Agreement is Beyond Oil's First Commercial Distribution Partnership in Europe
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / August 9, 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 that it has entered into a distributor agreement (the "Distribution Agreement") with Vital Hospitality Ltd. ("Vital Hospitality"). The Distribution Agreement gives Vital Hospitality the rights and a license to market and sell Beyond Oil's product to food service customers in the United Kingdom.
"Vital Hospitality is committed to delivering cutting-edge solutions which support our customer base to simplify their day-to-day operations while lowering both their operating costs and carbon footprint," stated Justin Samuels, Founder and CEO of Vital Hospitality. "Throughout our trial period in the UK, we thoroughly evaluated Beyond Oil's product and its remarkable capacity to extend oil life and its simplicity of use. Additionally, I had the pleasure of meeting the Beyond Oil team in Israel and witnessing firsthand the satisfaction of several of their customers who have successfully incorporated the product into their operations. After careful consideration, we are confident that this product will significantly enhance our customers' experiences in various ways, such as cost savings, improved food quality, and waste reduction. Notably, we are impressed by its potential to reduce the carbon footprint of the food-service industry, aligning perfectly with our commitment to sustainable practices. We eagerly anticipate introducing this innovative solution to our customers in the United Kingdom."
"It is with great pleasure that we announce our partnership with a renowned expert in the UK food service industry," said Jonathan Or, Co-Founder and CEO of Beyond Oil. "Vital Hospitality is at the forefront of product innovation in the food service industry - and we are looking forward to providing them with a ground-breaking solution for their valued customers. We eagerly anticipate their support in introducing our disruptive product to the food industry in the United Kingdom."
Distribution Agreement
The Distribution Agreement establishes Vital Hospitality as a distributor of Beyond Oil's product in the food service market in the United Kingdom. Under the terms of the Distribution Agreement, Vital Hospitality will market, distribute and sell Beyond Oil's product to its existing and prospective customers in the United Kingdom and will also be responsible for providing training and support services to such customers. The Distribution Agreement is dated August 8, 2023, has an initial term of four (4) years and will renew for an additional three (3) year term, subject to certain conditions.
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 free fatty acids ("FFA"), total polar materials ("TPM"), acrylamide, polycyclic aromatic hydrocarbons ("PAHs"), trans fats, and other impurities, ensuring frying oil stays fresh and fried food tastes fantastic.
One-of-a-Kind: 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 and filtration machine ensures the best results by removing other degradation particles. The powder remains on the filter and creates an additional layer which provides the microfiltration benefit.
About Beyond Oil Ltd.
Beyond Oil is an innovative food-tech company dedicated to transforming the way we consume and produce food. We provide sustainable solutions for the food industry, prioritizing environmental protection and the well-being of its workers and customers. Our innovative solutions help reduce costs for our partners and clients while ensuring responsible and eco-friendly practices. We are committed to environmental responsibility, minimizing the carbon footprint of the food industry on our planet. By implementing cutting-edge techniques, we deliver a healthier final product by reducing the formation of carcinogenic substances in fried food. Our vision is to create a more sustainable future where food safety, cost efficiency, and environmental consciousness come together seamlessly. For more information, visit our website at: www.beyondoil.co.
About Vital Hospitality Ltd.
Vital Hospitality is based in London, UK, and imports and distributes cost-effective and innovative maintenance, cleaning, and hygiene solutions for commercial kitchens and bakeries across the United Kingdom. Vital Hospitality sells a range of award-winning products and solutions that help its customers reduce costs, simplify processes and reduce their carbon footprint. Vital Hospitality provides an extraordinary level of customer service and support to the brands it represents across the UK, which helps them to build long-lasting partnerships with independent and large-brand restaurant operators, hotels, public houses, caterers, bakeries, and other high-volume food producers. Vital Hospitality is focused on providing customized solutions, training, and ongoing support for its customers to ensure that the solutions are seamlessly integrated into their daily operational workstreams. For more information visit: https://www.vitalhospitality.co.uk
Contacts
Jonathan Or
CEO and Co-founder
[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.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.