Mississauga, ON Canada (January 28, 2019) – Bee Vectoring Technologies International Inc. (“BVT”) (TSXV: BEE) (OTCQB: BEVVF) announced today the invoicing of the first commercial sales of its proprietary bee-based crop enhancement technology to strawberry growers in Florida.
“Bringing a novel crop technology to market represents one of the most complex commercial undertakings as it has the potential to dramatically change the practice of agriculture and directly impact the food we all eat – this is a significant achievement for any company,” said Ashish Malik, President and CEO of BVT. “Revenue from this pilot launch means BVT is transitioning from an R&D company to now a commercialization company. It is a very significant milestone for our company and adds another layer of validation that our technology benefits farmers in ways that are measurable and tangible.”
Pilot launches are typically the first step in the introduction of new technologies in agriculture, usually with a few growers and on a small percentage of the planted acres. They grow to full commercial launches and larger revenue numbers as growers progressively adopt the new technology across greater portions of their operations over a few seasons, and as the technology gets adopted in additional crops.
“Last year many strawberry growers in Florida faced unusually tough growing conditions that put a strain on profitability, which in turn reduced new operational investments for this season. We were very pleased to see that, even in the face of these challenging conditions, five growers opted to purchase the BVT system this season,” continued Malik. “We anticipate BVT will follow the typical growth cycle for innovation in agriculture as these growers treat more acres, and we convert additional growers into paying customers. Several other growers are currently using the system in demonstrations and trials.”
Florida is the second largest strawberry growing region in the U.S., producing around 20 million flats of strawberry annually on about 11,000 acres. The BVT system is currently being used on about 1% of these planted acres.
The BVT system uses bees to carry plant health products directly to key areas of target plants – using significantly less product than required with traditional spray applications, while also reducing use of chemicals and consumption of water and fossil fuels. In Florida, the primary crop focus for the BVT system is strawberries and blueberries. BVT is currently conducting trial work with its platform throughout North America to prove its effectiveness in other crops.
BVT has developed and owns patent-pending bee vectoring technology that is designed to harmlessly utilize bumblebees and honeybees 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.
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.