VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / May 31, 2023 / Beyond Oil Ltd. (CSE:BOIL)(OTC:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil, reducing costs and waste, is thrilled to announce the successful completion of a significant milestone. Following the news release on February 23, 2023, Beyond Oil has fulfilled its initial purchase order from Fandango Collection & Recycling Ltd. ("Fandango") by delivering 16 tons of its high-quality product to Fandango's facilities in Israel.
The shipment will serve multiple purposes, including ongoing customer demonstrations and the introduction of Beyond Oil's product to new customers throughout the country. This accomplishment further solidifies the strong partnership between Beyond Oil and Fandango, while also expanding Beyond Oil's market presence in Israel.
"The completion of this purchase order marks an important milestone for our partnership with Fandango, and we look forward to further enhancing our market presence in Israel," said Jonathan Or, CEO and Co-Founder of Beyond Oil. "We are very pleased that Fandango's customers continue to validate our disruptive product which results in cost savings for restaurants and healthier food for their customers. Our dedicated team is committed to replicating our success in Israel as we expand into the North American market and beyond."
"We are delighted to offer our customers more of Beyond Oil's exceptional product, allowing them to further evaluate its benefits," said Shai Medioni, CEO of Fandango. "This significant delivery empowers us to expand our product demonstrations with customers throughout Israel and positions Fandango for substantial commercial sales in the Israeli market."
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 soluble impurities formed during the frying process that cause damaging free fatty acids ("FFA") and total polar materials ("TPM"), undesirable odors, 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 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 with most passive filtration systems. 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.
About Fandango Collection & Recycling Ltd.
Fandango is a leading company in the Israeli hospitality industry, supplying over 8,000 commercial kitchens with a comprehensive range of products, including frying oil and specialized equipment for maintaining the optimal condition of frying oil. Fandango also collects used cooking oil from commercial kitchens and provides a wide range of other essential products and supplies to the industry, including paper products, detergents and fast-food containers.
Contacts
Jonathan Or
CEO and Co-founder
1-647-691-9801
[email protected]
Shai Medioni
CEO of Fandango
[email protected]
Caroline Sawamoto
Investor Relations
1-647-691-9801
[email protected]
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 www.sedar.com. 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