VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / June 28, 2022 / Beyond Oil Ltd. (CSE:BOIL) ("Beyond Oil" or the "Company") is a food-tech innovation company extending the life of frying oil, reducing costs and waste, is pleased to announce that, following its news release dated March 22, 2022, a testing and pilot program (the "Pilot Program") of Beyond Oil's product by Joey's Franchising Ltd. ("Joey's") has successfully been completed.
"During my thirty-five years in the restaurant and food service industry, we have tried all the products we could find to extend the life of our frying oil, and Beyond Oil's product is the only one that has delivered," said Joe Klassen, CEO of Joey's. "Most restaurants have to change their frying oil every three to seven days, but after completing our Pilot Program in a working restaurant, we can confirm Beyond Oil's formulation can extend the life of frying oil up to 14 days."
50 ml. of 7-day-old Beyond Oil treated frying oil
"We are pleased with the results of Joey's Pilot Program in a working restaurant environment," said Dr. Tamir Gedo, CEO of Beyond Oil. "In today's inflationary environment and with the increased costs of frying oil, Beyond Oil's product offers a solution to reduce frying oil costs by up to C$23,000 per year per restaurant outlet. We look forward to supplying Beyond Oil's product to Joey's and other restaurants and the food service industry in North America through TEJA Food Group under our newly signed distribution agreement."
The Pilot Program was conducted in Calgary, Alberta, from June 1, 2022, to June 14, 2022. The oil was used for frying food in the ordinary course of business, and the Beyond Oil powder was added to the restaurant's oil filtration process at the end of each of the 13 days of testing. The oil was tested twice per day for free fatty acid ("FFA") level by an affiliate of Joey's during the Pilot Program, with the FFA remaining below regulatory standard at the start of each of the 13 days of testing. An independent laboratory confirmed the results on day 13.
Product Highlights
About FFA: FFA is the by-product of frying foods in oil, increasing over time as the total amount of food is fried in the same batch of oil. FFA is the element in fried foods that contributes to fat build-up in the human circulatory system. Frying oil is absorbed into the foods - the higher the FFA levels in the oil, the more FFA is absorbed.
The Beyond Oil powder improves the clarity and color of the frying oil in the filtration process and reduces the FFA present to near zero. For the consumer, this means the restaurant using Beyond Oil powder is starting its frying day with quality oil with an equivalent FFA of fresh oil. For the restaurant owner, this means less money spent on frying oil, which has recently doubled in price. For the environment, there is less waste oil disposed.
Frying Oils Recovery: Extensive testing indicates that Beyond Oil's product extends the usable life of frying oil, improves product quality, and reduces frying oil costs. As a preferential adsorbent, the product reduces soluble impurities formed during the frying process that causes damaging FFA and polar compound formation, undesirable odors, off-flavors, and off-colors. The product is simple to integrate into existing daily filtration processes.
One-of-a-Kind: To the Company's knowledge, Beyond Oil has developed a unique solution that can eliminate FFA almost completely without damaging oil quality. This solution compares to magnesium-based filter powders that have existed for years but that only marginally reduce FFA levels.
Patent Protected: The Company has a portfolio of registered and patent-pending solutions that it expects will extend the shelf-life of produced and used oils.
Bottom-Line Savings: Beyond Oil's unique value proposition is that it could dramatically lower costs for quick-service restaurants by extending the life use of the oil significantly while retaining the original taste profile.
Regulatory Clearance: As described in the news release dated March 23, 2022, Beyond Oil has received a non-objection letter from the US Food & Drug Administration ("FDA") to sell its product in the United States, on the basis that all the Beyond Oil product ingredients meet food-grade specifications of the FDA. As further described in its news release dated May 30, 2022, Beyond Oil received a similar non-objection letter from Health Canada.
How Our Product Works
The Beyond Oil solution integrates with existing processes as a processing aid or filter aid. The Beyond Oil process includes passive microfiltration designed to remove all components through active filtration by the powder and passive filtration by a microfiltration paper. This process ensures no residue is left in the oil while maximizing the efficiency of removing other degradation particles.
Connect With Us
To receive news and updates about Beyond Oil, visit: www.beyondoil.co
About Beyond Oil Ltd.
Beyond Oil is a developer and manufacturer of an innovative proprietary and patented formulation which reduces the free fatty acids from cooking oil to as low as 0.1% while preserving the oil's quality and nutritional values. Beyond Oil's unique technology and methodology integrate into customers' existing oil filtration systems and extends the life of frying oil, reducing costs and waste. For more information visit: www.beyondoil.co.
