Bee Vectoring Technologies Completes Phase I Evaluations in Product Extensions to Generate Additional Market and Revenue Opportunities
Mississauga, ON Canada and Sacramento, CA USA (November 27, 2019) – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (TSXV: BEE) (OTCQB: BEVVF) is pleased to announce it has completed Phase One lab trials on six third-party products using BVT’s proprietary bee delivery system. Phase Two field studies on three of those products will commence shortly.
The goal of the project is to open new market opportunities and fast-track additional revenue for BVT. Because these microbial candidate products control a different spectrum of crop pests than BVT’s proprietary Clonostachys rosea strain CR-7 (CR-7), they can be used on their own in crops where pests controlled by CR-7 are not present, or along with CR-7 on crops that have multiple pests affecting the flower area. Adding third-party products to existing CR-7 applications is achieved by “stacking” two or more microbes together, a practice already common in seed treatment applications. Using the new products on new crops creates additional revenue streams and will increase revenue from crops that already use CR-7.
As part of the Company’s in-licensing project, the products were initially lab-tested for compatibility with its formulation of VECTORITE powder and its beneficial microbe CR-7, and to evaluate if commercial bumblebees could carry the spores of the microorganisms directly to plant blooms. Based on favorable results, BVT has shortlisted three of the products to be used in the upcoming field studies.
“Moving to Phase Two trials with three products is a significant step forward in allowing BVT to develop multiple revenue streams,” said Ashish Malik, CEO of Bee Vectoring Technologies. “The products are all commercially available and are already registered in either the US or the European Union. The partner companies are keen to see how effectively their products can be distributed through our highly efficient and environmentally friendly delivery system. Phase Two tests will be done in 2020, with results expected in the summer.”
Continued Mr. Malik, “Growers will see multiple diseases and pests addressed through this highly efficient, stacked system for precision agriculture application. These product extensions will help BVT significantly increase its share of the $20 billion market for bee vectoring, foliar application and seed treatment.”
Through BVT’s delivery system, the third-party biologicals will control these crop issues in a much more precise and natural way compared to traditional spray application methods. BVT’s natural precision agriculture system uses commercially-managed bees to carry product directly to blooms (the process of bee vectoring), which means less waste and much higher efficiency. Growers would benefit in terms of crop protection and yield, and further reduce the chemical pesticides they use through traditional spray applications. An additional benefit includes using much less product and therefore recognize cost savings, since bee vectoring uses only a fraction (typically less than 2%) of what’s required with spraying.
In bee vectoring, one or more biostimulants, plant amendments and biological controls (biocontrols) are formulated with VECTORITE ingredients to create a layered powder mixture that bees pick up on their way out of the hive and deliver right to plant blooms. The flower is the primary entry point for many diseases and insects, making the bloom the ideal place for active ingredients to inoculate the plant. With bee vectoring, protection products are continually (and naturally) delivered throughout the bloom period – far more precisely than intermittent spraying, which can miss some blooms entirely.
Stacking multiple protection products also means growers can further reduce water consumption and use of fossil fuels (by eliminating even more spraying), making the BVT system an option that checks two major boxes: excellent plant protection for increased yields that’s good for business, and an environmentally-friendly, non-toxic solution that’s good for consumers – and the planet.
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 60 granted patents, over 30 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
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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.