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Further to the Company's Recent Announcement, Beyond Oil Reports the Successful Delivery of its First Order; Beyond Oil received January’s payment under the previously announced Agreement which includes minimum commitments of US$8.3M for 2025
VANCOUVER, B.C., KIBBUTZ YIFAT, Israel, and NEW YORK, NY, Feb. 05, 2025 (GLOBE NEWSWIRE) -- Beyond Oil Ltd. (CSE: BOIL) (OTCQB: BEOLF) (Frankfurt: UH9) (“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, is pleased to announce that it has successfully delivered the first order under its previously announced Master Distribution Agreement with Latitude Ltd. (“Latitude”).
The first shipment, totaling 10.8 tonnes (T) of the Beyond Oil product, was delivered in January 2025 as part of Latitude’s minimum monthly purchase commitment under the agreement. The payment for the January order was also received in full, marking the first step in a strategic collaboration that includes minimum purchase commitments totaling US$8.3 million during the fiscal year 2025, as part of a five-year agreement.
Jonathan Or, CEO of Beyond Oil, commented: “The successful delivery of our first order to Latitude represents a significant milestone as we begin to execute on our shared vision in the U.S. food service industry. The delivery highlights the seamless integration of Latitude’s logistics and distribution capabilities, which will play a key role in scaling our presence across the United States. We are thrilled with the positive start to this partnership and look forward to the continued momentum throughout the year.”
The collaboration between Beyond Oil and Latitude is focused on rapidly expanding market penetration in the United States, leveraging Latitude’s established sub-distributor network and expertise in logistics. This partnership positions Beyond Oil to reach all customer levels, from small and medium-sized businesses to high-profile restaurant groups, while maintaining cost-efficient operations.
About Beyond Oil Ltd.
Beyond Oil Ltd. is a food-tech innovation company with over 15 years of dedication to creating solutions that mitigate health risks, improve sustainability, and reduce costs for food service companies. 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, kindergartens, 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’s product 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