About Joey's Franchising Ltd.
Joey's Franchising Ltd., operating under the brand names Joey's Fish & Chips, Joey's Fish Shack and strEATS, is headquartered in Calgary, Alberta, Canada. Joey's was started in 1985 by legendary seafood lover Joe Klassen, whose vision was to create a friendly, just-around-the-corner type of seafood restaurant. Franchising began in 1992, and now with 60 franchise locations, it has become the largest seafood restaurant chain in Canada. For more information, visit Joey's website at www.joeys.ca.
About TEJA Food Group
TEJA Food Group is based in Calgary, Alberta, Canada, and continues to evolve and become a boutique food company that deals both in Canada and the United States. Their motto is Global Source: Local Values and they continue to add new items to their line up every month. Its focus has been food service, but it is expanding quickly into retail, both traditional and the on-line world. The recent purchase of Canadian Trade House allows TEJA to expand into the C-store and hotel sectors covering the full range of customers. TEJA also continues to expand its product offerings keeping customer needs at the forefront of its development. Through its customer distribution channel, TEJA ultimately reaches over 20,000 restaurants and food service and retail companies in Canada and the United States. TEJA continues to expand its product offerings from traditional seafood to value added seafood, appetizers, premium proteins, breakfast offerings and a range of specialty retail products. www.tejafoods.com
Contact
Dr. Tamir Gedo
CEO and Director
1-647-691-9801
[email protected]
Caroline Sawamoto
Investor Relations
1-647-691-9801
[email protected]
Neither the CSE nor the Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and information that are based on the beliefs of our management and reflect Beyond Oil's current expectations and views of future events. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information.
The forward-looking statements and information in this press release include information relating to the business plans of Beyond Oil, including the use of its product in the food service industry, the effects of such product on the industry as a whole and anticipated benefits of using the Beyond Oil product. All statements in respect of contemplated future growth of the Company, product acceptance and performance in a large-scale environment and commercialization plans are also forward-looking statements.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which BeyondOil will operate in the future, including: general business and economic conditions; the demand for our products; that test results are reliable and will be replicated in commercial environments, anticipated costs and ability to achieve our goals, business plan and growth strategy; the availability of financing on reasonable terms as needed; our ability to attract and retain skilled staff; our ability to complete any contemplated transactions; that there will be no regulation or law that will prevent us from operating our business, that we will be able to deliver adequate quantity and quality of product and in accordance with the terms of any definitive agreements. Although Beyond Oil believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: business, economic and capital market conditions; the stock markets have experienced volatility that often has been unrelated to the performance of companies; the ability to expand our business internationally; the ability to manage our operating expenses which may adversely affect our financial condition; our ability to obtain additional financing as needed on terms and conditions acceptable to the Company; our ability to remain competitive as other better financed competitors develop and release competitive products; legal and regulatory uncertainties including new laws or regulations which could adversely affect the Company's business and results of operations; market conditions and the demand and pricing for our products; our relationships with our customers, distributors, suppliers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers' needs; our ability to attract, retain and motivate qualified personnel; our ability to maintain technological leadership; the impact of technology changes on our products and industry; our failure to develop new and innovative products; our ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; our ability to manage working capital;our dependence on key personnel; the risk that consumer interest in and sentiment towards Beyond Oil's products adversely changes; the impact of COVID-19 or other viruses and diseases on Beyond Oil's ability to operate; equipment failures; unanticipated increases in operating costs and fluctuations in commodity prices; security threats; the failure of counter parties to perform their contractual obligations; risks related to Beyond Oil's corporate strategy including that previous and future acquisitions do not meet expectations; anticipated commercialization of the Company's products may not materialize as contemplated in this news release or at all, the risk that sufficient quantities of product are not delivered under any distribution agreement. In addition, Beyond Oil's products have yet to be produced on a large scale and its products have yet to be shown to be effective and reliable when used by a broad range of consumers.
Forward-looking statements and information have been prepared by our management to provide information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. While our management believes that the forward-looking statements have been prepared on a reasonable basis, reflecting management's best estimates and judgments, BeyondOil is an early-stage company with a short operating history and it may not actually achieve its plans, projections, or expectations. Readers should read this document with the understanding that our actual future results may be materially different from what we expect. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements.
The forward-looking information included in this news release is expressly qualified in its entirety by this cautionary statement. The Company cautions that the foregoing lists of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
SOURCE: Beyond Oil Ltd