Genoil (fka CDNX: GNO)

[Old Frank P]

Genoil Inc. Announces Operating Results for the First Quarter of 2002
CALGARY, May 30 /CNW/ - Genoil Inc. (TSX:GNO)



- Genoil is advancing toward commercialization of both of its major
technologies. Aided by the positive outcomes of both the standard and
catalytic test runs of its Heavy Oil Pilot Upgrader at Kerrobert,
Saskatchewan, management is currently negotiating with a small American
refinery to apply its upgrading technology to a one thousand barrels of
oil per day input stream. Initial feedback is encouraging. Supported by
independent engineering appraisals, Genoil has commenced the
construction of two small commercial hydrogen production units, which
should be completed in the fourth quarter of this fiscal year.

- Capital stock provides $1,152,427 in cash and secures
patents/technologies for $2,359,000. The Company issued 10.5 million
treasury shares at $0.21 per share to acquire all the shares of
Hydrogen Solutions Inc. and 700,000 treasury shares at $0.22 to acquire
all the shares of Crystal Clear Solutions Inc. The first acquired
company has the exclusive rights, for specific applications, to a
unique process for the production of hydrogen from water. The second
acquired company has the patent rights for a three-phase oil water
separation technique.

- First quarter financial results show loss of $905,310

- Genoil proposes to fund near term cash requirements by capital
offerings

http://biz.yahoo.com/cnw/020530/genoil_1st_quarter_1.html