Beyond Oil and West Coast Reduction Provide Commercial Update to Strategic Partnership in North America
Rhea-AI Summary
Beyond Oil and West Coast Reduction (WCRL) provided an update on their strategic partnership in North America. Following their January 2024 agreement, WCRL became the exclusive Canadian distributor and non-exclusive Washington State distributor for Beyond Oil's products. WCRL has successfully conducted customer demonstrations and pilot programs with various restaurant chains, leading to supply agreements in Western Canada. The company is preparing to accelerate product roll-out across its territories. In the industrial sector, Beyond Oil has completed successful Proofs of Concept at large fried food manufacturers, with WCRL actively participating in these trials and a joint development program with a global food equipment manufacturer.
Positive
- Secured supply agreements with multiple customers in Western Canada
- Successfully completed Proofs of Concept with large fried food manufacturers
- Planning significant acceleration of product roll-out across Canada and Washington State
- Potential for local manufacturing in North America as demand increases
Negative
- None.
News Market Reaction – BEOLF
In the trading session that priced this news, BEOLF declined 1.41%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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Canadian and US Distributor Continuing to Advance Market Awareness and Sales of Beyond Oil Product in North America
VANCOUVER, BC AND KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / October 24, 2024 / 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, and West Coast Reduction Ltd. ("WCRL"), Western Canada's largest used cooking oil collection, recycling and rendering company, are pleased to provide the market with a commercial update on their strategic partnership.
Strategic Agreement
As disclosed in the news release dated January 18, 2024, Beyond Oil and WCRL entered into a Strategic Opportunities & Distribution Agreement (the "Strategic 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 past 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 roll-out 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 USA and Canada in its path towards 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 August 12, 2024. WCRL is working closely with Beyond Oil to move towards 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 ReduxTM 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 January 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, CEO of West Coast Reduction, commented: "West Coast Reduction remains deeply committed to the principle of 'Nothing Left Behind' for everything we do. Our ReduxTM 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 Ltd. 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 & serve healthier food, increase sustainability, while saving their costs. For more information, visit our website at: www.beyondoil.co.
About West Coast Reduction Ltd.
West Coast Reduction Ltd. (WCRL - www.wcrl.com) and its ReduxTM program (www.reduxprogram.com) provide a wide range of services essential to the efficient functioning of Western Canada's agriculture and food, as well as bio-fuels sectors. For over five decades, WCRL has been a steadfast supporter of Canada's agriculture and food industries. WCRL diverts various components, including used restaurant oils, grease trap materials, pre-consumer food waste, animal by-products, and other food processing remnants, away from landfills. These materials are then transformed into valuable household items such as pet food, livestock feed, biofuels, cosmetics, and fertilizer through safe recycling processes. WCRL's commitment is to repurpose by-products into resources benefiting consumers and businesses worldwide.
Over the years, the company's focus has grown, and investment has been made in WCRL's capacity and infrastructure to help meet increasing demand for animal fats, which have become an essential ingredient in the creation of next generation liquid biofuels. In addition to its rendering and fats operations, WCRL also plays a major role in Canada's canola oil trade, storing and handling over
Contacts
Jonathan Or
CEO and Co-founder
info@beyondoil.co
Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@beyondoil.co
Forward-Looking Statements 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.
SOURCE: Beyond Oil Ltd.
View the original press release on accesswire.com