VANCOUVER, BC AND KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / May 31, 2024 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company reducing health risks, extending the life of frying oil, reducing costs and waste, is pleased to announce that is has completed successful Proofs of Concept ("POCs") at the facilities of large fried food manufacturers in the USA and Canada in its path towards full-scale commercialization in the industrial frying market.
While Beyond Oil continues to make significant progress in the roll-out of its product to the food service industry, its team and partners also remain focused on becoming fully commercialized into the industrial frying market globally, with an initial focus on the North American market.
To advance its position as a disruptive solution in industrial frying, Beyond Oil is collaborating closely with leading industrial filtration system companies. The objective is to offer the most efficient and cost-effective online filtration solution, perfectly integrated with Beyond Oil's product - creating a simple solution for existing filtration systems in the customers' frying lines. Notably, Beyond Oil has recently completed a successful POC with one of the top global manufacturers of industrial frying and filtration systems. The Beyond Oil product exceeded expectations in several key areas, particularly in improving the flow rate of treated oil-a significant challenge in industrial frying systems when using filtration aids.
Beyond Oil plans to build on these successful testing results in the coming weeks, targeting entry into the North American industrial frying market in the near future. With strategic partnerships and a growing presence in the food service industry, Beyond Oil is confident in its ability to quickly scale within the industrial frying market.
Jonathan Or, CEO of Beyond Oil, comments: "With the encouraging outcomes of these proofs of concept, Beyond Oil is confident in our ability to establish a system that will benefit industrial frying companies for any type of frying, not just to ensure that the oil is at the quality level that they want and need, but also so that we can bring them health benefits, overall safety improvements in their factories and positive outcomes for their ambitious sustainability programs. We are working very hard to establish a platform for the future across many different industrial frying applications with key partners in the North American industrial frying market and beyond."
Industrial Frying Market
The global industrial frying market is massive, with multi-billions in revenues, and growing. In North America alone, the frozen French fries market reached US$6.8 billion in 2022 and is expected to reach US$8.1 billion by 2028, exhibiting a growth rate of 3.1% from 2023 to 2028.1 Due to a number of factors, including strong consumer demand for fried foods, ongoing innovation in food products and stringent safety regulations, the global industrial frying system market is also expected to grow by 5.7% by 2030.2
Beyond Oil's Contribution to Public Health
The Problem: Imagine the oil in your kitchen, used only once or twice, now reused hundreds of times over several days. This is the reality in restaurants, catering services, and food factories worldwide. Most people do not know that this practice makes the oil carcinogenic and filled with harmful trans fats. Changing the oil after each use would make food prices skyrocket and also dramatically increase its carbon footprint, so it continues.
Who is affected by the problem? From childhood snacks at school to meals at weddings, hotels, and even the frozen foods we heat at home, most of the global population is consuming fried foods cooked in reused oil in our day-to-day lives. This hidden practice contributes to cancer, heart disease, diabetes, lung issues, and obesity. It is time to demand healthier practices in our food industry for a healthier future.
Statistical Insight: In the Western world, approximately one in five individuals is affected by cancer, with reused frying oil posing a significant risk factor. Reusing frying oil over multiple days leads to harmful health outcomes, including an increased prevalence of certain types of cancer. Recent academic literature, along with studies by regulatory agencies like the U.S. and European health agencies, confirms a direct link between consuming oil absorbed in fried foods and elevated cancer rates. (Source 1: Impact of Repeatedly Heated Cooking Oils on Cancer Incidence - Critical Review; Source 2: Professor Oren Fruchte | Professor Nissim Garti Research Reports).
During frying, oil degradation is accelerated and harmful compounds such as Acrylamide, PAH, free radicals, Free Fatty Acids ("FFA"), Total Polar Materials ("TPM"), Metals, formation of trans fats diverging from safety standards. These compounds affect the oil's quality, leading to foaming, smoking, and a change in color, smell, and taste. The frying oil fumes contains aromatic carcinogenic components causing contributing to mortality and morbidity of customers and kitchen personnel.
Beyond Oil's Innovative Solution
Beyond Oil is a health food-tech company specializing in the health sector. Over the course of 15 years, it has developed a formula comprised of food additives that create an innovative filter powder, protected by a patent. This formula effectively absorbs degradation components from fried oil, slows down the rate of deterioration reactions, and, through a straightforward filtration process, enables the oil to be reused while preserving its quality. Beyond Oil's solution represents a significant global advancement in safeguarding the health of diners and kitchen workers in factories or restaurants that reuse the same oil over an extended period.
Beyond Oil for Enhancing Sustainability
- Sustainable practices are becoming increasingly crucial in this inflationary global economy. Beyond Oil's filtration powder that extends the lifespan of fried oil, thereby contributes to environmental impacts:
- Minimizes the environmental footprint associated with oil disposal.
- Reduces emissions of hazardous volatile substances and decreases energy consumption in refinery plants.
- Alleviates the burden on sewage systems and groundwater by reducing the volume of oil intended for treatment.
- Mitigates carbon dioxide emissions to bolster the earth's natural greenhouse effect.
- Reduces overland or maritime transportation of oils helps prevent soil contamination, air pollution from gas emissions, and ecological seas contamination.
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.
Beyond Oil Permits and Accreditations: 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- Simple and effective Protocols:
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.
¹ https://www.potatobusiness.com/market/primary-factors-driving-the-north-american-frozen-french-fries-market/, citing IMARC Group.
² "Industrial Frying System Market", MarkWide Research, available at: https://markwideresearch.com/press-release/industrial-frying-system-market-satisfying-global-appetites-with-a-projected-cagr-of-5-7-by-2030/
About Beyond Oil Ltd.
Beyond Oil Ltd. is an innovative food tech company in the health sector, with over 15 years dedicated to game-changing solutions that mitigate cancer and cardiovascular risks in fried and processed foods consumed in our day-to-day lives. Beyond Oil provides a disruptive solution for food-processing and food-service companies striving to produce & serve healthier food, increase sustainability, while saving their costs. For more information, visit our website at: www.beyondoil.co.
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 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.