Genoil Announces Agreement To Eliminate All Secured Debt.CALGARY, Alberta -- Genoil (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GNO GNO Girl's Night Out GNO Greater New Orleans GNO Global Network Operations GNO Guys Night Out GNO Geminal Natural Orbital GNO Gnu Network Object ) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GNOLF) is pleased to announce that it has entered into an agreement to eliminate approximately $3 million of debt held by a secured creditor. The agreement contemplates that the creditor will exercise its 10 million warrants currently held in Genoil. The proceeds from the exercise of the 10 million warrants will be used to pay off Genoil's secured debt. Genoil will concurrently arrange for the sale of the common shares to certain third parties. This agreement is subject to Genoil having arranged for the purchase of shares by January 21, 2005 and all related documentation being completed by January 26, 2005. Genoil will receive no proceeds on the share sales, but this transaction will significantly enhance Genoil's balance sheet. Genoil is a technology development company providing solutions to the oil and gas industry through the use of proprietary technologies. Genoil's shares are listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol GNO and on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol GNOLF. Genoil Inc. (TSX VENTURE:GNO) (OTC Bulletin Board:GNOLF) |
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