Leading Canadian Used Cooking Oil Collection, Recycling, and Rendering Company to Distribute Beyond Oil's Products in Canada and Washington State and Collaborate on Other Strategic Opportunities in North America
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / January 18, 2024 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil while reducing costs, waste and health risks, and West Coast Reduction Ltd. ("WCRL"), Western Canada's largest used cooking oil collection, recycling and rendering company, are pleased to announce that they have entered into a Strategic Opportunities & Distribution Agreement (the "Strategic Agreement").
Strategic Agreement
The Strategic Agreement is dated January 17, 2024, has an initial term of five (5) years and will, subject to certain preconditions, renew for successive five (5) year terms. Per the terms of the Strategic Agreement, WCRL has placed an initial order of one container of the Beyond Oil product for food service (the "Food Service Product") for delivery to its facilities in Canada.
Distribution Rights - Food Service
The Strategic Agreement gives WCRL the right and license to market and sell the Food Service Product to food service customers in Canada on an exclusive basis, and in Washington State on a non-exclusive basis (the "Territory"). Under the terms of the Strategic Agreement, WCRL will be responsible to provide training and support services to such customers.
Currently, WCRL has a significant presence in the food service market in the Territory, as it provides food oil collection services under its ReduxTM program to thousands of restaurants in Western Canada.
Distribution Rights - Industrial Food Industry
The Strategic Agreement also establishes WCRL as the exclusive distributor of the Beyond Oil product for the industrial food industry (the "Industrial Product", and together with the Food Service Product, the "Products") in Canada on an exclusive basis, and in Washington State in the USA, on a non-exclusive basis.
Beyond Oil and WCRL have recently conducted preliminary trials of the Industrial Product with prospective customers in North America and intend to continue such trials on an ongoing basis.
Currently, WCRL has a significant presence in the industrial food industry in the Territory, as it provides food oil collection services under its ReduxTM program.
Other Strategic Opportunities
To date, Beyond Oil and WCRL have jointly conducted preliminary testing of the Product in other areas and potential applications. The Strategic Agreement provides that Beyond Oil and WCRL will continue to collaborate in undertaking research and development programs testing the efficacy of the Product (or variation thereof) in other sub-sectors of the food oil industry.
Manufacturing in North America
The Strategic Agreement provides that subject to the fulfillment of certain pre-conditions, WCRL will earn a right of first refusal to produce or manufacture the Product (or variation thereof) in North America.
"We are thrilled to announce our partnership with West Coast Reduction, a North American leader in oil collection, recycling, and rendering," said Jonathan Or, CEO and Co-founder of Beyond Oil. "This strategic collaboration is key to Beyond Oil's growth in North America, and an important milestone to fulfill our vision of becoming a global leader in the food oil industry. We believe that their experience and strong market presence in North America will continue to fuel our progress. We are inspired by their unwavering commitment to creating a sustainable food supply; we share the same values and mission of creating a sustainable future in the food oil industry where less waste is created, and no waste is left behind. We are excited about the opportunities and impact our collaboration will bring."
Barry Glotman, CEO of West Coast Reduction, commented: "West Coast Reduction is deeply committed to the principle of 'Nothing Left Behind' for everything we do. Our ReduxTM Program continues to discover innovative strategies to assist our customers in developing more sustainable businesses that beneficially impact the communities we serve. After conducting testing of the Beyond Oil product, we are impressed by the results, revealing several advantages aligning with our sustainability goals. These benefits include healthier fried food, improved food quality, increased safety in the cooking process, a notable reduction in the carbon footprint from the usage and recycling of cooking oil, and cost savings for users. Our teams will work diligently together to create the final execution solution for our customers with this innovative and disruptive product, while at the same time, helping the general public live in more sustainable and healthier communities."
Termination of Agreement with TEJA Food Group
Further to the news release dated June 22, 2022, Beyond Oil and TEJA Food Group have mutually agreed to terminate the distribution agreement entered between them on June 22, 2022.
Revolutionizing the Frying Industry: Extensive testing indicates that the Beyond Oil Product extends the usable life of frying oil, improves product quality, increases sustainability, 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 is crispier, more visually appealing and tastier.
Health Benefits: What truly sets the Beyond Oil Product apart is the resulting health benefits. In contrast to other solutions in the market, our premium product stands out in its ability to minimize cancer risks stemming from frying oil and fumes related to acrylamide and PAHs formation. Our product also outperforms in reducing TPM and FFA levels, enhancing oil color, and much more.
"Beyond Oil's innovative solution makes a huge contribution to humanity in the medical field, reducing morbidity and mortality from cancers caused by exposure to frying fumes, thereby making a great contribution to improving the general health of the population." (Director The Pulmonary Division Wolfson Medical Center - Medical opinion).
"Beyond Oil's unique composition is designed to prevent the formation of carcinogenic compounds, such as acrylamide and polycyclic aromatic hydrocarbons (PAHs), which are known to cause several health issues, including cancer. The food ministry's adoption of Beyond Oil can play a vital role in preventing these diseases and ensuring consumer safety." (Professor Nissim Garti, Hebrew University of Jerusalem - Health Report).
Sustainable Impact: Beyond Oil can substantially contribute by reducing restaurants' carbon footprint, simultaneously curbing waste and conserving water resources.
Potential Cost-Savings: Beyond Oil can lower costs for quick-service restaurants by significantly extending the useful life of the oil while meeting food quality and safety requirements with a 300%-1000% extension in frying oil lifespan depending upon prevailing oil quality and frying volume, while existing solutions usually offer a lower oil life extension.
Patent Protected: The Company has a portfolio of registered and patent-pending solutions that extend the shelf-life of produced and used vegetable oils.
Regulatory Approvals: The product has all the necessary regulatory approvals required for its use of filter powder for frying oils from authorized regulatory entities such as the FDA, Health Canada, NSF, Kosher, Halal, and more.
How the Beyond Oil Product Works:
The Beyond Oil Product integrates into the existing filtration systems of both commercial and industrial fryers and can even be used without a filtration system. 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 benefit of microfiltration.
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 West Coast Reduction Ltd.
West Coast Reduction Ltd. (WCRL - www.wcrl.com) and its ReduxTM program (www.reduxprogram.com) provide a wide range of services essential to the efficient functioning of Western Canada's agriculture and food, as well as bio-fuels sectors. For over five decades, WCRL has been a steadfast supporter of Canada's agriculture and food industries. We divert various components, including used restaurant oils, grease trap materials, pre-consumer food waste, animal by-products, and other food processing remnants, away from landfills. These materials are then transformed into valuable household items such as pet food, livestock feed, biofuels, cosmetics, and fertilizer through safe recycling processes. Our commitment is to repurpose by-products into resources benefiting consumers and businesses worldwide.
Over the years, our company's focus has grown, and investment has been made in WCRL's capacity and infrastructure to help meet increasing demand for animal fats, which have become an essential ingredient in the creation of next generation liquid biofuels. In addition to its rendering and fats operations, WCRL also plays a major role in Canada's canola oil trade, storing and handling over 50% of Canada's Asia-bound canola exports. For more information visit: www.wcrl.com and www.reduxprogram.ca.
Contacts
Jonathan Or
CEO and Co-founder
[email protected]
Caroline Sawamoto
Investor Relations
1-647-691-9801
[email protected]
Forward-Looking Statements 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 be issued as a result of a pending patent application or, if issued, whether it will be issued 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