6 months ago
EXCLUSIVE: Beyond Oil unveils distribution agreement with Hungary’s Pilpel
Investing.com - Beyond Oil (CSE:BOIL) has announced an exclusive distribution agreement in four European countries with Hungary-based food distribution business Pilpel, according to a joint statement.
Under the terms of the deal, Pilpel becomes the authorized distributor of Beyond Oil products in Hungary, Austria, the Czech Republic and Slovakia. The agreement takes effect on Thursday and will last for an initial five-year period through December 31, 2030.
The exclusivity of the deal does not apply to international or global chain customers, the statement noted.
Beyond Oil, which is listed on the Canadian Securities Exchange, has described itself as a food-tech innovation business which has developed a solution that aims to "mitigate health risks" from frying oil, while also improving sustainability and reducing costs for food service companies.
The company said the Pilpel agreement aligns with "exclusive strategic partners that are well positioned to deliver sustainable long-term growth as we continue to scale across Europe."
In its second quarter ended on June 30, Beyond Oil reported revenue of $1.1 million, compared to $35,000 a year earlier, which the company said reflected "continued progress on commercial expansion initiatives." The firm has previously highlighted "traction" in the U.S. market and growth in Europe through a range of new agreements with distributors in the region.
It also posted a narrower net loss of $800,000, down from a loss of $1.4 million in the corresponding period in 2024, thanks in part to a benefit from finance income that more than offset increased losses from operations.
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Beyond Oil also announced in August that it had received conditional approval to uplist its common shares for trading on the Toronto Stock Exchange in Canada. The change, which will see the stock delisted from the Canadian Securities Exchange, is anticipated to be completed in the "near future" and is subject to it meeting all regulatory conditions required by the TSX, the group said.
Earlier this year, Israel-based institutional investor Clal Financial Management announced a CAD $10.49 million investment to acquire 3 million Beyond Oil shares. The transaction’s issue price of CAD $3.498 per share represented a 10% premium to the stock’s closing price on March 11.
Shares of Beyond Oil were last trading at CAD $2.65, according to the Canadian Securities Exchange.
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