Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - May 3, 2023) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") is pleased to announce that the Company has entered into collaboration with two major distributors in Northwest Washington, which is one of the largest blueberry producing regions in the United States. These two collaborations will play a pivotal role in the Company's strategy to gain significant momentum in sales and business development in this key blueberry producing region. That news comes on the heels of BVT signing its first grower customer in the region in April, which is one of the area's biggest and most influential players.
"We are very excited about the traction we are experiencing in this significant and extensive market and our new collaborations with these two major distributors who serve some of the largest Washington blueberry growers," said Ian Collinson, Sales Manager at BVT. "These new relationships will help us gain momentum in the implementation of our sales strategy in this region. The distributors have committed to actively engage with their extensive list of grower customers to expand and scale the BVT system in the region and we expect to successfully secure more orders before the blueberry season starts in late spring."
Mr. Collinson continued, "As a small organization, our strength lies in our technology and the value we deliver to growers. Collaboration and partnerships with distributors play a pivotal role in our overall strategy to scale our presence in major markets, as we leverage distributors' existing relationships with growers. This strategy allows us to scale our business in the most cost and time efficient manner."
Northwest Washington has over 7,800 acres (1) of blueberries under cultivation, compromising nearly half of the entire state's estimated 16,700 blueberry acres.(2)
"We are laser-focused to continue scaling our business and further increase the adoption of the BVT system not only in the United States, but also in other major agricultural markets," said Ashish Malik, CEO of BVT. "Having a strong presence in the Northwest Washington market will play a strategic role in positioning BVT to expand further geographically into the British Columbia market, which is a significant opportunity that has been part of our strategic expansion plans. Once we receive Canadian registration, we will leverage our relationships and success in Northwest Washington to expand into this major Canadian market. Due to the close geographical proximity of Washington and British Columbia, the growers often have communications with each other and some have operations on both sides of the border. Additionally, strong trial results in British Columbia have helped us with sales in Washington - as it's the same climate and growing profile."
In the 2022 British Columbia trials, Monilinia (mummy berry) disease incidence dropped between 45.7% and 77.7 % with BVT compared to an untreated site. The system's effect on Botrytis (gray mold) had similar results, with 58.3% to 68.8% decreases in disease incidence.
Continued Mr. Collinson, "Demand for BVT product amongst growers remain incredibly strong. So strong, in fact, that it is foreseeable that we will sell out our supply of honeybee dispensers for the upcoming growing season."
(1) Source: Washington State University, 2019
(2) Source: USDA, 2019
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.
BVT Company Contact:
Ashish Malik, President & CEO, BVT
info@beevt.com
BVT Investor Contacts:
Babak Pedram (Canada & International)
Virtus Advisory Group
Tel: 416-995-8651
bpedram@virtusadvisory.com
William Maze (United States)
RB Milestone Group LLC (RBMG)
bee@rbmilestone.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.
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