MISSISSAUGA, Ontario and SACRAMENTO, Calif., Dec. 11, 2019 (GLOBE NEWSWIRE) -- Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (TSXV: BEE)(OTCQB: BEVVF)today announced that it has filed an international patent application for the latest version of its honeybee hive dispenser system that the Company has tested and is bringing to market. This application strengthens the patent protection for the honeybee system by building on the previously filed application (BVT Press Release March 2, 2017). This system is computer-controlled, enabling metered and uniform delivery of plant protection products to crops using commercial honeybees. This is the latest product addition to BVT’s natural precision agriculture system. Patents are one of BVT's key strategies to ensure legal protection as the Company continues its post-US EPA approval commercial expansion.
“The agricultural industry is in the midst of a new green revolution, and the Company’s more cost effective and highly targeted delivery systems will assist with the increased adoption of new biological compounds currently being developed to replace more chemicals. The cost to growers will be reduced as only minimal amounts of natural product is required, less than 1% of the amount used in conventional spraying, since bee vectoring enables the delivery of product to where it will do the most good, the blooms,” says Ashish Malik, CEO of Bee Vectoring Technologies.
The new honeybee system is part of BVT's growth strategy to increase its addressable market fully to include the entire estimated 2.5 million(1) commercial bee hives in the US and 91 million(2) worldwide. Leveraging both honeybee and bumblebee systems extends the Company’s market reach of crops in all markets, which means the Company can address 100% of the bee vectoring market for flowering crops. This includes high volume crops such as almonds, sunflowers and apples and high value crops such as blueberries, melons, strawberries and raspberries.
“For the Company’s continued commercial sales efforts in the US following the EPA approval this past summer, the initial BVT system is designed for use with bumblebee hives and is currently being marketed for crops grown east of the Rockies – where we’ve already announced a number of grower deal successes. This new honeybee system is critical for BVT’s immediate market expansion into western US, where there are currently no commercial bumblebees approved for sale either for pollination or bee vectoring,” adds Mr. Malik.
A photo, Honeybees emerging from BVT Honeybee Hive Dispenser Systems, is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/abaf0af1-5aa6-4787-9e21-be916ffa2c66
A third of all the food we eat depends on pollinators like honeybees, and they play an essential role in global food production, where 75%(3) of commercially grown crops require pollination. Honeybees are already used to pollinate close to $20 billion(4) worth of large-acre outdoor crops in the US. In California alone, there are almost a million acres of almond trees that rely on approximately a million honeybee hives every year. This new honeybee delivery system, along with BVT’s proprietary crop protection products, represents a significant market opportunity for the company with its own biological product and other partners.
BVT continues to pursue an aggressive IP strategy, with over 65 patents granted worldwide and over 35 pending, including the new honeybee system. Consisting of six patent families, the patents cover North America, South America, Europe, Asia and Australia.
"Secured patents safeguard the Company’s competitive advantage," continued Mr. Malik. "And since most companies prefer to work with proprietary and patent-protected technologies, they allow us to develop vital partnerships with those interested in introducing our system to growers worldwide, scaling our operations quickly and efficiently."
(1)(2) Source: FAO, United Nations, 2017 Statistics
(3) (4) Source: Global AgInvesting, www.globalaginvesting.com/saving-bees-saving-ourselves/
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.
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
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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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