Bee Vectoring Technologies Provides First 2017 Corporate Update
BVT On Track Against 2017 Objectives
- Commercial demonstrations in Florida completed; performance data being collected and verified
- Regulatory approval process on track; results expected in H1 2018
- Intellectual property portfolio further strengthened with new European patent
- Successful private placement ensures clear runway to commercialization
Mississauga, ON – May 3, 2017 – Bee Vectoring Technologies (the “Company” or “BVT”) (TSXV: BEE) is pleased to provide a shareholder update from the CEO on notable progress seen during the first four months of 2017.
The Company is continuing to successfully execute on its documented growth strategy while driving towards commercialization of its proprietary system. BVT continues to selectively expand its market opportunities while continuing towards securing US Environmental Protection Agency (EPA) regulatory approval of its BVT-CR7 beneficial microbe.
Milestones achieved in the first quarter of 2017 include:
- Commercial demonstrations: Large-scale commercial demonstration trials with influential strawberry growers in Florida were completed. Data from these demonstrations as well as additional research trials are being collected and will be analyzed in the coming weeks.
- Regulatory approvals: The regulatory approval process with the EPA is progressing as expected. The technical screen process was completed in January 2017, confirming that the pesticide registration application and accompanying information and data is accurate and complete. The scientific review of the data has started and a decision by the EPA on the approval for BVT-CR7 is expected in the first half of 2018. The Company has also submitted for approval for use in organic agriculture under the US Department of Agriculture’s (USDA) National Organic Program. Discussions with additional regulatory agencies to agree on the requirements for submission in new markets have started. These include Europe and California, the latter of which has its own additional regulatory approval process beyond the Federal EPA.
- Intellectual property: The Company was granted its first patent by the European Patent Office. Additional patent applications are under review by various authorities worldwide. The company believes that a strong intellectual property portfolio is one of the tenets for achieving notable long-term value within the company and is thus pursuing an aggressive patent strategy.
- Private placement: The Company successfully completed a non-brokered private placement for gross proceeds of over CDN $1.4 million. The proceeds will be used to continue the path to commercialization and on select market expansion projects.
“We have seen a very strong start to 2017 and are pleased to have achieved several key milestones in the first few months of the year,” said Ashish Malik, President and CEO of Bee Vectoring Technologies. “We look forward to analyzing the data from the large-scale commercial demos we recently completed in Florida over the coming weeks, and are also well underway planning for a number of Spring and Summer trials.”
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 labour.
For further information, please contact:
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
For media enquiries or interviews, please contact:
Josh Stanbury | firstname.lastname@example.org | T. 416-628-7441
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.
This press release contains certain “forward-looking statements” that involve known and unknown risks and uncertainties. All statements in this press release, other than statements of historical fact, that address events or developments that BVT expects to occur, are forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements with respect to BVT’S future plans and technologies, including the timing of such plans and technologies. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicate” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although BVT believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include continued availability of capital, financing and required resources (such as human resources, equipment and/or other capital resources), and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of BVT’S management on the date the statements are made. BVT undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change, except as required by law.