Supply Agreements & Full-Scale Adoption in Israel Following Completion of Successful Pilot Programs
VANCOUVER, BC AND KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / May 9, 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 a new customer upon the successful completion of its joint pilot programs with franchisees of a major international food service parent company. The supply agreements provide for the full-scale adoption of Beyond Oil's product by one of the parent company's brands in Israel, which is one of the largest food chains in the world, now officially a customer.
Extensive Collaboration Leads to Full-Scale Implementation
After rigorous multi-month trials and pilot programs in close partnership with the parent company and corporate team of the renowned global fast-food chain, Beyond Oil has demonstrated the effectiveness and benefits of its innovative product. This successful trial has resulted in a comprehensive rollout with the franchise group across all the food chain's outlets in Israel, establishing Beyond Oil's technology as a new operational standard. The pilot and subsequent implementation showcased substantial improvements in frying oil and food quality, yielding significant health benefits and enhancing key franchise group objectives such as environmental sustainability, employee well-being, guest experience, operational efficiency, and reductions in food and labor costs. In certain cases, the positive outcomes from the pilot exceeded the results in Beyond Oil's existing public disclosure materials; furthermore, additional benefits have been identified in the frying process as a result of Beyond Oil's disruptive product.
"This is a transformative moment for Beyond Oil," said Jonathan Or, CEO of Beyond Oil. "Establishing a partnership with the franchise group that is supported from the broader organization of one of the largest fast food service chains in the world, from pilot testing to full-scale deployment, underscores the profound trust and value placed in our product. We are excited about the potential for expanding our reach with this chain outside of Israel and many more locations worldwide."
Positioned for Global Expansion
Following the successful adoption by this prominent international food chain in Israel, Beyond Oil is strategically poised to expand its presence within the global franchise network. Discussions are actively ongoing with multiple franchisees worldwide to integrate Beyond Oil's technology into their operations. This planned expansion capitalizes on the successful implementation as a model, aiming to enhance food quality, safety, and sustainability across the restaurant industry.
Beyond Oil's Contribution to Public Health
The Problem: Reusing frying oil hundreds of times over several days with the same oil is a common practice worldwide, occurring in restaurant kitchens, hotels, catering services, and fried food factories. There was no such solution to this problem until now, because if the restaurant changed its oil every day, the price of food would rise unreasonably.
Who is affected by the problem? This issue impacts individuals worldwide, regardless of location or background. When consuming fried food, we ingest approximately 20% of the absorbed oil.
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.
About Beyond Oil Ltd.
The integration of Beyond Oil technology in restaurant, hotels, caterers, and factories operations not only enhances public health, social responsibility, efficiency and cost-effectiveness but also represents a significant step towards a more sustainable future for the food industry. By mitigating pollution, conserving resources, and promoting responsible practices, Beyond Oil emerges as a game-changer in the pursuit of environmental stewardship within the culinary landscape. For more information, visit our website at: www.beyondoil.co.
Contacts:
Jonathan Or
CEO and Co-founder
info@beyondoil.co
Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@beyondoil.co
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.
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