Vancouver, BC – TheNewswire - March 23, 2022 - FTC Cards Inc. ("FTC") is pleased to announce that Beyond Oil Ltd. (“Beyond Oil”), its counterparty to the share purchase agreement dated September 26, 2021 (the “SPA”), has received a non-objection letter from the US Food and Drug Administration (“FDA”) dated March 22, 2022 in respect of the proposed use of Beyond Oil’s Product (as defined below) as a filter aid for the filtration of frying oils in the United States.

 

Dr. Tamir Gedo, CEO of Beyond Oil, comments, “Our team is so pleased to have hit another major milestone in the development of our business. We are greatly looking forward to rolling out Beyond Oil’s transformational product into the US market.”

 

Beyond Oil intends to apply for a similar letter on a voluntary basis from Health Canada to market the Product as a processing aid in Canada.

 

About FTC

 

FTC is a reporting issuer in the Canadian provinces of British Columbia and Alberta. FTC has entered into the SPA with Beyond Oil and the shareholders of Beyond Oil, and pursuant to the SPA, FTC will acquire all the issued and outstanding securities of Beyond Oil, in exchange for securities of FTC, constituting a reverse takeover (together with the related transactions and corporate procedures set forth in the SPA, the “Transaction”). In connection with the completion of the Transaction, FTC will apply to list on the Canadian Securities Exchange (the “CSE”). The listing will be subject to the approval of the CSE.

 

About Beyond Oil

 

Beyond Oil™ is a developer and manufacturer of an innovative proprietary and patented formulation (the “Product”) which eliminates the Free Fatty Acids from cooking oil while preserving the oil's quality and nutritional values. Beyond Oil’s process is more cost efficient than the current refinery process. In addition, because Beyond Oil’s process does not involve massive heating it does not destroy the vitamins and other nutritional values in the oil and does not produce harmful body toxins. Beyond Oil’s process is considered safe and environmentally friendly.

   

Cautionary Note

 

Completion of the Transaction is subject to a number of conditions, including but not limited to, CSE acceptance of the proposed listing, and the receipt of a long form final prospectus of FTC by the applicable securities regulators. There can be no assurance that the Transaction will be completed as proposed or at all. 

 

Investors are cautioned that, except as disclosed in the final prospectus anticipated to be filed in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.  

 

For further information, please contact: 

 

Robert Kiesman, CEO of FTC                        Dr. Tamir Gedo, CEO of Beyond Oil                                
Email: robert@kiesman.ca                           Email: tamir@beyondoil.co  

 

Forward Looking Information

 

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect FTC’s current expectations, as well as the expectations of Beyond Oil and its management.  Information relating to Beyond Oil has been supplied by Beyond Oil’s management. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. 

 

The forward-looking statements and information in this press release include information relating to the business plans of FTC, Beyond Oil and the resulting issuer upon completion of the Transaction (the “Resulting Issuer”), the Transaction (including CSE approval of the proposed listing and the closing of the Transaction). 

 

Such statements and information reflect the current view of FTC. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. All statements in respect of obtaining further regulatory approvals, registrations or non-objection letters from regulators, as well as introducing Beyond Oil’s products into the United States are forward looking statements, and further all statements regarding the completion of the Transaction between Beyond Oil and FTC are also forward-looking statements, which are subject to a variety of factors that may influence such events.  Such factors include, among others, the following risks: 

 

• there is no assurance that FTC and Beyond Oil will obtain all requisite approvals for the Transaction or the approval of the CSE for the Transaction (which may be conditional upon amendments to the terms of the Transaction); 

• following completion of the Transaction, the Resulting Issuer may require additional financing from time to time in order to continue its operations. Financing may not be available when needed or on terms and conditions acceptable to the Resulting Issuer; 

• new laws or regulations could adversely affect the Resulting Issuer's business and results of operations; 

• the sale of Beyond Oil’s products in the United States may not occur as contemplated or at all; 

• the stock markets have experienced volatility that often has been unrelated to the performance of companies. These fluctuations may adversely affect the price of the Resulting Issuer's securities, regardless of its operating performance; and 

• obtaining further regulatory approvals, registrations or non-objection letters, from Health Canada or any other regulatory body, may not materialize as contemplated in this news release or at all. 

 

There are a number of important factors that could cause the Resulting Issuer's actual results to differ materially from those indicated or implied by forward-looking statements and information. Such factors include, among others: limited business history of Beyond Oil; risks related to FTC or Beyond Oil’s corporate strategy including that previous and future acquisitions do not meet expectations, disruptions or changes in the credit or security markets; results of operation activities; demand for the Product, unanticipated costs and expenses, fluctuations in commodity prices, emergence of competition, and general market and industry conditions.

 

FTC cautions that the foregoing list of material factors is not exhaustive. When relying on FTC’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. FTC has assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

 

The forward-looking information contained in this press release represents the expectations of FTC as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While FTC may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.