Bee Vectoring Technology Secures First California Sales Order with a Producer for a Major Global Berry Company
"The customer is a large, influential grower in the Watsonville and Salinas area," said Ian Collinson, Sales Manager at BVT.
Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - August 4, 2022) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") is pleased to announce its closing of the first California sales order of its proprietary Vectorite with CR-7 (Clonostachys rosea CR-7) biological fungicide and natural precision agriculture system with a strawberry and raspberry grower for one of the world's largest berry companies.
"This first sale milestone is a key component of BVT's strategy to expand into the state of California, which is the largest growing region and our most significant market opportunity in North America," said Ashish Malik, CEO of BVT. "The opportunity in California includes several crops with an overall growing season which spans up to 10 months of the year, thus representing significantly larger and more diversified annual revenue streams for BVT."
"The customer is a large, influential grower in the Watsonville and Salinas area," said Ian Collinson, Sales Manager at BVT. "Their successful three-month demonstration trial of the BVT system last year and the resulting positive data were the main reasons for the customer to continue their business with BVT. Trial results showed the BVT system helped control fungal disease during the bloom period, which lead to healthier berries post-harvest that translated into real value for the berry company in higher quality packed berries and increased marketable yield."
"The trial, which was also closely followed by the berry company, clearly showed the BVT system's high return on investment. ROI's of 6x or higher are the expectation by growers for agricultural input technologies in specialty crops like berries. Our recent work is demonstrating ROI for the BVT system of 10x or higher, and this is driving conversion of new customers to our system," continued Mr. Collinson. "This led to this year's sales order which was for a portion of the grower's operation and is larger than we typically see in the first year, thus signaling the value and confidence the grower has in our technology."
BVT continues to work closely with the grower to potentially expand the order to apply the Company's system to their blueberry crop by this fall season, which could mean extending their BVT usage to eight months of the year, and with the berry company to introduce the system to their other growers.
California is the country's largest berry market with an estimated 55,000(1) acres of strawberries, blueberries, raspberries and blackberries representing 30% of the berry acreage in the US. As a 100% organic product delivered 100% naturally, the BVT system dovetails perfectly into the California market, controlling disease and increasing yield while being exempt from residue testing requirements.
BVT's sales adoption cycle consists of four market stages that span three to four growing seasons, starting with the largest opportunities for each crop.
- First Stage: awareness; proof of concept; initial trials.
- Pilot Stage: small-scale sales are secured via grower demos.
- Launch Stage: commercialization commences; recurring revenues received by BVT on a small percentage of the acreages of large, influential growers as they validate the product.
- Expansion Stage: revenue growth is achieved through increased share of acres with existing customers and more new customers as word-of-mouth spreads.
This first California order officially starts BVT's Launch Stage in this important market. The grower will use BVT's proprietary Vectorite with CR-7 biological fungicide and natural precision agriculture system on a portion of strawberry and raspberry crop acres.
(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
[email protected]
Investor Contact:
Babak Pedram (Canada & International)
Virtus Advisory Group
Tel: 416-995-8651
[email protected]
William Maze (United States)
RB Milestone Group LLC (RBMG)
[email protected]
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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