Bee Vectoring Technologies Enters the High-Growth Controlled Environment Agriculture Market
Mississauga, ON Canada and Sacramento, CA USA (October 12, 2022) – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) is pleased to announce its first sales commitment in the growing Controlled Environment Agriculture (“CEA”) market. This key customer is a leading industry innovator in vertical farming with multiple US locations, and will be conducting a paid pilot of the BVT system as a crop productivity tool.
CEA involves growing crops indoors in a highly conditioned environment as the most common forms are greenhouse and vertical farming. Entering this sector is a significant growth opportunity for BVT given the global CEA market was valued at over US$74 billion in 2021 and is estimated to reach US$125 billion by 2027.(1)
“CEA is the future of agriculture, in particular for fresh produce,” said Ian Collinson, Sales Manager at BVT. “Growing crops vertically means we can grow more efficiently with greater yield and can be closer to urban centers where the bulk of fresh produce is consumed. It also means growers are no longer dependent on weather conditions, and therefore can operate 365 days a year with far less risk from external factors than traditional farming.”
This innovative agriculture method has several planet-friendly benefits. Farming vertically means 4-6 acres’ worth of crops can be grown in a single indoor acre.(2) The ability to grow food closer to major population centers limits the carbon footprint that results from transportation across great distances. Plus, this process uses 70-90% less water than conventional outdoor methods, and requires significantly fewer pesticides, fertilizers and far less heavy machinery.
“BVT is committed to helping farmers of all circumstances,” said Mr. Collinson. “We are pleased and excited to enter the growing CEA market. BVT’s natural precision agriculture system, which is OMRI-listed for organic use, can help indoor growers’ productivity by helping them produce better quality fruits and vegetables – and provide consumers with premium products.”
Separately, the Company is announcing the resignation of Mr. Mark Kohler from the Company’s board of directors, effective October 7th, 2022. Mr. Kohler has stepped down for personal reasons. However, Mr. Kohler will continue in a limited capacity as an advisor in assisting the Company meet its milestones. The Company would like to thank Mr. Kohler for his board contributions to the Company and wishes him well with his future endeavors and looks forward to working with him in this new capacity. Management of the Company will undertake to find a replacement board member for Mr. Kohler; a subsequent announcement will be made in due course.
(1)(2) Source: Maximize Market Research, 2022
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 (Canada & International)
Virtus Advisory Group
William Maze (United States)
RB Milestone Group LLC (RBMG)
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