- Beyond Oil Ltd. (BOIL) has entered an agreement with a Turkish company to market and sell its product in the country’s fast-food market
- ARB Tech Gida will make a minimum US$2 million purchase in the first year, and a 50 per cent increase in purchases in the following years
- Beyond Oil reduces soluble impurities which cause product damaging free fatty acids
- The product’s recovery method uses testing that indicates the lifespan of frying oil and improves its quality all while cutting costs
- Beyond Oil Ltd. (BOIL) is up 66.67 per cent trading at $1.15 per share as of 3:24 p.m. ET
Beyond Oil (BOIL) has entered a definitive distribution agreement with ARB Tech Gida.
Beyond Oil, a food technology company, stated that the agreement requires ARB Tech Gida to make a minimum US$2 million purchase in the first year and a 50 per cent increase in purchases throughout the following years.
“We are thrilled to be partnering with the leading fast-food franchise in Turkey, a market with more than 150,000 restaurants and an estimated fast-food market size of US$2.4 billion,” Dr. Tamir Gedo, CEO of Beyond Oil, said.
Beyond Oil reduces soluble impurities that are created during the frying process which cause damaging free fatty acids (FFA) and undesirable odors, off-flavors, and off-colors. The product is designed to be a simple integration for existing filtration processes.
The recovery method uses testing that indicates the lifespan of frying oil and improves its quality all while cutting costs.
“With our patented technology, there is an opportunity to disrupt and transform the food industry in Turkey by saving millions of dollars on cooking oil and related expenses, including from savings on cooking oil logistics, handling, and recycling operations,” Gedo said.
Beyond Oil claims its solution is unique in that it can almost completely eliminate FFA without damaging oil quality. The solution is also distribution certified and ready for use in the U.S. and Canada.
Beyond Oil Ltd. (BOIL) is up 66.67 per cent trading at $1.15 per share as of 3:24 p.m. ET.