believe that Emile brings the necessary skills and ability to advise the company in the Caribbean as we move towards the commercialization of our heavy oil upgrading & desulfurization technology." "Furthermore, Bruce Abbott has done a fantastic job organizing an extremely dynamic engineering and management team for Genoil. Emile, Hassan & Moktar are the latest additions to our talented team. Bruce has proven to be an exceptional leader for our organization and the right person to lead Genoil through the next phase of exciting growth."
Genoil is an independent exploration, production company which has experience drilling for oil and gas in the Caribbean. The company specializes in heavy oil development and is focused on long-term growth. Genoil has developed a proprietary, state of the art patented advanced hydroconversion process technology (heavy to light & sour to sweet). This advanced Hydroconversion Upgrader (GHU), converts heavy crude oils and refinery bottoms into clean crude that is much more valuable. This more valuable crude produces a higher value product slate meaning that this new crude oil refines into clean-burning fuels for transportation. The company is deeply focused on the downstream transportation refining industries especially shipping. Hydroconversion is a common and proven desulfurization process, capable of processing various feedstocks ranging from crude oil to Naptha.
The Genoil Hydroconversion Upgrader (GHU®), is an advanced upgrading and desulfurization technology, which converts heavy or sour crude oil into much more valuable light low sulfur oil for a very low cost. The GHU achieves 96% pitch conversion and 95% desulfurization with an operating cost of up to 75% less than the competition. For Conoco Canada Ltd, Genoil converted their bitumen of 6-8.5 API and converted it to 24.5 API. We also removed 92% of the sulfur-reducing the amount from 5.14 % to below 0.24%. These results were taken by Conoco Canada Ltd, who had them analyzed by Core Laboratories, one of the largest service providers of core and fluid analysis in the petroleum industry.
FORWARD-LOOKING STATEMENTS: Certain information regarding Genoil, including the availability of capital and other sources of funds and future plans, may constitute forward-looking statements under applicable securities law. Forward-looking statements are often, but not always, identified by the use of words such as ''seek,'' ''anticipate,'' ''hope,'' ''plan,'' ''continue,'' ''estimate,'' ''expect,'' ''may,'' ''will,'' ''intend,'' ''could,'' ''might,'' ''should,'' ''believe'' and similar expressions. Forward-looking statements are based upon the opinions, expectations, and estimates of management as at the date the statements are made and, in some cases, information received from or disseminated by third parties, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. Forward-looking statements contained in this release necessarily involve risks and uncertainties associated with an oil and gas technology development and engineering corporation. As a consequence, actual results may differ materially from those anticipated. Accordingly, readers should not place undue reliance upon forward-looking information contained herein. Although Genoil believes that the assumptions underlying such forward-looking statements are reasonable given current market conditions, and information received or disseminated by third parties is reliable, it can give no assurance that such expectations will prove to have been correct. Genoil does not assume responsibility for the accuracy and completeness of the forward-looking statements and such forward-looking statements should not be taken as guarantees of future outcomes. Subject to applicable securities laws, Genoil does not undertake any obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The forward-looking statements contained in this press release are expressly qualified, in their entirety, by this cautionary statement. Additionally, statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Further information on potential risk factors that could affect Genoil's financial results can be found in Genoil's disclosure materials filed on SEDAR at www.sedar.com and with the Securities Exchange Commission available at www.sec.gov.
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SOURCE: Genoil, Inc.