Beyond Oil Secures C$4.5 Million for Global Expansion Initiatives
Beyond Oil Secures C$4.5 Million for Global Expansion Initiatives
Beyond Oil Ltd. (CSE: BOIL) (OTCQB: BEOLF) (Frankfurt: UH9), a pioneering food-tech company, is thrilled to share that it has raised an impressive C$4,497,304.66 from the exercise of warrants issued earlier. This is a significant step as the company aims to enhance its global growth strategy following several fruitful months filled with new distribution agreements and product shipments.
Investor Confidence Reflected in Progress
Jonathan Or, CEO of Beyond Oil, expressed his optimism about the new capital influx, stating, "The exercise of these warrants symbolizes robust investor confidence in our business model and direction. This influx not only solidifies our financial footing but also propels our aspiration to extend our global presence and expedite the deployment of our innovative solutions." This announcement comes shortly after a previous commitment where they raised C$1.77 million. The consistent support from investors shows their belief in the company's vision and potential.
Clarifications Regarding Supplier Approval and Expansion Strategies
Recently, Beyond Oil sought to clarify its relationship with Restaurant Brands International (RBI) following their news release. The company has received approval from the RBI to supply its innovative frying oil solutions to Burger King Israel, making them an official customer of Beyond Oil. However, it's important to note that this arrangement doesn't grant exclusive rights across all RBI franchises, meaning that other branches globally must submit separate applications to utilize Beyond Oil's products.
Broadening the Team to Boost U.S. Operations
In exciting news, Beyond Oil is expanding its United States team with the addition of four new members, each bringing significant industry expertise in areas like oil filtration and food service operations. Their backgrounds will bolster the company’s understanding of the diverse value propositions its products offer while leveraging their extensive networks and experience to ramp up pilot launches. Continuous updates about commercial progress will be provided as they make strides in the U.S. market, signifying a strong commitment to growing their influence.
Innovative Solutions Addressing Health Risks and Sustainability
Beyond Oil is not just about profit; its innovation centers around combatting pressing health concerns linked to traditional frying practices. With over 15 years in the industry, their patented technology not only mitigates health risks linked to reused frying oil but also integrates sustainability into food service practices. This innovative approach has garnered regulatory approvals from both the FDA and Health Canada, underscoring the company's commitment to quality and health.
The company identifies the prevalent issue of reusing frying oil in kitchens, which can pose severe health threats such as links to cancer and cardiovascular issues. Beyond Oil's solution promotes not only food safety but also enhances operational efficiency and reduces environmental impacts, presenting a compelling case for restaurants and food service providers looking to improve their standards.
A Strong Foundation for Future Performance
As Beyond Oil moves forward, the combination of substantial capital, a dedicated team, and unwavering investor support lays a strong foundation for future performance. Active commercial efforts will continue to unfold as the company enhances its product reach and benefits, reaffirming its stance as a leader in food-tech innovation.
Frequently Asked Questions
What is Beyond Oil Ltd. focused on?
Beyond Oil Ltd. focuses on creating innovative food-tech solutions that reduce health risks, enhance sustainability, and lower operational costs for food service companies.
How much funding has Beyond Oil recently secured?
Beyond Oil has secured C$4.5 million from the exercise of warrants as part of its growth strategy.
What recent approval has Beyond Oil received?
Beyond Oil has received approval from RBI to supply its products to Burger King Israel, marking a significant milestone for the company.
Who has joined Beyond Oil's U.S. team?
Four new members with extensive industry experience in oil filtration and food service operations have recently joined Beyond Oil's U.S. team.
How does Beyond Oil's technology improve food safety?
The technology developed by Beyond Oil significantly reduces harmful compounds in frying oil, addressing critical health issues linked to reused frying oil.
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