www.genoil.ca/pressInfo0b30.html?id=2 -
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Published on: 8/14/2006
Last Visited: 10/13/2009
GENOIL INC. ANNOUNCES THE APPOINTMENT OF DAVID KIPPEN AS INTERIM CHIEF FINANCIAL OFFICER, RESIGNATION OF KIRK MORGAN AS CHIEF FINANCIAL OFFICER, AND ISSUANCE OF CONVERTIBLE NOTE
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ANNOUNCES THE APPOINTMENT OF DAVID KIPPEN AS INTERIM CHIEF FINANCIAL OFFICER, RESIGNATION OF KIRK MORGAN AS CHIEF FINANCIAL OFFICER, AND ISSUANCE OF CONVERTIBLE NOTE
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CALGARY, AB, August 14, 2006 : Genoil Inc. ("Genoil" or the "Corporation") is pleased to announce that David Kippen, who has acted as a financial consultant to the Corporation since June 2006, will be stepping in as interim Chief Financial Officer for the remainder of 2006 while the Corporation searches for a permanent replacement (the "Interim Period").
Since joining Genoil, David Kippen has been working on building the Corporation's financial infrastructure, which includes hiring additional financial staff such as a Controller.
Mr. Kippen has over 13 years of investment banking experience with specialization in mergers and acquisitions and capital fundraising for growth stage private companies and established public companies in North America, Europe and Asia.
Mr. Kippen was previously with Hambrecht & Quist and JP Morgan Chase for approximately ten years, as well as working in the Natural Resources Group of Credit Suisse First Boston.
Genoil's Chairman & CEO, Mr. David Lifschultz, states that "The Board shares my excitement regarding Kippen's value-added to Genoil.
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In addition to Mr. Kippen's cash compensation the board of directors of the Corporation (the "Board") has approved the grant of incentive stock options to Mr. Kippen to acquire up to 1,000,000 common shares of the Corporation ("Common Shares"), subject to the terms of Genoil's stock option plan.
These stock options were approved with an exercise price of $0.72 Cdn. per common share, being the closing price of the Corporation's shares on the TSX Venture Exchange on the date such grants were approved.
In the event that Mr. Kippen continues in his role as Chief Financial Officer beyond the Interim Period, these stock options shall vest over the next four years as follows: 250,000 upon the completion one (1) year of employment with the Corporation; and 250,000 per year on the anniversary date of each year of Mr. Kippen's employment with the Corporation.
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The appointment of Mr. Kippen as interim Chief Financial Officer and the issuance of the Note remain subject to the Corporation acquiring all necessary regulatory approvals.
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