Genoil Announces Cancellation of Annual Meeting

CALGARY, ALBERTA -- (MARKET WIRE) -- 05/30/08 -- Genoil Inc. (TSX VENTURE: GNO) (OTCBB: GNOLF) has announced that its board of directors has cancelled the Corporation's annual and special meeting of shareholders that was previously scheduled for Monday, June 23, 2008 (the "Meeting"). Mr. Harry Bloomfield, a recent director of the Corporation and former nominee director to be voted upon at the Meeting, has recently resigned and indicated that he will not be standing for re-election at the Meeting.

Mr. Joseph Fatony, a current director of the Corporation and proposed director nominee for election at the Meeting has, due to health concerns, also tendered his resignation as chairman of the Audit Committee, and member of the Compensation Committee of the Corporation and has additionally advised that he will be withdrawing his name for consideration as a director nominee at the Meeting.

The Corporation's directors are currently reviewing candidates to assume Messrs. Fatony and Bloomfield's roles and responsibilities within the Corporation. Given the required changes to the directors who will be proposed for nomination at the Meeting, the Corporation's board of directors has determined that it is in the best interest of shareholders to cancel the Meeting until alternate director nominees can be identified. Information respecting any such candidates identified shall be contained in a revised proxy circular expected to be circulated once such nominees have been identified and a revised shareholders' meeting date been established.

The Corporation's directors wish to express their gratitude to Mr. Fatony for his contributions to the Corporation during the period of his service with the Corporation.

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

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contacts: Genoil Inc. David K. Lifschultz Chairman and CEO (212) 688-8868 Website: www.genoil.net

2008-05-30 19:00:54 0374094 MARKETWIRE