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Newsfile Corp Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - February 9, 2022) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") today announced the results of the 2021 Rutgers R&D trial in New Jersey to assess the efficacy of BVT's proprietary Vectorite with CR-7 (Clonostachys rosea CR-7), applied with bee vectoring technology against blueberry anthracnose (Colletotrichum acutatum), the most damaging disease pathogen in eastern highbush blueberry production. The trial was conducted by Rutgers University's Specialty Crop Research and Extension Center and PE Marucci Blueberry Cranberry Research & Extension Center, a leading and grower-trusted research center in the US Northeast, during the 2021 growing season. The objective of the study was to assess efficacy of the BVT system in controlling the development of disease, and the yield of healthy berries after harvest, both critical measures for how long picked berries remain fresh. Trial results showed BVT's honeybee system and biofungicide had an 8-27% reduction in the disease. The BVT system alone reduced Anthracnose infection in postharvest berries by 27% compared to the control crop (no spray) and 8% compared to the grower standard application. The BVT system alone had better disease control than the current grower standard. "We are pleased to have had the opportunity to study this new technology," said Dean Polk, Fruit IPM Agent (Professor) and Interim Director at Rutgers University Specialty Crop Research and Extension Center. "Our experience over the past season shows that the technology has promise, and could be instrumental in reducing disease occurrence while maintaining bee health." The trial also resulted in 11-60% greater yield of healthy berries at postharvest. When the BVT system was used alone, the trial had 11% more healthy berries 10 days after harvest than a standard program, and 60% more than the control crop, which used no protection products. In both cases, BVT's biological fungicide CR-7 used alone showed higher biological efficacy than the conventional (chemical) fungicide programs. "The results of the Rutgers University trial are yet another proof point for the efficacy of the BVT system in protecting blueberry crops from disease and growing healthier, more marketable berries that last longer after packing and without the need for residue testing unlike with chemical treatments," said Ian Collinson, BVT Sales Manager. "It's also a clear message from a source growers respect that BVT is an effective solution for combating anthracnose. These compelling results will be instrumental to sales efforts currently underway to secure local grower commitments for the upcoming season." Rutgers University also conducted a grower demonstration on a conventional blueberry farm in New Jersey using the BVT bumblebee system, with even more dramatic results: combining BVT with conventional spray application saw an 84% decrease in anthracnose compared to a spray program alone. "Rutgers plays a very important role for blueberries in New Jersey," said Ashish Malik, CEO of BVT. "As a leader for agriculture in the state and broader within the US Northeast and Midwest, they have tremendous influence with growers. These positive results coming from a respected authority that farmers trust will have a tremendous impact on our ability to expand further into this important market. We also find that this type of efficacy validation is lending credibility to BVT in other markets." Blueberries are a major crop in New Jersey. With 9,000 acres(1) of blueberries, the crop is big business in the state, producing 44 million pounds every year and amounting to US$62.4 million(2) in annual revenue. BVT also announced that it has granted 1,675,000 stock options to directors, employees and consultants of the Company in accordance with the Company's stock option plan. Each option entitles the holder to purchase one common share of BVT at a price of $0.275, for a period of ten years from the date of grant. The options fully vested on issuance. The Company has also granted 1,120,000 restricted share units ("RSUs") under the Company's shareholder approved restricted share unit plan (the "RSU Plan") to directors and officers. The RSUs will vest upon various 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 $0.275 based on the closing price of the common shares on the Canadian Securities Exchange on February 8, 2022. (1) Source: USDA, National Agricultural Statistics Service
(2) Source: New Jersey Department of Agriculture, 2019 Annual Report & Agricultural Statistics |