up 80%!! Beyond Oil Ltd. (CSE:BOIL) ("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 Definitive Distribution Agreement (the "Distribution Agreement") with ARB Tech Gida Ithalat ve Ihracat Limited Sirketi ("ARB Tech Gida") to market and sell Beyond Oil's product to ARB Tech Gida's customers in the fast-food market in Turkey.
"We are thrilled to be partnering with the leading fast-food franchisee in Turkey, a market with more than 150,000 restaurants1 and an estimated fast-food market size of US$2.4 billion2," said Dr. Tamir Gedo, CEO of Beyond Oil. "With our patented technology, there is an opportunity to disrupt and transform the food industry in Turkey by saving millions of dollars on cooking oil and related expenses, including from savings on cooking oil logistics, handling, and recycling operations. We look forward to working with the ARB Tech Gida team to bring both the cost savings and environmental benefits of our technology to the Turkish food market."
Pursuant to the Distribution Agreement, ARB Tech Gida's minimum purchase in the first 12 months is expected to be at least US$2 million, with a 50% increase in purchases in subsequent years.
"We are pleased to have entered into this Distribution Agreement with Beyond Oil that will save costs for our restaurants by extending the life of the frying oil we use and manage," said Riza Balta, CEO of ARB Tech Gida. "The cleaner cooking oil as a result of the Beyond Oil process will also allow us to offer restaurant customers a healthier product, a positive step in bringing healthier fried food to consumers across Turkey."