Bee Vectoring Technologies Sells Out Planned Florida Allocation to Multiple Strawberry Growers
Mississauga, ON Canada and Sacramento, CA USA (November 20, 2019) – Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (TSXV: BEE) (OTCQB: BEVVF) today announced it has sold out its planned Florida allocation of commercial bumblebee hives with its proprietary bee delivery system and VECTORITE™ with CR-7. Multiple Florida strawberry growers, including a second top-tier producer to adopt the technology, will be using the system on a combined 150 acres of conventional and organic fields.
New product launches in the agriculture industry are often done through an allocation process to make sure the supply chain can adequately service the growers’ needs. The Company plans its allocation on a forecast of the hives that it expects to sell and service with the BVT system in a specific region, for a specific crop, and for each bloom season. These plans ensure the Company is able to professionally service and support the growers’ adoption of its groundbreaking new system giving it the best chance to retain the customer in future growing seasons.
“Having recently received US EPA approval, we want to ensure success in this initial commercial phase of our operations,” says Ashish Malik, CEO of Bee Vectoring Technologies. “With carefully planned allocations, we prevent shortages, and can confidently fill orders and service the growers well, creating exceptional experiences that build loyalty and word of mouth.”
Left: BVT commercial bumblebee hives on-site at a strawberry field.
Middle: A bumblebee carrying BVT’s all-natural plant protection product, VECTORITE™ with CR-7, directly to a bloom.
Right: BVT’s technology, precision vectoring, is completely harmless to bees and allows minute amounts of naturally-derived pesticides (called biologicals) to be delivered directly to blooms by bees.
BVT planned this particular allocation and ordered the bee hives more than 12 weeks in advance and prior to receiving EPA approval; the lead time is required to allow its commercial bumble bee supplier partners to grow the hives to maturity to ensure strong, healthy bees are available to pollinate blooms for the current strawberry season. Florida fields are planted in October, and the plants start to bloom in late November. The hives with the BVT system are carefully timed to coincide with that blooming period; they will be in place on growers’ fields starting in late November.
Strawberry producers in Florida don’t have it easy. While the Florida production window is traditionally from December through March, an increase in strawberry imports from Mexico in recent years during March is further shortening this window and putting both pricing and profit pressure on them. The BVT system is allowing growers to maximize disease protection while increasing yields and quality during this tightening window, which increases their market competitiveness.
“Florida growers can use all the help they can get to increase yields and combat disease, and that’s where BVT comes into play,” says Mr. Malik. “December and January are the most critical months for them. It’s when the price of strawberries is highest – and so is the opportunity to generate profit. That’s when they want to maximize yields, and BVT is helping them do that.”
“With the growing demand, we expect that allocations for the Florida strawberry market will be forecasted progressively higher for future seasons,” continued Mr. Malik. “Our team continues to make strong inroads within our second commercial crop market in blueberries. We look forward to sharing additional news over the next several weeks.”
BVT’s natural precision agriculture system uses commercially-managed bees to carry its all-natural plant protection product, VECTORITE™ with CR-7, directly to blooms. The system increases yield and protects against disease while using only a fraction of the product required with traditional spray applications. For producers using the BVT system, water consumption and use of fossil fuels are significantly reduced as well, making it an option that checks two major boxes: excellent plant protection for increased yields that is good for business, and an environmentally-friendly, non-toxic solution that is 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 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.