Beyond Oil Takes Steps to Enhance Promotional Oversight
Enhancing Transparency in Promotional Activities
VANCOUVER, BC and KIBBUTZ YIFAT, Israel — In a significant move to bolster its communication strategy, Beyond Oil Ltd. (CSE: BOIL; OTCQB: BEOLF; Frankfurt: UH9) has taken decisive actions regarding its recent media activities. Following a comprehensive review by the British Columbia Securities Commission, the Company has issued a statement clarifying its previous engagement with a German-language media provider.
Addressing Past Concerns
From the beginning of January until early May, materials were circulated in German that referenced Beyond Oil, aimed at raising awareness in German-speaking communities. These activities were executed by BullVestor Medien GmbH, a media provider contracted to promote the Company.
However, the British Columbia Securities Commission flagged these materials due to their overly promotional nature and lack of direct oversight from Beyond Oil. In response, the Company moved quickly to ensure that all such content was removed by May 8, thus reaffirming its commitment to maintain stringent oversight over promotional communications moving forward.
Commitment to Improved Oversight
Beyond Oil recognizes the importance of responsible marketing and its obligation to manage its promotional activities effectively. The Company, with support from its legal team and Investor Relations Advisor, A rx Consulting Ltd, has implemented robust internal controls to oversee any forthcoming promotional efforts, whether executed in-house or through third parties.
Furthermore, Beyond Oil has cooperated fully with the BCSC’s review of the promotional activities, ensuring transparency and integrity in its operations. The Company revealed that BullVestor Medien GmbH received roughly EUR250,000 for their services, which included media buying, content production, and analytics related to their promotional campaigns.
Future Steps and Communication Strategies
As of now, Beyond Oil has no active promotional campaigns running through third parties, reflecting its intention to adopt a more transparent approach to investor communications. The Company emphasizes its dedication to ensuring that all future media undertakings adhere strictly to compliance guidelines and ethical standards. This shift is designed to foster trust with investors worldwide, re-establishing the Company's reputation.
Beyond Oil is keen to keep its shareholders informed about developments and is taking actionable steps to enhance communication clarity. As it navigates the complex landscape of food technology, the Company is evolving in response to industry needs and regulatory requirements.
About Beyond Oil Ltd.
Beyond Oil Ltd. is a pioneering food-tech innovation enterprise committed to addressing critical health challenges in food service systems. With a rich history spanning over 15 years, the Company specializes in creating solutions that mitigate health risks, enhance sustainability, and lower operational costs for food service businesses. The patented technology developed by Beyond Oil has earned regulatory clearance from the FDA and Health Canada, ensuring it meets high safety standards.
The Company’s flagship solutions target the prevalent practice of reusing frying oil, a common method among restaurants, hotels, and food manufacturing facilities. Utilizing this technology provides a significant reduction in harmful compounds present in the oil, addressing health issues linked to reused frying oil, which has been associated with severe health risks such as cancer and cardiovascular diseases. The ultimate goal is to improve food quality while providing substantial savings and reducing the environmental footprint.
Frequently Asked Questions
What prompted Beyond Oil to clarify its media activities?
The clarification was prompted by a review from the British Columbia Securities Commission, which raised concerns about promotional content not approved by the Company.
What measures has Beyond Oil implemented going forward?
The Company has established stricter internal controls and oversight policies to manage all promotional activities more transparently.
Who was responsible for the German-language media content?
BullVestor Medien GmbH was contracted to produce and promote German-language materials referencing Beyond Oil during the specified period.
How does Beyond Oil's technology benefit food service businesses?
Beyond Oil’s patented technology reduces harmful compounds in frying oil, improving food quality and lowering health risks associated with reused oil.
What is the current status of Beyond Oil's promotional campaigns?
As of now, Beyond Oil has no active third-party promotional campaigns running, reflecting their commitment to transparency.
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