Genoil Inc. Announces Grant of Stock Options

CALGARY, ALBERTA - (Marketwire - Aug. 31, 2007) - Genoil Inc. (TSX VENTURE:GNO) (OTCBB:GNOLF) reports that the board of directors of the Corporation has approved the grant of 1,000,000 incentive stock options for common shares of the Corporation to one of the Corporation's officers. Such options expire on August 31, 2012 and have an exercise price of $0.57, such price being the closing price of the Corporation's shares on the TSX Venture Exchange on the date preceding the date of board approval of the grant. 25% of such options will vest on August 31, 2007 with an additional 25% to vest annually on August 31 in each of 2008, 2009, and 2010.

About Genoil

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

ADVISORY: The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Website: www.genoil.net

Tags: ,Energy and Utilities,Oil and Gas ,STOCK/OTHER MARKET NEWS

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Genoil Inc. Announces Grant of Stock Options