Genoil Inc. Announces Cancellation of Proposed Non-Brokered Private Placement at the Request of TSX Venture Exchange

   Genoil Inc. (TSX VENTURE: GNO) (OTCBB: GNOLF) ("Genoil") is announcing that it has cancelled the previously announced non-brokered private placement consisting of 900,000 common share warrants which were to be issued at a price of $.02 per warrant. This transaction was previously announced in Genoil's February 3, 2011 news release. Funds previously received pursuant to this transaction will be returned. The proposed non brokered transaction was to issue an aggregate of 900,000 common shares warrants at a price of $.02 per warrant, having at an exercise price of $0.25 cents per warrant, and exercisable for a period of 2 years. The previously announced transaction was subject to approval of the TSX Venture Exchange which approval was not provided as TSX Venture Exchange policies do not include any provisions for the issuance of warrants except warrants issued as a part of a unit financing.

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Genoil Inc. Tom Bugg President [phone] Genoil Inc. David Lifschultz Chairman & CEO [phone] [e-mail] www.genoil.ca