Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - June 16, 2020) - Bee Vectoring Technologies International Inc. (TSXV: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") today announced three new deals with Michigan blueberry growers to use BVT's natural precision agriculture system in the current growing season. These deals show continuing momentum of BVT's growth, as they represent the first deals in the US Midwest and build on the Company's strong momentum in the Southeast and Pacific Northwest.
At 90,000(1) acres, the US blueberry market represents about a third of the 270,000(2) acre global market. By adding Michigan's 20,000(3) acres, BVT has now penetrated 83% of the US blueberry market.
"With these new deals, BVT has successfully penetrated key blueberry growing markets throughout the US in a single growing season," said Ashish Malik, CEO of Bee Vectoring Technologies. "Since EPA approval in September 2019, we have entered the Georgia, Florida, North Carolina, South Carolina, Michigan, Oregon and Washington blueberry markets as well as the Florida strawberry market."
The newly signed blueberry growers are first-time users of the BVT system. Each one will pilot BVT on a percentage of their conventional crops, with the expectation that they will expand it to their entire operations over two to three seasons, based on positive results. Strong word-of-mouth from growers working with BVT will also attract new customers in subsequent seasons.
"We are delighted with the response from American blueberry growers," continued Mr. Malik. "We've had success with growers in this crop, including during these difficult times with limited travel and face to face interaction with the growers due to the COVID-19 pandemic. This speaks volumes for BVT's value proposition of helping farmers control crop disease and increase yields through sustainable agriculture practices. We've expanded sales according to our business plan and this puts us well on our way to revenue acceleration over the course of the next two to three seasons."
BVT's natural precision agriculture system uses commercially-managed bees to carry its all-natural plant protection product, VECTORITE™ with CR-7, directly to blooms. The system increases crop yield and protects against disease while using only a fraction of the product required with traditional spray applications. Growers using the BVT system also see significant reductions in water consumption and fossil fuel usage.
(1)(3) Source: USDA, 2018 Agricultural Statistics Annual
(2) Source: FAO, United Nations, 2017 Statistics
BVT, an agriculture technology company, is a market disruptor with a significant global market opportunity in the $240 billion crop protection and fertilizer market. BVT has pioneered a natural precision agriculture system that replaces chemical pesticides and wasteful plant protection product spray applications by delivering biological pesticide alternatives to crops using commercially grown bees. BVT's award-winning technology, precision vectoring, is completely harmless to bees and allows minute amounts of naturally-derived pesticides (called biologicals) to be delivered directly to blooms, providing improved crop protection and yield results than traditional chemical pesticides - and improving the health of the soil, the microbiome and the environment. Currently, BVT has over 65 granted patents, over 35 patents pending in all major agricultural countries worldwide, and has US EPA registration of its VECTORITE™ with CR-7 (EPA Registration No. 90641-2) for sale as a registered biological fungicide for use on the labeled crops.
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
Adam Lowensteiner, Investor Relations (for US inquires)
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Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, "annual revenue potential", are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: planted acres of strawberries in Florida, selling price of competitive chemical pesticides and the US to Canadian dollar exchange rate. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include changes in law, competition, litigation, the ability to implement business strategies and pursue business opportunities, state of the capital markets, the availability of funds and resources to pursue operations, new technologies, the ability to protect intellectual property rights, the ability to obtain patent protection for products, third-party intellectual property infringement claims, regulatory changes affecting products, failing research and development activities, the ability to reach and sustain profitability, dependence on business and technical experts, the ability to effectively manage business operations and growth, issuance of debt, dilution of existing securities, volatility of publicly traded securities, potential conflicts of interest, unlikelihood of dividend payments, the potential costs stemming from defending third-party intellectual property infringement claims, the ability to secure relationships with manufacturers and purchasers, as well as general economic, market and business conditions, as well as those risk factors discussed or referred to in the Company's Filing Statement dated May 29, 2015, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. All figures are in Canadian dollars.
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