Beyond Oil Commences Product Testing with Two National Restaurant Chains in Canada

VANCOUVER, BC and KIBBUTZ YIFAT, ISRAEL / ACCESSWIRE / July 19, 2022 / Beyond Oil Ltd. (CSE:BOIL) ("Beyond Oil" or the "Company"), a food-tech innovation company extending the life of frying oil, reducing costs and waste, is pleased to announce that TEJA Food Group ("TEJA"), a distributor of Beyond Oil's product in Canada and the United States, has formalized product testing with two Canadian national restaurant chains in select restaurant locations to integrate Beyond Oil's powder into their operations.

Success will be based on the product's performance in extending the useable life of their frying oil, reducing the number of times in a month oil needs to be replaced and without changes to the quality or taste of the food. As with previous tests and pilot programs, it is expected that each of these restaurant chains will generate significant savings, even with the inclusion of the Beyond Oil product cost.

"Cooking oil prices have risen dramatically over the last year, causing increased cost pressures for restaurant owners and other food producers," says Tom Grande, President of TEJA. "These inflationary costs have hit consumers and the food service industry alike. Our customers are seeking solutions to combat these inflationary pressures, and we believe the Beyond Oil product will help achieve those results."

Beyond Oil's fry oil enhancement additive is a 100% natural product that will not adversely affect the taste or quality of fried foods. As announced previously, Beyond Oil has received a non-objection letter from the U.S. Food & Drug Administration ("FDA") to sell its product in the United States. Beyond Oil has also received a non-objection letter from Health Canada to sell its product in the Canadian markets.

"We are pleased to see growing interest from restaurants, food chains, and food producers who have begun to realize the significant benefits our product can deliver for the companies, the customers, and the planet," said Dr. Tamir Gedo, CEO of Beyond Oil. "We believe these new restaurant-level tests will confirm that our product will meet or exceed the expectations of these national chains across several key metrics. This is an exciting next step in progressing towards our product commercialization in North America."

The testing programs at the two chains will be co-led by TEJA and Beyond Oil representatives and are expected to be conducted over the next few weeks.

Product Highlights
Frying Oil Enhancement: 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 free fatty acids ("FFA") and polar compound formation, undesirable odors, off-flavors, and off-colors. The product is simple to integrate into existing daily filtration processes.

Unique Solution: To the Company's knowledge, Beyond Oil has developed a unique solution that can eliminate FFA almost completely without damaging oil quality. This unique solution outperforms magnesium-based filter powders that have existed for years that only marginally reduce FFA levels.

Patent Protected: The Company has a portfolio of registered and patent-pending solutions that extend the useable 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 and texture profile.

Health Agency Approvals: The Company received a non-objection letter from the 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.

How Our Product Works: The Beyond Oil solution integrates with food services and restaurants' existing oil filtration processes as a filter aid. The process includes passive microfiltration designed to remove unwanted components, that degrade oil quality, through a combination of 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 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.

Contact
Dr. Tamir Gedo
CEO and Director
1-647-691-9801
info@beyondoil.co

Caroline Sawamoto
Investor Relations
1-647-691-9801
ir@beyondoil.co

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FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements and information that reflect Beyond Oil's current expectations and views of future events. Statements or information which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, outlook, expectations or intentions regarding the future including words or phrases such as "anticipate", "objective", "may", "will", "might", "should", "could", "can", "intend", "expect", "believe", "estimate", "predict", "potential", "plan", "is designed to", "project", "continue" or similar expressions suggest future outcomes or the negative thereof or similar variations. Forward-looking statements and information may include, among other things: statements or information relating to Beyond Oil's business strategy (including expected growth rate); any estimate of potential earnings; the completion of any transaction including contracts with potential customers; expected growth in the global market for our products; market growth and market penetration; timing of product development (both for future products and enhancements of existing products); expectations regarding expenses, sales and operations; our estimates regarding our capital requirements and our need for and ability to obtain additional financing; our expectations for the cost and timing of achieving our business objectives; our competitive position; and anticipated trends and challenges in the markets in which we operate including the regulatory environment.

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, Beyond Oil 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 press release 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.

Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Beyond Oil will operate in the future, including: general business and economic conditions; the demand for our products; anticipated costs; the 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; and that there will be no regulation or law that will prevent us from operating our business. Although Beyond Oil believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: business, economic and capital market conditions; 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; our ability to remain competitive as other better financed competitors develop and release competitive products; legal and regulatory uncertainties; 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; competition in our industry; 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; the impact of intellectual property litigation that could materially and adversely affect our business; our ability to manage working capital; and 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; security threats; government regulations; and failure of counterparties to perform their contractual obligations. 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.

The forward-looking information included in this press 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 press 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