Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - September 28, 2023) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") is pleased to announce its first sales order of BVT's Clonostachys rosea CR-7 (CR-7) proprietary microbe for use in the foliar application market. This groundbreaking deal is with BioSafe Systems, an industry leader in environmentally sustainable products. This is the result of an earlier announcement of a commercial agreement between BVT and BioSafe to develop and market end-use biological products for plant health and control of foliar and soil diseases.
"Not only is this BVT's first sale to a larger Ag-inputs company, it's also an entry into a totally new market and revenue source, giving us access to markets where bees are not used for the first time," said Ashish Malik, CEO of BVT. "This confirms that our strategy to expand business to channel partners like BioSafe is working well and paying dividends, as it enables us to scale growth and expand market share much more quickly."
This inaugural sale of technical-grade CR-7 marks BVT's entry into the foliar business. BioSafe will take CR-7, use it to create a proprietary formulation and sell it to their distribution network in the foliar market. BVT will receive a royalty for every BioSafe sale.
"We've also just finished characterizing CR-7 for the control of various diseases across multiple crops," said Dr. Mason Newark, Field Technical Manager at BVT. "This validates CR-7 as a broad-spectrum biofungicide across many crops and creates a solid foundation for building up our foliar business."
The deal with BioSafe is a key milestone in BVT's ongoing corporate expansion strategy. "Entering the foliar business expands our market in exciting new ways," said Mr. Malik. "It demonstrates successful execution of our business strategy, which is to focus on both geographic expansion and finding new applications for CR-7."
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 55 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 Contact:
Babak Pedram
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.
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