04:46 PM EST, 01/22/2025 (MT Newswires) -- Beyond Oil ( BEOLF ) after close of trade Wednesday said it signed a distribution agreement with T&J Oil Pty, based in Perth, Australia.

The five-year agreement marks Beyond Oil's ( BEOLF ) entry into the Australian market and includes granting T&J Oil exclusivity, subject to T&J Oil fulfilling its annual minimum quantity purchase commitments for specific restaurant sectors in Australia.

Under the terms of the agreement, which became effective on Wednesday, T&J Oil will serve as the distributor of Beyond Oil's ( BEOLF ) proprietary frying-oil treatment products for non-chain restaurants and local chains that do not utilize filter machines across Australia.

The agreement includes a aggregate minimum purchase commitments of US$4.94 million over its five-year term. For the first year of the agreement, T&J Oil has committed to purchasing a minimum of US$243,600 worth of Beyond Oil's ( BEOLF ) products, with subsequent minimum commitments for the following four years increasing substantially.

On top of the minimum commitments, the agreement also includes an annual licensing fee, amounting to a total of AUD$100,000 per year.

"This agreement underscores our commitment to expanding globally and bringing healthier, more sustainable frying solutions to commercial kitchens worldwide," said chief executive Jonathan Or. "With T&J Oil's extensive distribution network and experience in the food service industry, we are confident in their ability to drive adoption and maximize the impact of our product across Australia."