Genoil Inc. Announces Changes to its Board of Directors.

CALGARY, Alberta -- Genoil Inc. (TSX VENTURE:GNO) (OTCBB SYMBOL:GNOLF.OB) (the "Corporation") wishes to announce recent changes to its Board of Directors. The Corporation has received the resignation of Mr. Harley Mintz as a Director of the Corporation. The Board has additionally resolved to appoint Messrs. Adam Hedayat and Brian Korney (the Corporation's Chief Financial Officer) as Directors. To accommodate the appointment of Messrs. Hedayat and Korney, Mr. John O'Donnell has resigned as a Director of the Corporation. The appointment of Messrs. Adam Hedayat and Brian Korney are subject to the approval of the TSX Venture Exchange and the Board believes that the new members will bring a wealth of financial, business and technical experience to the Corporation.

The directors of the Corporation wish to express their gratitude to Messrs. Mintz and O'Donnell for their contributions to the Board during the periods that they served as directors. The new Board of Directors of the Corporation consists of Messrs. David Lifschultz (Chairman and CEO), Mr. Lawrence Lifschultz, Mr. Brian Korney (CFO) and Mr. Adam Hedayat.

Mr. Adam Hedayat, P. Eng, is currently the President of Hampco Enterprises Ltd., a private consulting company. From 1995 to 1998, Mr. Hedayat was Vice President, Marketing and Business Development of SaskPower International Inc. Prior thereto, Mr. Hedayat had 17 years of experience with TransAlta Utilities Corporation and four years of experience with Morrison-Knudsen International of Boise, Idaho. Mr. Hedayat has additionally served as Chairman of the Board of Directors of the Drayton Valley Power Income Fund, a Toronto Stock Exchange listed company and of Guyana Power and Light, a fully integrated utility with 1100 employees located in Guyana, South America.

Mr. Brian Korney is the Corporation's current Chief Financial Officer and has a Bachelor of Commerce Degree, majoring in Finance and Accounting, and is a Chartered Accountant. In 1976, Mr Korney joined the firm of Arthur Andersen & Co. and worked there through 1979 as a Chartered Accountant. From 1981 through to present Mr. Korney has worked with numerous oil and gas companies in the position of Controller, Treasurer, VP Finance, CFO and Corporate Secretary. Mr. Korney has dealt with a wide range of responsibilities, including banking, insurance management, financing, administration of the accounting department, playing a significant role in initial public offerings and reporting to various regulatory authorities. Mr. Korney has held positions with such companies as Robert W. Lamond Group of Companies, Grad & Walker Resources Ltd., Innova Exploration Ltd. and Arctos Petroleum Corp. In aggregate, Mr. Korney has 28 years of experience in many facets of the energy industry.

The Directors are continuing to review the constitution, size and composition of the Board along with the general organization and responsibilities of the Board's committees. The Board is currently undertaking a process to enact a long term plan for the composition of the Board. In undertaking such review the Board is considering the current strengths, skills and experience on the Board and the strategic direction of the Corporation. It is anticipated that the Board will have completed its review and delivered its recommendations in the near future and additional nominees are expected to be proposed as Directors of the Corporation at the upcoming Annual and Special Meeting of the Corporation, currently scheduled for June 3, 2005.

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 under the symbol GNO, as well as on the OTC Bulletin Board under GNOLF.OB. For more information on Genoil visit www.genoil.net.

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Certain information regarding the company, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company 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.

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 in the sponsoring client. Further information on potential risk factors that could affect the company's financial results can be found in the company's Reports filed with the Securities and Exchange Commission.

Genoil Inc. (TSX VENTURE:GNO) (OTC Bulletin Board:GNOLF.OB)