- Beyond Oil has the potential to disrupt the global commercial frying oil industry with its patented filtration process that extends the life of frying oil reuse by up to 14 days
- Extending the life of frying oil is expected to lower operating costs by reducing the replacement and disposal of cooking oil at food-service locations
- Tests indicate that this filtration process preserves the quality and nutritional values of oil and eliminates toxic fatty acids to support better human health
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / May 26, 2022 / Beyond Oil Ltd. (CSE:BOIL) ("Beyond Oil" or the "Company"), a food-tech innovation company that has developed a filtering and processing aid using natural ingredients that is added to frying oil for use in the sizable commercial deep fryer market by quick-service restaurants (QSR) and dine-in restaurants, is pleased to provide a corporate update for the commercialization of its unique technology.
- Marketing: The Company's initial product will be marketed under the name FryDay™.
- Commercial Ramp-up: Commercial sales are anticipated to begin in the second half of 2022. The Company has entered into a previously announced memorandum of understanding with Oil Solutions Group, a leading expert in the food oil industry in the United States with thousands of customers, and a previously announced letter of intent with TEJA Food Group, which has a distribution network of 20,000 customers in Canada and the USA. The Company intends to enter into a partnering arrangement in every country with a leading supplier of equipment and/or cooking oil with a strong distribution network.
- Production Facilities: The Company produces FryDay™, in its own dedicated facilities using raw materials delivered directly to it. Once produced and packaged, FryDay™ will be shipped from Beyond Oil's Israel facilities to distributors and customers in Canada and the United States. Beyond Oil currently has a commercial production capacity of 8,000 metric tons in bulk 25kg bags per year; however, for sales to the foodservice industry, the factory is required to produce the Beyond Oil formula in smaller branded packages. As a result, Beyond Oil is modifying its facility for commercial production of 8,000 metric tons of 9kg box units per year commencing in the first half of 2022.
"We plan on disrupting the food service industry with a unique solution that reduces harmful levels of Free Fatty Acids (FFA) to less than 0.1%, while preserving the quality and nutritional values of the oil," said Dr. Tamir Gedo, CEO of Beyond Oil.
Product Highlights
- Frying Oils Recovery: Extensive testing indicates that Beyond Oil's product extends the usable life of frying oil, improves product quality, and reduces frying oil costs. As a preferential adsorbent, Beyond Oil product reduces soluble impurities formed during the frying process that causes damaging FFA and polar compound formation, undesirable odours, off-flavors, and off-colors. The product is simple to integrate into existing daily filtration processes.
- One-of-a-Kind: To the Company's knowledge, Beyond Oil has developed a unique solution that can eliminate FFA almost completely without damaging oil quality. This solution compares to magnesium-based filter powders that have existed for years and reduce the FFA by up to only 15%.
- Patent Protected: The Company has a portfolio of registered and patent pending green solutions that extend the shelf-life of produced and used oils.
- Bottom-Line Savings: Beyond Oil's unique value proposition is that it could dramatically lower costs for quick service restaurants by extending the life use of the oil by up to 14 days while retaining the original taste profile.
- Distribution Ready: As stated in the Company's news release dated March 23, 2022, the Company has received a non-objection letter from the US Food and Drug Administration (FDA), with all Beyond Oil product ingredients meeting food-grade specifications of the FDA.
How it Works
The Beyond Oil method integrates with existing processes as a processing aid or as a filter aid. The process includes passive microfiltration designed to remove all components through a combination of active filtration by the powder or slurry and passive filtration by a microfiltration paper. This process ensures no residue is left in the oil while maximizing the efficiency of removing other degradation particles.
Connect With Us
To receive news and updates about Beyond Oil, visit: www.beyondoil.co.
About Beyond Oil Ltd.
Beyond Oil is a developer and manufacturer of an innovative proprietary and patented formulation which reduces the free fatty acids from cooking oil to as low as 0.1% while preserving the oil's quality and nutritional values. Beyond Oil's unique technology and methodology integrate into customers' existing oil filtration systems by extending the life of frying oil, reducing costs and waste. Beyond Oil is led by a team of seasoned executives and food science inventors with R&D and commercialization backgrounds. For more information visit: www.beyondoil.co.
Contact
Dr. Tamir Gedo
CEO and Director
1-647-691-9801
[email protected]
Caroline Sawamoto
Investor Relations
1-647-691-9801
[email protected]
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements and information that are based on the beliefs of our management and reflect Beyond Oil's current expectations and views of future events. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information.
The forward-looking statements and information in this press release include information relating to the business plans of Beyond Oil, including the use of its product in the food service industry and the effects of such product on the industry as a whole. All statements in respect of contemplated future growth of the Company and commercialization plans are also forward-looking statements.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Beyond Oil will operate in the future, including: general business and economic conditions; the demand for our products; anticipated costs and ability to achieve our goals, business plan and growth strategy; the availability of financing on reasonable terms as needed; our ability to attract and retain skilled staff; our ability to complete any contemplated transactions; and that there will be no regulation or law that will prevent us from operating our business. Although Beyond Oil believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: business, economic and capital market conditions; the stock markets have experienced volatility that often has been unrelated to the performance of companies; the ability to expand our business internationally; the ability to manage our operating expenses which may adversely affect our financial condition; our ability to obtain additional financing as needed on terms and conditions acceptable to the Company; our ability to remain competitive as other better financed competitors develop and release competitive products; legal and regulatory uncertainties including new laws or regulations which could adversely affect the Company's business and results of operations; market conditions and the demand and pricing for our products; our relationships with our customers, distributors, suppliers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers' needs; our ability to attract, retain and motivate qualified personnel; our ability to maintain technological leadership; the impact of technology changes on our products and industry; our failure to develop new and innovative products; our ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; our ability to manage working capital; our dependence on key personnel; the risk that consumer interest in and sentiment towards Beyond Oil's products adversely changes; the impact of COVID-19 or other viruses and diseases on Beyond Oil's ability to operate; equipment failures; unanticipated increases in operating costs and fluctuations in commodity prices; security threats; the failure of counterparties to perform their contractual obligations; risks related to Beyond Oil's corporate strategy including that previous and future acquisitions do not meet expectations; and anticipated commercialization of the Company's products may not materialize as contemplated in this news release or at all. In addition, Beyond Oil's products have yet to be produced on a large scale and its products have yet to be shown to be effective and reliable when used by a broad range of consumers.
Forward-looking statements and information have been prepared by our management to provide information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. While our management believes that the forward-looking statements have been prepared on a reasonable basis, reflecting management's best estimates and judgments, Beyond Oil is an early-stage company with a short operating history and it may not actually achieve its plans, projections, or expectations. Readers should read this document with the understanding that our actual future results may be materially different from what we expect. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements.
The forward-looking information included in this new release is expressly qualified in its entirety by this cautionary statement. The Company cautions that the foregoing lists of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
SOURCE: Beyond Oil Ltd.