Business
Beyond Oil Provides Corporate & Commercial Update
VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / September 7, 2023 / Beyond Oil Ltd. (CSE: ...
About this update from Beyond Oil Ltd
[{"type":"text","content":"Beyond Oil Provides Corporate & Commercial Update VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / September 7, 2023 / Beyond Oil Ltd. (CSE: BOIL)(OTCQB: BEOLF) (\"Beyond Oil\" or the \"Company\"), a food-tech company that produces an innovative product (the \"Beyond Oil Product\" or the \"Product\"), which extends the life of frying oil, reduces costs, waste and health risks, is pleased to share a comprehensive corporate and commercial update.Sales Traction & Testing in Food service IndustryWith the closing of additional financing earlier in 2023, the Company hired an internal sales team and also engaged third-party finders from the global food industry in order to generate leads in the food service industry. Leads that were generated from this initiative have resulted in signed distribution and customer agreements, as well as pilot projects to test the Beyond Oil Product, including with companies that have globally recognized brands.IsraelAs announced in its news release on February 15, 2023, Beyond Oil entered into a distribution agreement (the \"Fandango Agreement\") with Fandango Collection & Recycling Ltd. (\"Fandango\"), a leading player in oil treatment in the Israeli market. Under the Fandango Agreement, Fandango has become the exclusive distributor of the Beyond Oil Product in the State of Israel for an initial period of five years, subject to certain terms. On May 31, 2023, the Company announced that it had delivered 16 tons of the Product to Fandango's facility in Israel.Since the Product was delivered, Fandango has undertaken an extensive testing program of the Product with its existing and prospective customers across Israel - and have achieved positive results. Fandango increases the Product customer base, including small restaurants, medium-sized chains based in Israel, and a major international fast-food chain, all in line with Fandango's business plan to roll-out the Product in a methodical manner to ensure the highest rate of success in signing customer contracts. Further details on the progress in Israel under the Fandango Agreement will be disclosed in a separate news release.United StatesOn August 1, 2023, Beyond Oil announced its first distribution agreement in the United States, with Oil Solutions Group (\"Oil Solutions Group\"), a pioneering company based in Texas and Georgia that provides ...