NEW YORK, New York, KIBBUTZ YIFAT, Israel and VANCOUVER, BC, Feb. 21, 2025 (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, today announced that it has signed an agreement to expand its existing Master Distribution Agreement with Latitude Ltd. ("Latitude"), adding Ukraine to the partnership's territory.
Under the expanded agreement, signed February 16, 2025, Latitude has committed to purchasing a minimum of US$302,400 in 2025, with minimum annual purchase commitments increasing to reach US$1,512,000 in 2029. The agreement also includes an annual license fee of US$100,000 starting from the second year of the agreement, which can be rebated if Latitude meets its annual purchase targets. Over the five-year period covered by the agreement, Latitude has committed to purchase a minimum of US$4.536 million worth of Beyond Oil's product.*
Under the terms of the agreement and its expansion (together the “Agreement”), the Agreement may be renewed for successive five-year terms on substantially the same terms and conditions, subject to good faith negotiations between Beyond Oil and Latitude.
"The initial success of our agreement with Latitude, as evidenced by the 50% increase recently reported in February's order compared to January, highlights the strong market demand for our product in the United States," said Jonathan Or, CEO of Beyond Oil. "Expanding into Ukraine with Latitude is a natural next step in our global growth strategy, as we continue working to unlock new markets and drive sustainable, profitable growth."
*The projected revenues disclosed herein are contingent on Latitude fulfilling its annual …
