Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - September 13, 2023) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") is pleased to announce a 196% year-over-year sales growth in the Pacific Northwest blueberry market with the BVT system, with new customers coming on board and over 80% of growers renewing their contracts.
"Our customers were extremely satisfied with their results last year, leading to a tripling of our business and over 80% of customers having renewed for another season," said Ian Collinson, Sales Manager at BVT. "This positive pattern has been consistent with the activities in our other key sales regions. Moreover, we were also thrilled to add significant new acreage with two of the biggest blueberry producers in the region and country."
"In the past year, our commercial grower trials in the Pacific Northwest yielded bigger berries utilizing the BVT system, an average of 1.26mm larger diameter berries and 26.67% heavier berries. This means our customers gained approximately $10,000 per acre in additional revenue. That's a more than 40 times return on investment (ROI) for growers using the BVT system - and that's the reason they renewed with BVT for this growing season," continued Mr. Collinson.
Additionally, new customers have signed up for the first time this year for initial demonstration trials, which builds potential for increased sales acreages in the next growing season.
"It's important to note that this incredible business growth happened during a very challenging growing season in the region," said Mr. Collinson. "The Pacific Northwest had record-breaking rainfall leading into the bloom period, which is a recipe for fungal disease."
Previous wet conditions made potential disease exposure high, with bushes vulnerable to disease exposure even before the flowers bloomed. And getting into the sodden fields to apply traditional fungicide sprays was difficult.
Having the BVT system in place at the start of blooming helped growers tackle those challenging conditions head-on. As bees pollinated the flowers, they simultaneously deposited BVT's proprietary Vectorite with CR-7 biofungicide directly into the bloom - treating flowers as soon as they opened and were exposed to the disease.
"Preliminary results from the Oregon farms using BVT's system are extremely positive showing noticeable results," said Ryan Dragoo, Pacific Northwest Territory Manager for BVT. "They're seeing less than 5% Monilinia (mummy berry) and Botrytis (gray mold) fungal diseases, and a number of farms are reporting NO disease presence."
One repeat customer - one of the largest growers in the region - has said that the end of their bloom period is significantly better in terms of fungal disease than other growers around them, reporting the cleanest multiple blocks with the lowest incidence of disease.
"This growth, coupled with our recent announcement of collaborations with two major distributors in the Pacific Northwest, will lead to increased momentum and sales opportunities for BVT in the next growing season and to grow our market share," continued Mr. Collinson.
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 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
BVT Investor Contact:
Virtus Advisory Group
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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