VANCOUVER, British Columbia, March 23, 2026 (GLOBE NEWSWIRE) -- Beyond Oil Ltd. (TSX: BOIL) (OTCQB: BEOLF) (“Beyond Oil” or the “Company”), a food-tech innovation company dedicated to reducing health risks associated with fried food while lowering operational costs, minimizing waste and enhancing sustainability, today provides an update, following the news release dated March 13, 2026, on its continuance from the Business Corporations Act (British Columbia) to the Business Corporations Act (Ontario) (the “Continuance”).

The Company’s shareholders overwhelmingly approved the Continuance at its shareholder meeting held on March 12, 2026. Immediately following shareholder approval, Beyond Oil commenced the administrative steps required to complete the Continuance, including filings with the British Columbia Registry Services (the “Registry”). Due to recent labour disruptions affecting certain public employees in British Columbia, the Registry has experienced processing delays and has not yet issued the documentation required to complete the Continuance prior to the filing deadline for the Company’s Annual Materials (as defined below) of March 31, 2026 (the “Filing Deadline”). The Company’s auditor has advised that it will not provide its required consent to the filing of the Annual Materials until completion of the Continuance.

Given the above, the Company anticipates the filing of its audited annual financial statements, management’s discussion and analysis, annual information form and related officer certificates for the financial year ended December 31, 2025 (collectively, the “Annual Materials”) under Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings may be delayed beyond the required Filing Deadline.

The Company continues to be actively engaged with the Registry to obtain the outstanding documentation required to complete the Continuance, and expects to file the Annual Materials as soon as possible upon completion of the Continuance and, in any event, no later than April 16, 2026.

The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The Company has made an application to the British Columbia Securities Commission (the “BCSC”), as principal regulator of the Company, for a management cease trade order (“MCTO”) under NP 12-203 in respect of the anticipated default regarding the filings of the Annual Materials. The granting of the MCTO is at the discretion of the BCSC. The MCTO, if approved, will prohibit the Company’s Chief Executive Officer and Chief Financial Officer from trading in securities of the Company for so long as the Annual Materials are not filed. During this period, the Company has undertaken not to, directly or indirectly, issue or acquire securities to or from any insider or employee of the Company.         

The MCTO does not affect the ability of any shareholders who are not insiders of the Company to trade their securities of the Company.         

The Company intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports by way of news releases for as long as the Company remains in default, which will be filed on Beyond Oil’s SEDAR+ profile at www.sedarplus.com. The Company will issue a news release announcing completion of filing of the Annual Materials at such time as they are completed and filed.

About Beyond Oil Ltd.

Beyond Oil Ltd. is a food-tech innovation company dedicated to creating solutions that mitigate health risks, reduce costs for food service companies and improve sustainability. The Company’s patented technology, with regulatory clearances from the FDA and Health Canada, significantly reduces harmful compounds in frying oil, addressing critical health concerns. Beyond Oil’s solution tackles a global issue in the food industry: the widespread practice of reusing frying oil for hundreds of cycles across several days. This practice is common in restaurant kitchens, hotels, catering services, banquet halls, fried food manufacturing plants, and institutions such as schools and military facilities. Beyond Oil’s product is backed by extensive research which has highlighted its value in health risks associated with reused oil, including links to cancer and cardiovascular diseases. Beyond Oil provides an effective means to mitigate these risks while offering additional benefits such as improved food quality, operational cost savings, and reduced environmental impact. For more information about Beyond Oil, please visit www.beyondoil.co.

Forward-Looking Statements and Information

This news release contains “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of other relevant securities legislation, including applicable securities laws in Canada, which reflect Beyond Oil Ltd.’s current views with respect to, among other things, its operations and financial performance (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions and which are in turn based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Beyond Oil Ltd. are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect”, “anticipate”, “believe”, “foresee”, “could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”, “will”, “may” and “should” and similar expressions.         

Although Beyond Oil Ltd., believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, certain factors, risks and uncertainties, which are described from time to time in our documents filed with the securities regulators in the USA and Canada, certain factors, not presently known to Beyond Oil Ltd., or that Beyond Oil Ltd., currently believes are not material, could cause actual results to differ materially from those contemplated or implied by forward-looking statements. 

Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release. Except as required by law, Beyond Oil Ltd., undertakes no obligation to publicly update or revise any forward-looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

Contacts:

Beyond Oil Ltd.
Adi Olesker, VP of Investor Relations
Phone: +972-50-694-2517
adio@beyondoil.co

ICR, LLC.         
Reed Anderson
Michael Wolfe
Phone: 646-277-1260
BeyondOil@icrinc.com