Beyond Oil Signs U.S. Distribution Agreement with Oil Solutions Group
- Beyond Oil's partnership with Oil Solutions Group will expand its market reach in the United States, potentially increasing sales and revenue.
- Beyond Oil's product has the potential to significantly lower costs for quick-service restaurants by extending the useful life of frying oil while maintaining food quality and safety requirements.
- None.
Agreement Represents Beyond Oil's First US Commercial Food-Service Distribution Partnership
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / August 1, 2023 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil, reducing costs and waste, is pleased to announce, further to a news release disseminated on March 17, 2022, that it has entered into a definitive distribution agreement (the "Distribution Agreement") with Oil Solutions Group, Inc. ("Oil Solutions Group"). The Distribution Agreement gives Oil Solutions Group the rights and license to market and sell Beyond Oil's product to its restaurant customers in the United States.
Oil Solutions Group, based in Texas and Georgia, U.S., is a pioneering company providing cutting-edge oil management solutions with high-quality filtration products. With over 35 years of experience, they are nationally recognized as leaders in extending oil life for the food-service industry. Thousands of their satisfied customers, including multinational chains, have saved millions of dollars and oil pounds, benefiting from value-added best practices that enhance product quality and sales. Oil Solutions Group's best-in-class filtration products include the patented Masterfil® reusable filters, with 0.5-micron 'depth filtration' media, and the state-of-the-art Armadillo® filter machine, designed for easy cleaning and service. Their expert team with over 145 years of food service experience assists in maximizing return on investment and optimizing oil life compliance. Visit www.oilsolutionsgroup.com for more information.
Howard Wixson, President of Oil Solutions Group, comments: "Throughout the past year during numerous demos conducted by both companies in the U.S., Canada and Israel, we closely monitored Beyond Oil's product development. As a national market leader, we have extensive experience in selling and using competing products over the years. We have been on the lookout for a solution like Beyond Oil and we are pleased to introduce this innovative product to our valuable customer base and beyond."
"We are excited to have Oil Solutions Group as our first U.S. distributor to introduce our ground-breaking product to the U.S. food market," said Jonathan Or, CEO and Co-Founder Beyond Oil. "Integrating Beyond Oil's product into Oil Solutions Group's offerings will bring forth cost-savings and heightened sustainability to the entire food industry. Their team of experts with over 145 years of food service experience makes them an ideal partner for us, allowing us to reach their vast base of existing customers while also engaging new ones. This partnership is a win-win for both parties, enabling us to offer a truly unique value proposition to the market. Together, we aspire to revolutionize the fried food landscape, providing consumers with a healthier and higher-quality experience."
Distribution Agreement
The Distribution Agreement became effective on July 31, 2023 and establishes Oil Solutions Group as the first non-exclusive distributor of Beyond Oil's product in the US food service market. Under the terms of the Distribution Agreement, Oil Solutions Group will market, distribute and sell Beyond Oil's product to its existing and prospective customers in the United States and will also be responsible for providing training and support services to such customers. Beyond Oil and Oil Solutions Group have agreed to coordinate on joint marketing efforts under the Distribution Agreement. The initial term of the Distribution Agreement is for one year (the "Initial Term"), but will renew for an additional term of three years upon the parties executing a renewal agreement before the expiry of the Initial Term.
Product Highlights
Frying Oils Recovery: Extensive testing indicates that the Beyond Oil Product extends the usable life of frying oil, improves product quality, and reduces frying oil costs. As a preferential adsorbent, the product reduces and prevents the formation of harmful components such as total polar materials ("TPM"), Trans Fats, Acrylamide, Polycyclic aromatic hydrocarbons ("PAHs"), and other impurities, ensuring frying oil stays fresh and fried food tastes fantastic.
One-of-a-Kind: To the Company's knowledge, Beyond Oil has developed a unique solution that can absorb the FFAs and TPMs generated in frying oil, together with other harmful components and undesired off-flavors, colors, and odors.
Patent Protected: The Company also has a portfolio of registered and patent-pending solutions that extend the shelf-life of produced and used vegetable oils.
Potential Cost-Savings: One of Beyond Oil's unique value propositions is that it can dramatically lower costs for quick-service restaurants by significantly extending the useful life of the oil while meeting food quality and safety requirements. For more information on how the Beyond Oil Product extends the life of frying oil, see the Company's news release dated December 12, 2022.
Distribution Ready: The Company received a non-objection letter from the US Food & Drug Administration ("FDA") in March 2022, on the basis that all the Beyond Oil Product ingredients meet food-grade specifications of the FDA. In May 2022, Beyond Oil received a non-objection letter from Health Canada and a National Sanitation Foundation certification. Beyond Oil is legally permitted to sell its product into the Israeli market according to the processing-aid and filtering-aid regulations.
How the Beyond Oil Product Works
The Beyond Oil Product integrates into the existing filtration systems of both commercial and industrial fryers. The combination of active filtration by the powder and passive filtration by the filter media and filtration machine ensures the best results by removing other degradation particles. The powder remains on the filter media and creates an additional layer which provides the microfiltration benefit.
About Beyond Oil Ltd.
Beyond Oil develops and manufactures an innovative, proprietary, and patented product designed to extend the life of frying oil while preserving the oil's quality and nutritional value. The unique product integrates into the existing filtration systems of both commercial and industrial fryers, reducing oil costs, helping create healthier food, decreasing waste, and increasing sustainability. For more information visit: www.beyondoil.co.
Contacts
Jonathan Or
CEO and Co-founder
info@beyondoil.co
Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@beyondoil.co
Forward-Looking Statement and Information
The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains "forward-looking statements" within the meaning of the securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will issued as a result of a pending patent application or, if issued, whether it will issue in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time at sedarplus.ca. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of third-party websites.
SOURCE: Beyond Oil Ltd
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