Beyond Oil Ltd. and West Coast Reduction Ltd. announced that they have entered into a Strategic Opportunities & Distribution Agreement. The Strategic Agreement is dated January 17, 2024, has an initial term of five (5) years and will, subject to certain preconditions, renew for successive five (5) year terms. Per the terms of the Strategic Agreement, WCRL has placed an initial order of one container of the Beyond Oil product for food service (the "Food Service Product") for delivery to its facilities in Canada. The Strategic Agreement gives WCRL the right and license to market and sell the Food Service Product to food service customers in Canada on an exclusive basis, and in Washington State on a non-exclusive basis (the "Territory").

Under the terms of the Strategic Agreement, WCRL will be responsible to provide training and support services to such customers. Currently, WCRL has a significant presence in the food service market in the Territory, as it provides food oil collection services under its ReduxTM program to thousands of restaurants in Western Canada. The Strategic Agreement also establishes WCRL as the exclusive distributor of the Beyond Oil product for the industrial food industry (the "Industrial Product", and together with the Food Service Product, the "Products") in Canada on an exclusive basis, and in Washington State in the USA, on a non-exclusive basis.

Beyond Oil and WCRL have recently conducted preliminary trials of the Industrial Product with prospective customers in North America and intend to continue such trials on an ongoing basis. Currently, WCRL has a significant presence in the industrial food industry in the Territory, as it provides food oil collection services under its program. To date, Beyond Oil and WCRL have jointly conducted preliminary testing of the Product in other areas and potential applications.

The Strategic Agreement provides that Beyond Oil and WCRL will continue to collaborate in undertaking research and development programs testing the efficacy of the Product (or variation thereof) in other sub-sectors of the food oil industry. The Strategic Agreement provides that subject to the fulfillment of certain pre-conditions, WCRL will earn a right of first refusal to produce or manufacture the Product (or variation thereof) in North America.