CALGARY, ALBERTA--(MARKET WIRE)--Sep 26, 2008 -- Genoil Inc. (CDNX:GNO.V - News) (OTC BB:GNOLF.OB - News) reports that the board of directors has approved the grant of an aggregate 7,600,000 incentive stock options to executive officers, directors, employees and consultants. Each of the two current outside directors of the Corporation has been granted 500,000 of such options pursuant to Genoil's stock option plan as an incentive and as consideration for serving as a director for the year commencing on the date of the Corporation's 2008 annual meeting (the "Meeting").

Additionally, 3,000,000 of such incentive stock options have been granted to Genoil's Chairman and Chief Executive Officer as compensation for serving in such capacity for the upcoming year; 1,500,000 have been granted to the Corporation's President both as an incentive and in consideration for past service in such capacity; 500,000 options have been granted to Genoil's Vice President of Engineering, and the remaining 1,600,000 of such options have been granted to employees and outside consultants.

While the amendments of Genoil's stock option plan received approval of the Corporation's shareholders at the Meeting, the issuance of the 7,600,000 options is contingent on the review and approval of the amendments of the stock option plan by the TSX Venture Exchange. If such amendments are approved, the 7,600,000 options are to be issued with an exercise price of $0.18, being the closing price of the Corporation's shares on the TSX Venture Exchange on the date preceding the date such grants were approved by the board. All of the options approved for issuance to insiders, other than those granted to the Corporation's President, shall have a term of five years from the date of grant and vest immediately. The options granted to the Corporation's President shall have a term of five years from the date of grant and shall vest on November 1, 2008. All of the options approved are conditional upon the receipt of all necessary regulatory and stock exchange approvals.

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

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

     Contacts:
     Genoil Inc.
     David K. Lifschultz
     Chairman and CEO
     (914) 834-7794
     Website: http://www.genoil.net