BVT Receives First Patent Approval for its Proprietary Microbial Strain
Mississauga, ON Canada (January 22, 2019) – Bee Vectoring Technologies International Inc. (“BVT”) (TSXV: BEE) (OTCQB: BEVVF) announced today that it has received patent allowance for its microbial strain Clonostachys rosea strain BVT CR-7, granted in the United States. This patent allowance protects a critical component of BVT’s proprietary vectoring technology.
This is the first patent granted to BVT for its CR-7 microbial strain, representing the start of a fourth family of granted patents in BVT’s expanding patent portfolio. This patent application is under review by 15 other patent authorities around the world, including the European Patent Office.
“This is a milestone patent protecting our proven CR-7 fungal strain and recognizes its unique properties as a plant beneficial microbe including the biological control of various plant diseases,” stated Ashish Malik, President and CEO of BVT. “This patent protects our CR-7 product, independent of its use as a biologic control agent vectored by bees. It enables BVT to concurrently develop revenue streams for CR-7 use in foliar sprays and seed treatments, in a well-established traditional global fungicide market.” According to MarketsandMarkets™ the global fungicide market is estimated to be US $15 billion a year.
By pursing an aggressive Intellectual Property (IP) strategy, BVT ensures that it will be strongly positioned to capture market share. In addition to the fungal strain family, BVT has granted patents in two families covering different aspects of a bumble bee hive dispensing apparatus and a family of patents covering carrier formulations which allow microbial strains to be carried by bees. BVT is awaiting results on filed patents in a fifth family covering the new honey bee dispenser system that enables honey bees to be used as delivery mechanisms for CR-7 and other biological controls. In all, BVT has over twenty granted patents across five continents: North America, South America, Europe, Asia and Australia.
BVT has developed and owns patent-pending bee vectoring technology that is designed to harmlessly utilize bumblebees and honey bees as natural delivery mechanisms for a variety of powdered mixtures comprised of organic compounds that inhibit or control common crop diseases, while at the same time enhancing crop vigor and productivity. This unique and proprietary process enables a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yields, superior quality, and less impact on the environment without the use of water or disruptions to labor.
For further information, please contact:
Ashish Malik, President & CEO, BVT
Babak Pedram, Investor Relations
Virtus Advisory Group
Forward-Looking Statement Cautions:
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 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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