Genoil Licensing Agreement With MNGK Serving The Russian Oil/Gas Industry.CALGARY, Alberta -- Genoil Has Signed a Licensing Agreement for Its Claris Technology with MNGK, a Russian Firm Headquartered in Ufa in the Republic of Bashkortostan of the Russian Federation MNGK (www.mngk.ru/eng) is a leading firm in the Russian oil service industries sector. It includes among its customers Yukos, Lukoil, and Rosneft, among others. The license agreement will allow MNGK to take a test Claris unit to oil sites throughout Russia to determine the suitability of installing commercial Claris units at different sites. New environmental regulations require Russian oil producers to substantially reduce the amount of oil in water once oil has been separated from produced oil at the wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. . Almost all oil is a mixture of oil, water and solids. Genoil's Claris technology is capable of removing oil from separated water streams making possible re-injection of clean water into subsurface strata or disposal from offshore platforms into the ocean. A three member delegation from MNGK led by its Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Dr. Victor Kryukov, visited Genoil's facilities in Edmonton, Alberta last August. This week a Genoil delegation left Canada for MNGK's headquarters at Ufa in order to work directly with MNGK engineers on tests of Genoil's Claris technology at several sites in Siberia. Genoil's recently developed Claris technology can be used in tandem with Genoil's Maxis cyclonic oil/water separation technology that can process large volumes of water achieving a high quality separation of oil from water. (See Genoil News Release, also dated November 3, 2004, titled "Genoil Announces Acquisition of Majority Holding in Velox".) Discussions are currently underway with MNGK regarding the issuing a separate license to test Genoil's Maxis technology to determine the suitability of installing commercial Maxis units at sites owned by MNGK's clients throughout Russia. 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 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. |
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