- BVT records growing commercial sales under pilot launch
- BVT system delivered marketable yield increases ranging from 28% to 146% versus conventional pesticide use alone
Mississauga, Ontario--(Newsfile Corp. - April 24, 2019) - Bee Vectoring Technologies International Inc. (TSXV: BEE) (OTCQB: BEVVF) ("BVT") announced today that the first season of the pilot launch into the Florida strawberry market has concluded with expanding commercial sales of its proprietary bee-based technology used for increased plant health and crop yields.
Compelling trial results and successful grower demonstrations in Florida strawberries over the last few seasons has driven commercial sales, with growers experiencing significant improvement in marketable fruit yields as a result. This season - November 2018 to March 2019 - five growers purchased the BVT system as part of BVT's pilot launch. When comparing fields where the BVT system was added to the standard spray program versus those using the spray program alone, growers this season saw yield increases ranging from 28% to 146%.
In addition, BVT completed a second year of replicated research and development trials with Dr. Natalia Peres, Professor, Strawberry Pathology at the University of Florida Institute of Food and Agricultural Sciences, and a leading strawberry expert and key opinion leader for the Florida strawberry grower community. As with the previous year, the BVT system delivered a higher yield when added to a standard spray program as compared to the spray program alone. The average yield increase over the two years of Dr. Peres' trial work is 20%.
"We have now completed three seasons of demos and trials in Florida. Significant improvement in crop yields and a successful pilot launch attest to the grower's willingness to adopt and pay for our technology," said Ashish Malik, CEO of BVT. "Our commercial success in the strawberry market is a significant milestone for BVT. Following the excellent results delivered this season, we look forward to accelerating sales and providing additional growers with this unique organic crop productivity tool that enhances grower profitability through increased yields."
In the 2017/2018 season adverse weather conditions severely impacted Florida strawberry yields. Adjustments implemented to BVT's system this season to minimize weather impact all worked as planned with growers enjoying more robust bee activity throughout the season. These changes included optimizing the hive counts per acre, fine-tuning the timing of hive placements, and improving the design of the hive boxes themselves.
Florida grows around 10,700 acres of fresh market strawberries, second only to California, with a value of more than US$307 million. The United States is the global leader in strawberry production. (USDA, 2018 Agricultural Statistics Annual).
The BVT system uses commercially managed bees to carry plant enhancement or protection products directly to key areas of target plants - using significantly less product than required with traditional spray applications, while also reducing growers' consumption of water and fossil fuels.
About Bee Vectoring Technologies International Inc.
BVT has developed and owns patent-pending bee vectoring technology that is designed to harmlessly utilize bumblebees and honeybees as natural delivery mechanisms for a variety of powdered mixtures comprised of organic compounds that inhibit or control common crop diseases, while at the same time enhancing crop vigor and productivity. This unique and proprietary process enables a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yields, superior quality, and less impact on the environment without the use of water or disruptions to labor.
Additional information can be viewed at the Company's website www.beevt.com
Contact:
Ashish Malik, President & CEO
marketing@beevt.com
Babak Pedram, Investor Relations
Virtus Advisory Group
Tel: 416-995-8651
bpedram@virtusadvisory.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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 of strawberries in Florida, 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 May 29, 2015, filed with the 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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