MISSISSAUGA, ONTARIO--(Marketwired - Aug. 11, 2016) - Bee Vectoring Technologies International Inc. (the "Company" or "BVT") (TSX VENTURE:BEE) provides a strategic overview of product validation & adoption within the commercial agricultural industry and company development milestones relating to strawberry trials, sunflower trials and regulatory approvals.
BVT Market Validation & Adoption Strategy
Within the commercial agricultural industry, successful launch and adoption of new and viable crop protection or enhancement products typically follow an established process.
Early market adoption is initiated through small-scale trials being agreed with influential and knowledgeable growers. It is normal for growers to require verified trial results from small test sites before committing larger sections, or their entire crops, to a new technology. The process for large-scale adoption is therefore one of multiple key stages of system validation, with each stage delivering larger demonstration sites based on positive results. Early adopters of beneficial systems are typically followed by a second wave of growers which act on word of mouth and verified field trial data. This established and anticipated process is successfully taking place with the BVT system.
BVT System Trials - Strawberries
Independently verified results from US strawberry grower trials - carried out last winter in Florida and Carolina - delivered the following summaries;
- "The numeric differences in yield between the treatments showed that the BVT treatment was substantially superior to that of the Fungicide program (non BVT) control throughout the season."
- "The numeric differences between the treatments showed that the patterns of Botrytis gray mold suppression by the BVT treatment were in general substantially superior to that of the Fungicide program (non BVT) control throughout most of the crop season."
During the demonstrations, BVT's system delivered equal or better disease protection and 30+% increases in fruit yields over those treated with current commercially sprayed pesticides. This forms the basis of the foundational program that BVT is establishing with growers. BVT's system is a preventative method of plant protection which allows growers to abstain from overuse of chemicals. There are an increasing number of chemical pesticide products losing their efficacy through resistance build up in plants as a result of excessive use. Widespread adoption of the BVT system by growers enables the lifespan of these products to be prolonged, through their use only being necessary in cases of extreme infestation.
Every growing partner BVT has worked with to date has initiated second rounds of BVT demonstrations on larger sites. These demonstrations are due to commence in the next growing season starting in December, 2016 in Florida and the Carolinas.
BVT is actively pursuing opportunities to have 1000+ acres of strawberries under demonstration this winter with leading growers that collectively control 10% of the USA strawberry output. Further strawberry and raspberry trials are also scheduled for the fall of 2016 with notable growers in Mexico, Spain and Serbia. Serbia is the largest global producer of raspberries and currently uses bees extensively for pollination purposes.
BVT System Trails - Sunflowers
Trials to combat Sclerotinia in sunflowers are currently underway in North and South Dakota and Minnesota. All trials are being conducted under strict protocols being administered by the North Dakota State University (NDSU). Damage caused by Sclerotinia in sunflowers delivers significant financial losses to growers every year and there is currently no commercial system to control the disease. Due to the urgency to find a preventative control in the US, larger demonstration sites are being made available to BVT by influential sunflower growers. Verified results on these trials are expected to be released in October, 2016. If these are in line with positive results achieved in previous BVT trials on Sclerotinia control, it is expected that an application for Section 18 approval (https://www.epa.gov/pesticide-registration/pesticide-emergency-exemptions) will be sought by US growers. Approval would allow BVT to immediately make claims and sell its products to US sunflower growers in 2017. In the event of Section 18 approval, BVT's aim would be to have 50,000 acres of sunflowers being treated with its system in 2017.
BVT Regulatory Approvals & Strategic Positioning
Since going public in July 2015, BVT has finalized the development of its facility and commenced commercial production of active ingredients used in its system. These products are required to verify correct production samples as required for regulatory purposes by the Environmental Protection Agency (EPA) in the USA and the Pest Management Regulatory Agency (PMRA) process in Canada. Full toxicology testing has been conducted and completed by third party laboratories - Stillmeadows Incorporated, Texas - in accordance with required regulations. As expected, results positively demonstrated BVT's organic inoculant to be safe for humans, the environment and bees. These laboratory reports, which took seven months to complete, will form part of BVT's EPA and PMRA submissions. The BVT submission to EPA is being managed by Senior Personnel at Technical Services Group LLP and favourable pre-submission meetings were held in March, 2016 in Washington DC with the EPA.
"Our current business development strategy remains firmly focused on the pursuit of significant market opportunities related to protecting a small number of core crops but on a global scale." said Michael Collinson, BVT CEO. "Even though we believe our system has the potential to provide protection for a large number of major crops, our current focus on a select few which have high-revenue potential, allows us to clearly direct attention and resources towards establishing a strong market presence in key areas and driving early revenue. We are seeing consistent interest in our platform from new international territories and are currently exploring distribution and trial opportunities in, among others, Japan, South Africa, South America and China."
In line with the growing global interest in BVT's crop protection processes, the Company continues to build out its robust management and human capital base through the appointments of key agricultural industry experts and bio-technology specialists.
BVT has also initiated the establishing of a European office and appointment of key local personnel in order to pursue official product registrations and significant commercial opportunities that exist in the region.
BVT actively continues to build its extensive Intellectual Property portfolio and has received patent approvals within several countries felt to have strong future revenue potential including; Russia, Canada and the United States.
About Bee Vectoring Technologies International Inc.
BVT has developed and owns patent-pending bee vectoring technology (consisting of a proprietary tray dispenser containing a unique carrier agent) that is designed to harmlessly utilize commercially reared bumblebees as natural delivery mechanisms for a variety of powdered mixtures comprised of organic compounds that inhibit or eliminate common crop diseases, while at the same time stimulating and enhancing the same crops. This unique and proprietary process facilitates a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yield, organic product and less impact on the environment without the use of water or disruptions to labour.
Additional information can be viewed at the Company's website www.beevt.com.
On Behalf of the Board of Directors of Bee Vectoring Technologies International Inc.
Michael Collinson, President & CEO
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.
This press release contains certain "forward-looking statements" that involve known and unknown risks and uncertainties. All statements in this press release, other than statements of historical fact, that address events or developments that BVT expects to occur, are forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements with respect to BVT'S future plans and technologies, including the timing of such plans and technologies. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although BVT believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include continued availability of capital, financing and required resources (such as human resources, equipment and/or other capital resources), and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of BVT'S management on the date the statements are made. BVT undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.