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Beyond Oil Ltd
Symbol BOIL
Shares Issued 60,304,593
Close 2024-10-23 C$ 1.48
Market Cap C$ 89,250,798
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Beyond Oil reviews activities with West Coast

2024-10-24 13:14 ET - News Release

Mr. Jonathan Or reports

BEYOND OIL AND WEST COAST REDUCTION PROVIDE COMMERCIAL UPDATE TO STRATEGIC PARTNERSHIP IN NORTH AMERICA

Beyond Oil Ltd. and West Coast Reduction Ltd. (WCRL), Western Canada's largest used cooking oil collection, recycling and rendering company, have provided the market with a commercial update on their strategic partnership.

Strategic agreement

As disclosed in the news release dated Jan. 18, 2024, Beyond Oil and WCRL entered into a strategic opportunities and distribution agreement whereby, among other things, WCRL was established as the exclusive distributor in Canada for both the food service sector and the industrial frying sector, as well as a non-exclusive distributor for both sectors in Washington State.

Food service sector

Since receiving its first container of the Beyond Oil product in the spring of 2024, WCRL has conducted numerous customer demonstrations and pilot programs with small restaurant groups, regional chains, national restaurant chains and international restaurant chains. These programs have been very successful, as they continue to validate the Beyond Oil claims of extending oil life, improving public health and improving sustainability and food quality.

These programs have led to WCRL closing supply agreements with a number of customers in Western Canada. Further, WCRL management has been working diligently over the last months in training staff, developing marketing materials, establishing customer support systems and fine-tuning its distribution model for the Beyond Oil product.

WCRL intends to be significantly accelerating the rollout of the Beyond Oil product across Canada and Washington State over the coming weeks and months, which is expected to include expanding current pilot programs, engaging new customers and marketing Beyond Oil products more broadly in the Canadian market.

Industrial frying sector

As disclosed in Beyond Oil's news release dated May 31, 2024, Beyond Oil has completed successful proofs of concept (POCs) at the facilities of large fried food manufacturers in the United States and Canada in its path toward full-scale commercialization in the industrial frying market. WCRL has been very active in these POCs, as well as the industrial test and joint development program with the global food equipment manufacturer that was disclosed in the news release dated Aug. 12, 2024. WCRL is working closely with Beyond Oil to move toward commercialization in this sector, where it currently has a significant presence in the industrial food industry in Western Canada and Washington State, as it provides food oil collection services under its Redux program.

Manufacturing in North America

With the expansion of Beyond Oil sales in North America, and after WCRL closed an equity investment in Beyond Oil on Jan. 25, 2024, both Beyond Oil and WCRL expect to implement WCRL's right of first refusal to produce or manufacture the Beyond Oil product for the North American market as demand for the product warrants.

Barry Glotman, chief executive officer of West Coast Reduction, commented: "West Coast Reduction remains deeply committed to the principle of nothing left behind for everything we do. Our Redux program continues to discover innovative strategies to assist our customers in developing more sustainable businesses that beneficially impact the communities we serve. After spending the past several months conducting pilot programs and initial sales of the Beyond Oil product, we are impressed by the results, including healthier fried food, improved food quality, increased safety in the cooking process, a notable reduction in the carbon footprint from the usage and recycling of cooking oil, and cost-savings for our customers. With the early phases of staff training, development of marketing plans and customer support systems, our team is looking forward to accelerating the progress made thus far in the North American market."

About Beyond Oil Ltd.

Beyond Oil 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 and serve healthier food, increase sustainability, while saving their costs.

We seek Safe Harbor.

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