VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / April 9, 2024 / Beyond Oil Ltd. (CSE:BOIL)(OTCQB:BEOLF) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil, reducing costs, waste and health risks, is pleased to announce that it recently attended the 9th Annual Restaurant Summit and Food Conference in Israel (the "Restaurant Summit").
The Restaurant Summit is the largest professional convention in Israel that is designed for and attended by nearly 1,200 leaders, executives and decision-makers in the restaurant industry. Beyond Oil co-presented with Fandango Collection & Recycling Ltd., its food-service distributor in the Israeli market.
In connection with the conference, attendees at the Restaurant Summit voted to recognize the most prominent companies contributing to the restaurant and food industries. Beyond Oil was recognized as the most innovative food-tech company and received a certificate of appreciation for its significant contribution to public health in Israel. The prize was awarded by two of the top chefs in Israel - Chef Yossi Shetrit and Chef Assaf Granit, each of whom has earned 4 Michelin stars.
The CEO of the Israel Restaurants Association, Mr. Tomer Mor, commented: "I am so happy and honored to present the award for excellence to Beyond Oil for establishing and creating an amazing product, a product which is healthy and has amazing value that helps the restaurant industry, customers and workers to be healthier, less in danger and enjoy better food, and better quality. It is an amazing work and I do think it is a revolution in every sense of the word."
"Beyond Oil is pleased to be recognized for its innovative and disruptive product by the Restaurant Summit and Food Conference in Israel," said Jonathan Or, CEO and Co-Founder of Beyond Oil. "In addition to saving restaurants money, our product also produces a number of health, food quality and environmental benefits for the restaurants and their valued customers. We look forward to continuing to work with Fandango Collection & Recycling to grow our market share in Israel and to continue partnering with innovation companies in other countries across the globe."
Beyond Oil's contribution to public health.
The Problem: Reusing frying oil hundreds of times over several days with the same oil is a common practice worldwide, occurring in restaurant kitchens, hotels, catering services, and fried food factories. There was no such solution to this problem until now, because if the restaurant changed its oil every day, the price of food would rise unreasonably.
Who is affected by the problem? This issue impacts individuals worldwide, regardless of location or background. When consuming fried food, we ingest approximately 20% of the absorbed oil.
Statistical Insight: In the Western world, approximately one in five individuals is affected by cancer, with reused frying oil posing a significant risk factor. Reusing frying oil over multiple days leads to harmful health outcomes, including an increased prevalence of certain types of cancer. Recent academic literature, along with studies by regulatory agencies like the U.S. and European health agencies, confirms a direct link between consuming oil absorbed in fried foods and elevated cancer rates. (Source 1: Impact of Repeatedly Heated Cooking Oils on Cancer Incidence - Critical Review; Source 2: Professor Oren Fruchte | Professor Nissim Garti Research Reports).
During frying, oil degradation is accelerated and harmful compounds such as Acrylamide, PAH, free radicals, Free Fatty Acids ("FFA"), Total Polar Materials ("TPM"), Metals, formation of trans fats diverging from safety standards. These compounds affect the oil's quality, leading to foaming, smoking, and a change in color, smell, and taste. The frying oil fumes contains aromatic carcinogenic components causing contributing to mortality and morbidity of customers and kitchen personnel.
Beyond Oil's Innovative Solution
Beyond Oil is a health food-tech company specializing in the health sector. Over the course of 15 years, it has developed a formula comprised of food additives protected by a patent. This formula effectively absorbs degradation components from fried oil, slows down the rate of deterioration reactions, and, through a straightforward filtration process, enables the oil to be reused while preserving its quality. Beyond Oil's solution represents a significant global advancement in safeguarding the health of diners and kitchen workers in factories or restaurants that reuse the same oil over an extended period.
Beyond Oil for Enhancing Sustainability
Sustainable practices are becoming increasingly crucial in this inflationary global economy. Beyond Oil's revolutionary filtration powder that extends the lifespan of fried oil, thereby contributes to environmental impacts:
- Minimizes the environmental footprint associated with oil disposal.
- Reduces emissions of hazardous volatile substances and decreases energy consumption in refinery plants.
- Alleviates the burden on sewage systems and groundwater by reducing the volume of oil intended for treatment.
- Mitigates carbon dioxide emissions to bolster the earth's natural greenhouse effect.
- Reduces overland or maritime transportation of oils helps prevent soil contamination, air pollution from gas emissions, and ecological seas contamination.
Patent Protected: The Company also has a portfolio of registered and patent-pending solutions that extend the shelf-life of produced and used vegetable oils.
Potential Cost-Savings: One of Beyond Oil's unique value propositions is that it can dramatically lower costs for quick-service restaurants by significantly extending the useful life of the oil while meeting food quality and safety requirements. For more information on how the Beyond Oil Product extends the life of frying oil, see the Company's news release dated December 12, 2022.
Beyond Oil Permits and Accreditations: The Company received a non-objection letter from the US Food & Drug Administration ("FDA") in March 2022, on the basis that all the Beyond Oil Product ingredients meet food-grade specifications of the FDA. In May 2022, Beyond Oil received a non-objection letter from Health Canada and a National Sanitation Foundation certification. Beyond Oil is legally permitted to sell its product into the Israeli market according to the processing-aid and filtering-aid regulations.
How the Beyond Oil Product Works- Simple and effective Protocols
The Beyond Oil Product integrates into the existing filtration systems of both commercial and industrial fryers. The combination of active filtration by the powder and passive filtration by the filter and filtration machine ensures the best results by removing other degradation particles. The powder remains on the filter and creates an additional layer which provides the microfiltration benefit.
About Beyond Oil Ltd.
The integration of Beyond Oil technology in restaurant, hotels, caterers, and factories operations not only enhances public health, social responsibility, efficiency and cost-effectiveness but also represents a significant step towards a more sustainable future for the food industry. By mitigating pollution, conserving resources, and promoting responsible practices, Beyond Oil emerges as a game-changer in the pursuit of environmental stewardship within the culinary landscape.
For more information, visit our website at: www.beyondoil.co.
Contacts
Jonathan Or
CEO and Co-founder
info@beyondoil.co
Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@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.
SOURCE: Beyond Oil Ltd.
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