Coho Collective Kitchens (COHO.V), a Canadian-based company focused on the creating community kitchen spaces to support food start-ups, announced today that it had executed a non-binding letter of intent to test Israel-based Beyond Oil’s (BOIL.C) ground-breaking oil filtering product.
Beyond Oil’s product improves fry oil life and reduces oil waste in an environmentally friendly and sustainable manner.
Upon completion of the tests, Beyond Oil and Coho may negotiate the terms of a definitive agreement, which will be led by Beyond Oil’s distributor, TEJA Group.
Andrew Barnes, CEO of Coho Collective, commented on the deal, “Coho was founded based on our passion for food. We are always exploring collaboration with outstanding food start-ups and restaurants that want to change the food industry. We aim to solve many of the problems facing small and medium-sized food companies and found Beyond Oil’s solution to be compelling. Our hope is that this solution will bring leverage and added value for Coho’s members, while helping them provide their customers with healthier and tastier food.”
Testing will commence at one of Coho’s ghost kitchen locations in late August. TEJA will lead the testing process and perform the daily filtration using Beyond Oil’s powder.
Dr. Tamir Geo, Beyond Oil CEO, added, “As Beyond Oil approaches commercialization, we are pleased to be working with Coho Collective Kitchens. Beyond Oil and Coho are two innovative companies that are not afraid to challenge conventions. Coho is at the forefront of the rapidly growing ghost kitchen market, and we look forward to working with the Coho team. This collaboration is an additional strategic step for Beyond Oil and accelerates our commercialization and expansion into new markets, while continuing to change the face of the restaurant industry toward a more sustainable future.”
At the beginning of August, Coho released financial results for the 15 months ending March 31, 2022. Quarterly revenues for the final three-month period leading up to March 31, 2022, totaled $546,124 CAD versus $417,536 for the three-month period ending December 31, 2021, an increase of 30.80%.
Revenues for the entire 15-month period totaled $2.35 million, more than double than the $1.06 million reported for the 12-month period from January 1, 2020, to December 31, 2020.
Coho recorded a net loss of $10.44 million for the 15-month period ending March 31, 2022, with $6.73 million of that due to the share-based payment associated with the acquisition of Phantom Kitchen Inc.
Chris Parry, discussed Coho Collective in a recent Daily Rant Video.
Coho currently trades at $0.20 per share for a market cap of $18.80 million.