Mr. Jonathan Or reports

BEYOND OIL PROVIDES UPDATE ON COMMERCIAL PARTNERSHIP WITH FANDANGO COLLECTION & RECYCLING LTD.

Beyond Oil Ltd. has provided an update on the definitive agreement that was signed between Beyond Oil and Fandango Collection & Recycling Ltd. that was previously announced in a news release dated Feb. 15, 2023.

Customer product demonstrations

Fandango has launched a comprehensive product demonstration initiative across the state of Israel that divides the country into several geographical territories, whereby each territory is managed by Fandango's regional managers, who oversee the relationship with a roster of existing customers that are testing the Beyond Oil product. The results of the product demos have been very positive thus far, and the partnership has organically resulted in new customer relationships for Beyond Oil. As expected, each of the product demonstrations has confirmed the ability of Beyond Oil's product to extend oil use life by many multiples.

"We are excited to distribute and market Beyond Oil's product, which we believe will offer unparalleled benefits for the environment, business operations, and the health and safety of the customers," said Shai Medioni, chief executive officer of Fandango. "Many of Fandango's customers have been with us for decades, and they are very pleased with the ability of this product to extend oil life and produce a much healthier product for their own customers. We now have first-hand, independent confirmation that the Beyond Oil product achieves all of the outcomes that their team claimed it would when we began investigation of the product earlier this year. Fandango is excited to be participating in what we believe is revolutionizing the food oil industry."

"We are very pleased with the results thus far from our product demonstration initiative in Israel," said Jonathan Or, CEO and co-founder of Beyond Oil. "Our strategic partnership with Fandango marks a significant step forward for Beyond Oil. This partnership allows us to establish a solid foundation for our business in the local Israeli market, bringing us one step closer to achieving our mission of providing sustainable solutions for the food service industry across the globe. We are looking forward to continuing our work with Fandango and accelerating our outreach in the weeks and months to come."

Update on 16-ton purchase order from Fandango

Further to the news release dated Feb. 23, 2023, which announced a 16-ton purchase order of the Beyond Oil product from Fandango, Beyond Oil is pleased to announce that it has begun fulfilling this order with an initial one-ton shipment to Fandango on May 10, 2023. This initial shipment will be used to continue the expansion of the customer product demonstrations in Israel, and it is expected that these shipments will accelerate as the product demonstration initiative advances in speed and scope.

Further updates on the commercialization of this partnership will be provided in the near future.

Product highlights:

• Frying oils recovery: Extensive testing indicates that the Beyond Oil product extends the usable life of frying oil, improves product quality and reduces frying oil costs. As a preferential adsorbent, the product reduces soluble impurities formed during the frying process that cause damaging free fatty acids (FFA) and total polar materials (TPM), undesirable odours, off-flavours, and off-colours. The product is simple to integrate into existing daily filtration processes.
• One of a kind: To the company's knowledge, Beyond Oil has developed a unique solution that can absorb the FFAs and TPMs generated in frying oil, together with other harmful components and undesired off-flavours, colours and odours.
• 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 Dec. 12, 2022.
• Distribution ready: The company received a non-objection letter from the U.S. Food and 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

The Beyond Oil product integrates with most passive filtration systems. The combination of active filtration by the powder and passive filtration by the filter media and filtration machine ensures the best results by removing other degradation particles. The powder remains on the filter media and creates an additional layer which provides the microfiltration benefit.

About Beyond Oil Ltd.

Beyond Oil develops and manufactures an innovative, proprietary and patented product designed to extend the life of frying oil while preserving the oil's quality and nutritional value. The unique product integrates into the existing filtration systems of both commercial and industrial fryers, reducing oil costs, helping create healthier food, decreasing waste and increasing sustainability.

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