04:40 PM EST, 01/24/2025 (MT Newswires) -- Beyond Oil ( BEOLF ) said Friday afternoon that it has entered a distribution agreement with Latitude, a New York-based importation and logistics company.

The deal, which took effect on Thursday, includes a commitment of US$8.3 million in sales for the 2025 fiscal year, the company added.

The five-year agreement gives Latitude exclusive rights to market and sell Beyond Oil's ( BEOLF ) frying-oil products across the United States, with the possibility of renewal for additional five-year terms, the company added.

"Partnering with Latitude as our master distributor in the US is a strategic move that allows us to achieve multiple objectives simultaneously, Beyond Oil ( BEOLF ) Chief Executive Jonathan Or said, adding that the deal will allow the company to reach all customer types, from small businesses to large restaurant groups, without high operational costs. The minimum purchase commitments in the deal give Beyond Oil ( BEOLF ) a "solid" start for 2025.

The company's shares closed unchanged at $2.17 on the Canadian Securities Exchange.