Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - September 15, 2022) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") is pleased to once again announce positive results with a leading Georgia blueberry grower using BVT's natural precision agriculture system.
"This is one of our largest clients in the US Southeast and we are excited to have quantified our system's performance with him for the first time. He has been a BVT customer for the past two growing seasons and during this past growing season, he was enthusiastic to participate in an independent, third-party research study to collect data and measure the BVT system's effectiveness for increasing yield, controlling disease and improving berry quality on both his conventional and organic blueberry fields," said Ian Collinson, Sales Manager at BVT. "This data confirms that the BVT system is an essential tool that enables farmers to grow superior crops - even during unanticipated environmental challenges as demonstrated during last season's severe weather and difficult growing conditions in Georgia."
The 2022 independently collected data from this grower's conventional and organic operations shows that BVT's proprietary Vectorite™ with CR-7 (Clonostachys rosea CR-7) biological fungicide system offered significant advantages over traditional fungicide-only spray programs:
- 33% higher marketable yield on organic blueberry crop
- 12% higher marketable yield on conventional blueberry crop
- 70% reduction in Anthracnose disease incidence (organic site)
- 54% increase in healthy berries postharvest (organic site)
Above: BVT's VectorHive™ Bumblebee System set up at the Georgia farmer's blueberry field during bloom period in early 2022.
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"The Georgia grower was very pleased with these strong results as well as our desire to build a partnership that provided the ability to quantify the effectiveness of the BVT system," said Mr. Collinson. "This positive data validates the BVT system and puts the Company in an excellent position to help all US Southeast growers similarly improve their blueberry harvests. We expect more clients in the Southeast to deploy BVT's system across additional acreage based on these strong results. New customer acquisition will further accelerate as other growers see this positive data."
For the past several years, BVT's mission has been to demonstrate three things:
- quantify the benefits of the BVT system and the associated ROI to growers;
- growers are willing to purchase at the Company's recommended pricing; and
- growers are repeat customers the following season.
The Company's ensuing objective is to aggressively grow its customer base and adoption rate of this innovative technology. This fall, BVT is aggressively pursuing an adoption program by leveraging strong, compelling data consistent with this Georgia grower's experience.
The Company has also granted 646,806 restricted share units ("RSUs") under the Company's shareholder approved restricted share unit plan (the "RSU Plan") to eligible consultants who are key supporters of the business. The RSUs will vest upon agreed upon milestones and shall entitle the holder the ability to acquire one common share of the Company underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan. In accordance with the RSU Plan, the RSUs were priced at $0.18 based on the closing price of the common shares on the Canadian Securities Exchange on September 13, 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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