Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - May 31, 2022) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) (the "Company" or "BVT") today announced its next Investor Webinar, to be held on June 8, 2022. In it, BVT CEO Ashish Malik will share the Company's progress over the first half of the year and discuss 2022 initiatives and commercialization strategies.
Register for the Webinar at https://us02web.zoom.us/webinar/register/WN_fHK51SxoRt2oVRmA9ZaDhg.
"I look forward to sharing details of the Company's success in executing its strategy through March 31, 2022," says Mr. Malik. "We have made meaningful progress in all three parts of our corporate strategy: continued commercial progression in the US; geographic expansion; and portfolio expansion and extension."
BVT's business is seasonal and follows bloom cycles as they occur at different times for different crops during the year across the US. The BVT system is used in the Southeast from December to March, in Northern US and the Pacific Northwest from April to June and even beyond for some late blooming varieties, and in California for most of the year. "Revenue in the first half of fiscal 2022 was flat compared with 2021, when accounting for differences in invoice timing," says Mr. Malik. "However, with existing commitments in place and a strong pipeline, growth is expected in the remaining quarters of this year, with additional new customers and revenue expected from states with later growing seasons. We are seeing high demand in berry markets across the US and commitments for sales and commercial demos, with the latter being an indication of future sales prospects, and we are expecting to be well ahead of 2021."
"Q2 2022 results reflect the very difficult conditions faced by farmers in the Southeast, particularly in Georgia, which is currently BVT's biggest market. Growers faced fertilizer and fuel price increases of 40% to 100% over the last year and hard freezes hit the state just before and during the blueberry bloom period, leading to partial or complete crop losses. Despite these challenges, BVT maintained its level of sales in Georgia."
During the Webinar, Malik will provide additional details on:
- BVT's activities to expand into crops beyond berries, including a robust program of almond trials and grower demos, which represents a significant opportunity;
- The Company's first cherry trial, which marks BVT's entry into the stone fruit crop group;
- Strategic expansion projects underway in Peru, Mexico, Canada, the European Union, and via partnerships in other countries; and
- Expansion of BVT's product portfolio and extension of its proprietary plant beneficial microbe Clonostachys rosea CR-7 ("CR-7″) into new markets including:
"We continue to focus on executing our long term growth strategy and are confident that our strategy will provide stable and substantial revenue streams as our technology continues to become an integral part of sustainable agriculture for the future," adds Mr. Malik.
Investor Webinar Details
The BVT Investor Webinar will take place on Wednesday, June 8, 2022 from 1:00pm to 2:00pm Eastern Standard Time. It will be hosted by BVT CEO Ashish Malik and moderated by Virtus Advisory.
Individuals wishing to participate in the Investor Webinar can register at https://us02web.zoom.us/webinar/register/WN_fHK51SxoRt2oVRmA9ZaDhg. Participants will receive an email confirmation with a unique access code, which can be used to access the call via phone, or, alternatively, via web link for those wishing to view visuals during the update.
It is expected that there will be time for participants to ask questions. To submit questions beforehand, email info@beevt.com with the subject line "BVT Web Investor Call Question."
Please access the website 10 minutes prior to the start of the call to download and install any necessary audio software. Following the Webinar, an archived video replay will be available shortly after.
About Bee Vectoring Technologies International Inc.
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 www.beevt.com. To receive regular news updates from the Company, subscribe at www.beevt.com/newsletter.
Company Contact:
Ashish Malik, President & CEO
info@beevt.com
Investor Contact:
Babak Pedram, Investor Relations
Virtus Advisory Group
Tel: 416-995-8651
bpedram@virtusadvisory.com
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 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. Readers are encouraged to review the interim financial statements and MD&A for the second quarter ended March 31, 2022 in full; the financial statements and MD&A include trends and risks which are likely to impact the Company and are detailed in the Company's MD&A for the quarter ended March 31, 2022 under the headings "ACCOUNTING ESTIMATES AND JUDGEMENTS", "FINANCIAL INSTRUMENTS", and "RISKS" which have been filed on SEDAR.
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