Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - June 7, 2022) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") announced today that it has accelerated sales commitments through a tripling of acres managed by its natural precision agriculture system in the US Pacific Northwest in FY2022 compared to the previous year. BVT is now working with 11 berry customers in Oregon and Washington on a total of 360 acres, including five paying customers and six growers conducting demonstration trials. These customers grow on more than 8,500 total acres in the region. Additionally, the Company is pursuing opportunities with growers who grow late-blooming varieties of berries.
"Last year, BVT recorded sales in the Pacific Northwest for the first time and a year later we are pleased to announce significant acceleration into the region," said Ian Collinson, Sales Manager BVT. "We continue to successfully penetrate and grow our presence in this major berry market. This region has growers with large-scale operations, making our progress here a key milestone for BVT's future growth. As the market becomes more consolidated, BVT will be able to scale its growth exponentially to meet the demands from these large producers in the future. Based on prior experiences with growers, once they are able to see the benefits of the BVT system through the trials, they will efficiently integrate the technology into their entire operation."
The growers with BVT managed acres in the Pacific Northwest in 2022 represent approximately a third of the 25,000 blueberry, blackberry and raspberry acres(1) in the region. "We expect growers to add BVT to their additional acreage over the coming two to three seasons after successful trials. Additionally, new customer acquisition can be accelerated as other growers will notice the benefits from these large operations, translating to rapid growth for BVT in the future," added Mr. Collinson.
The Pacific Northwest blueberry bloom period began in May, with blackberry and raspberry bloom set to start in mid-June. Growers are using BVT's proprietary Vectorite with CR-7 (Clonostachys rosea CR-7) biological fungicide and natural precision agriculture system for disease control and improving yield on both conventional and organic acres.
Above: BVT set up of its VectorHive honeybee dispensers in the US Pacific Northwest at the start of the blueberry bloom period in May 2022.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/3903/126669_f4054fc4c4e71894_003full.jpg
The Pacific Northwest region is a significant market which produces one-third of all blueberries grown in the United States and demand for PNW berries is high both domestically and overseas. Moreover, the region is diverse in crops and the success for BVT with berries can help pave the way for diversified growth in other regional crops like cherries and stone fruit.
"We continue to expand annually in all three major growing regions in the Pacific Northwest: Northern Washington, Eastern Washington, and Northwestern Oregon," said Ryan Dragoo, Pacific Northwest Territory Manager at BVT. "We are also seeing significant interest from growers in Central Washington, where disease control is not a major concern. This is a positive sign that growers see the value of BVT in boosting yield and improving fruit quality and plant health."
"We are also working with a major distributor with large reach into British Columbia, which will pave BVT's way into the Canadian market once we have completed the country's regulatory process," added Mr. Collinson.
(1) Source: USDA, National Agricultural Statistics Service
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126669
