BEYOND OIL LTD. Beyond Oil Ltd. (Beyond Oil or the company) announced its strategic partnership with Fandango Collection & Recycling Ltd. (Fandango). Further to the memorandum of understanding announced on January 19, 2023, Beyond Oil has executed a definitive distribution agreement with Fandango. The Definitive Agreement establishes Fandango as the exclusive distributor of Beyond Oil's product in the state of Israel for an initial period of five years, subject to the satisfaction of certain terms set forth in the Definitive Agreement.
Product Highlights: Frying Oils Recovery: Extensive testing indicates that Beyond Oil's 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 odors, off-flavors, and off-colors. 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 TPM generated in frying oil, together with other harmful components and undesired off-flavors, colors, and odors. 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 could dramatically lower costs for quick-service restaurants by significantly extending the useful life of the oil while meeting food quality and safety requirements.
Distribution Ready: 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.
