Beyond Oil Kicks Off Initial Sales and Pilots in the U.S. and Appoints Industry Veteran Jason Hatfield to Lead U.S. Sales
VANCOUVER, BC and KIBBUTZ YIFAT, Israel, Dec. 03, 2024 (GLOBE NEWSWIRE) -- Beyond Oil Ltd. (CSE:BOIL) (OTCQB:BEOLF) (Frankfurt: UH9) ("Beyond Oil" or the "Company"), a food-tech innovation company dedicated to reducing health risks associated with fried food while lowering operational costs, minimizing waste and enhancing sustainability, is pleased to provide an update on the significant progress it has made in its growing U.S. market penetration, including initial pilots with three U.S. customers and initial sales.
As part of its U.S. expansion, the Beyond Oil recently appointed Jason Hatfield as Director of U.S. Sales. Hatfield, a veteran of the food service industry, brings over 20 years of experience at leading organizations such as Sysco Corporation, Ecolab (NYSE:ECL), and Restaurant Technologies, Inc., where he specialized in oil management and food service solutions. His deep expertise in sales and operations is already driving meaningful results for Beyond Oil in the U.S. market.
This appointment has led to key milestones, including the launch of pilot programs with three notable U.S. customers: a regional multi-unit restaurant group based in the U.S., a nationally recognized full-service restaurant group, and a leading American university. Beyond Oil has also achieved initial small-scale sales, providing further validation from the U.S. market for its proprietary oil filtration technology, which reduces oil consumption, improves operational efficiency, and enhances sustainability. These milestones set the stage for a broader rollout across the U.S. food service industry.
The U.S. is home to a large and fast-growing food service market, which was valued at US$820 billion in 2024 and is projected to grow to US$1.37 trillion by 20291. With FDA clearance and compliance with rigorous international standards such as HACCP, FSSC 22000, ISO 9001, Kosher, and Halal certifications, Beyond Oil believes it is well-positioned to scale its sales and operations in the U.S.
Jonathan Or, CEO of Beyond Oil, commented: "Expanding into the U.S. market is a pivotal step in our mission to revolutionize the food service industry with sustainable and cost-effective solutions. Under Jason's leadership, we are already seeing meaningful progress, including initial pilots with key customers. We are thrilled to welcome Jason to the team and look forward to his contributions as we grow our U.S. operation. This is a particularly exciting time for Beyond Oil, as we expand our reach to multiple new geographies, including, most recently, Europe and Asia, as well as these latest developments in the U.S."
Jason Hatfield, Beyond Oil's new Director of U.S. Sales, added: "Beyond Oil's innovative technology addresses critical challenges in the food service industry, offering a compelling value proposition to operators. Having seen firsthand how customers in the U.S. are responding during initial pilots, I have been truly impressed by the product's ability to reduce costs while improving sustainability and operational efficiency. I am excited to help expand Beyond Oil's presence across the market."
Grant of Incentive Securities
The Company also reported that it has granted 2,325,000 Restricted Share Units (the "RSUs") to certain directors, officers and advisers, of which 2,225,000 are to existing directors, pursuant to the Company's Omnibus Equity Incentive Plan, approved and amended by the shareholders of the Company on April 25, 2024 (the "Plan"). 2,225,000 of the RSUs will vest after one year from the grant date, and 100,000 will vest as follows: (a) 25% will vest on December 2, 2025; and (b) 75% will vest in three equal installments, with 1/3 vesting on March 2, 2026; 1/3 vesting on March 2, 2027 and 1/3 vesting on March 2, 2028. After vesting, the RSUs will convert into common shares of the Company ("Common Shares"). The RSUs expire on December 2, 2034. Additionally, the Company reportes that, in compliance with the Plan, it has granted a total of 290,000 stock options (the "Options") to directors, officers and advisers, of which 110,000 are to existing directors. The Options are exercisable at a price of C$1.63 per Common Share, and a vesting schedule allowing for the vesting of the Options as follows: 110,000 of the Options will vested after one year from the grant date, the remaining will vest as follows: (a) 25% of the Options will vest on December 2, 2025; and (b) 75% of the Options will vest in three equal installments, with 1/3 vesting on March 2, 2026; 1/3 vesting on March 2, 2027 and 1/3 vesting on March 2, 2028. The Options expire on December 2, 2034.
About Beyond Oil Ltd.
Beyond Oil Ltd. is an innovative food tech company in the health sector, with over 15 years dedicated to disruptive solutions and has registered patents in Israel, the USA and Europe, as well as clearance from the FDA, the Ministry of Health in Israel and Health Canada. The Beyond Oil product mitigates cancer and cardiovascular risks in fried and processed foods consumed in our day-to-day lives. Beyond Oil provides a disruptive solution for food-processing and food-service companies striving to produce & serve healthier food, increase sustainability, while improving food quality and saving their costs. For more information, visit our website at: www.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.
Contacts
Jonathan Or
CEO and Co-founder
Phone: +972 52-601-0680
[email protected]
ARX | Capital Markets Advisors
North American Equities Desk
[email protected]
1 Mordor Intelligence: https://www.mordorintelligence.com/industry-reports/us-food-service-restaurant-market
