Business
Beyond Oil Enters into LOI with One of the World's Largest Global Food Equipment Manufacturers
Parties Intend to Create Joint Integrated Solution for the Industrial Frying Market VANCOUVE...
About this update from Beyond Oil Ltd
[{"type":"text","content":"Beyond Oil Enters into LOI with One of the World's Largest Global Food Equipment Manufacturers Parties Intend to Create Joint Integrated Solution for the Industrial Frying Market VANCOUVER, BC / ACCESSWIRE / August 12, 2024 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) (\"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, further to the news release dated May 31, 2024, it has entered into a letter of intent (the \"LOI\") with one of the world's largest manufacturers of food equipment in the industrial frying market (the \"Industrial Manufacturer\").Following a successful preliminary industrial test in May 2024 at the facilities of the Industrial Manufacturer in the United States, which showcased the exceptional performance of Beyond Oil's innovative product with the Industrial Manufacturer's advanced systems, the companies have solidified their collaboration with the LOI.The LOI, dated July 16, 2024, outlines a comprehensive partnership to:Design and build state-of-the-art industrial frying filtration solutions that integrate Beyond Oil's breakthrough technology with the renowned systems of the Industrial Manufacturer (the \"Joint Filtration System\").Market and provide the Joint Filtration System to both companies' extensive network of existing and prospective customers in many countries of the world.Joint Development ProgramThe joint development program aims to create a revolutionary system for the industrial frying sector, leveraging the unique benefits of Beyond Oil's product. This collaboration is set to deliver substantial commercial advantages, producing healthier, safer and more sustainable food products. The goal is widespread adoption across industrial frying plants worldwide.Jonathan Or, CEO of Beyond Oil, comments: \"Beyond Oil is pleased to be working with one of the most sophisticated and widely respected manufacturers of industrial filtration systems in the world. We are so pleased to be working with them to produce high-tech solutions as we continue towards commercialization into the large global industrial frying market. Together, we are confident in our ability to establish a system that will benefit industrial frying companies for ...