Genoil Inc. Announces Changes to Board of Directors and Approval of Grant of Stock Options

CALGARY, ALBERTA, Jun 06 (MARKET WIRE) --
Genoil Inc. (TSX VENTURE: GNO) (OTCBB: GNOLF) reports that Mr. Joseph
Fatony has tendered his resignation as a member of the board of directors
effective as of June 6, 2008. Mr. Fatony had previously advised the
Corporation that, due to health concerns, he would be withdrawing his
name for consideration as a director nominee at the Corporation's annual
meeting of shareholders (the "Meeting"). The Corporation's directors wish
to express their gratitude to Mr. Fatony for his contributions to the
Corporation during the period of his service as a director. The
Corporation has additionally announced that Mr. Thomas Bugg, the
Corporation's newly appointed President, has been appointed by the
Corporation's board of directors to fill the vacancy on the board created
by Mr. Fatony's departure.

The board of directors of the Corporation has approved the grant of an
aggregate 1,500,000 incentive stock options to Mr. Thomas Bugg pursuant
to the Corporation's stock option plan as an incentive and in
consideration for his serving as President and as a board member of the
Corporation.

The issuance of the 1,500,000 options is contingent on the approval of
the Corporation's shareholders to the amendment of the Corporation's
stock option plan at the Meeting. If such amendments are approved the
1,500,000 options are to be issued with an exercise price of $0.22, being
the last closing price of the Corporation's shares on the TSX Venture
Exchange on the date prior to the approval of such grant. All of the
options approved shall have a term of five years from the date of grant
and vest immediately. All of the options approved are conditional upon
the receipt of all necessary regulatory, shareholder and stock exchange
approvals.

About Us

Genoil Inc. is an international engineering technology development
company based in Alberta, Canada that develops innovative hydrocarbon,
oil and water separation, and marine technologies.

Contacts:
Genoil Inc.
David Lifschultz
Chairman and CEO
(914) 834-7794
(914) 393-5800 (FAX)
Website: www.genoil.net

Copyright 2008, Market Wire, All rights reserved.

-0-