Bee Vectoring Technologies Announces Mexico Regulatory Submission as Part of Planned Geographic Expansion
Mississauga, ON Canada and Sacramento, CA USA (April 27, 2022) – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) is pleased to announce the Company has submitted its proprietary Clonostachys rosea CR-7 (CR-7) biological fungicide for registration in Mexico. The registration dossier was presented on April 19, 2022 at a meeting with COFEPRIS (The Federal Commission for Protection from Sanitary Risks), the Mexican health authority responsible for registration of plant protection products. The dossier included CR-7 trial data already completed in Mexico and studies into human safety, environmental impact, product efficacy and more, as required to support product registration.
This application is part of a 2022 program to submit in up to four new jurisdictions allowing the Company to significantly increase its geographic footprint and open new revenue streams.
“We’re anticipating a quicker review process as compared to chemicals in Mexico because CR-7 should be considered a low-risk product,” said Gerardo Suazo, Senior Technical Manager for Mexico at BVT. “However, registration timelines with Mexican health authorities have been experiencing delays due to pandemic-related labor shortages and the backlog of submissions making it hard to predict review timing.”
“We’ve worked very closely with Mexico’s leading regulatory consultancy specializing in biological products,” continued Dr. Suazo. “We are confident the dossier is complete and will be successful.”
Mexico’s growers offer significant market potential for BVT’s natural precision agriculture system: official statistics indicate that the country’s production in 2019 included 41,600 acres of strawberries, 12,100 acres of blueberries and over 377,000 acres of tomatoes and peppers.(1) In the same year, US imports of fresh and processed fruits and vegetables from Mexico amounted to US$15.6 billion.(2)
“Mexico is a huge export market, and high-volume growers are keen to adopt low- or no-chemical solutions to fight diseases and increase crop yields,” said Ashish Malik, CEO of BVT. “The country uses US$1.3 billion worth of pesticides each year, (3) but an increasing number of growers are turning to biologicals as an alternative that offers better quality, greater food safety and reduces the need for chemicals.”
(1) Source: 2019, Mexico Agricultural and Fisheries Information Service (SIAP – Servicio de Información Agroalimentaria y Pesquera)
(2) Source: 2020, Congressional Research Service, “Seasonal Fruit and Vegetable Competition in US-Mexico Trade”
(3) Source: 2021, Mordor Intelligence, “Mexico Agrochemicals Market”
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.
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release. 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, 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 August 14,2020, filed with the CSE and 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.