NEW YORK, New York, KIBBUTZ YIFAT, Israel and VANCOUVER, BC, Feb. 21, 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, today announced that it has signed an agreement to expand its existing Master Distribution Agreement with Latitude Ltd. ("Latitude"), adding Ukraine to the partnership's territory.
Under the expanded agreement, signed February 16, 2025, Latitude has committed to purchasing a minimum of US$302,400 in 2025, with minimum annual purchase commitments increasing to reach US$1,512,000 in 2029. The agreement also includes an annual license fee of US$100,000 starting from the second year of the agreement, which can be rebated if Latitude meets its annual purchase targets. Over the five-year period covered by the agreement, Latitude has committed to purchase a minimum of US$4.536 million worth of Beyond Oil's product.*
Under the terms of the agreement and its expansion (together the "Agreement"), the Agreement may be renewed for successive five-year terms on substantially the same terms and conditions, subject to good faith negotiations between Beyond Oil and Latitude.
"The initial success of our agreement with Latitude, as evidenced by the 50% increase recently reported in February's order compared to January, highlights the strong market demand for our product in the United States," said Jonathan Or, CEO of Beyond Oil. "Expanding into Ukraine with Latitude is a natural next step in our global growth strategy, as we continue working to unlock new markets and drive sustainable, profitable growth."
*The projected revenues disclosed herein are contingent on Latitude fulfilling its annual minimum purchase obligations including payment. Beyond Oil retains the right to terminate the agreement if the annual minimum commitments are not met by Latitude, a factor which is not under the control of Beyond Oil. Furthermore, projected revenues do not reflect profits, as they are subject to variable factors, including operational costs, licensing fees, market conditions, and other factors in the Forward-Looking Statement below. Readers should take note of the fact that significant differences may occur in any future potential bottom-line figures as such.
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
Forward Looking Statement and Information
The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains "forward-looking statements" within the meaning of the securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will be issued as a result of a pending patent application or, if issued, whether it will be issued in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time at sedarplus.ca. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of third-party websites.
Contacts:
Beyond Oil Ltd.
Jonathan Or
CEO and Co-founder
Phone: +972 52-601-0680
info@beyondoil.co
ARX | Capital Markets Advisors
North American Equities Desk
beyondoil@arxadvisory.com
