Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - October 12, 2022) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") 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 -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
About .
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.
Additional information can be viewed at the Company's website . To receive regular news updates from the Company, subscribe at .
Company Contact:
Ashish Malik, President & CEO
Investor Contacts:
Babak Pedram (Canada & International)
Virtus Advisory Group
Tel: 416-995-8651
William Maze (United States)
RB Milestone Group LLC (RBMG)
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 . 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.
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