- Second US formulation patent secures broader protection
- First patent approved in Israel
- Total patents allowed now totals 15 across 5 continents
MISSISSAUGA, Ontario, April 16, 2018 (GLOBE NEWSWIRE) -- Bee Vectoring Technologies (the “Company” or “BVT”) (TSXV:BEE) is pleased to announce that it has received two new key patent application allowances:
- US Patent Application Ser. No. 15/092,968: This application received a Notice of Allowance and, upon issuance, will provide a second patent in the US for the unique carrier formulation that allows beneficial microbes to be carried by bees. The second patent will expand protection of the formulation to include third party microbes.
- Israeli Patent No. 228762: This recently granted patent for the Company’s bumble bee delivery system is the first patent secured in Israel, a key market with a deep tradition for agricultural innovation.
The first US patent on the carrier formulation (press release March 1, 2016) focused on the Company’s own unique beneficial microbe clonostachys rosea which has a broad spectrum of control for various plant pathogens. The allowed claims of the second patent include claims that are not specific to any particular microbe to be used within the formulation, and so provide broader protection to the Company as it explores the use of other beneficial microbes for delivery through its bee delivery system for crop protection and/or growth enhancement.
Israel is a significant innovation hub in agriculture and is widely considered to have the most significant Ag start-up ecosystem outside of the US. In addition to Agtech innovation companies there are also some significant bumble bee producers in Israel that present potential partnership opportunities that the Company is exploring. The granted patent further positions BVT to work alongside these companies. Accordingly, the Company believes that the Israeli market exhibits a unique opportunity to expand into additional markets via partnerships and add an additional element into the commercialization strategy.
“These are significant patent approvals for the Company and allow us to continue advancing several business development discussions with potential partners,” said BVT CEO, Ashish Malik. “For example, we have identified several other microbes that we will be evaluating for fit with our system, and having a patent protected formulation certainly gives us a competitive advantage as we discuss with the partner companies.”
The Company is pursuing an aggressive Intellectual Property (IP) strategy that covers five different patent families and 60 patent applications worldwide. To date, 15 patents have been approved worldwide. The IP strategy supports the Company’s documented growth strategy to selectively expand its market opportunities while it drives towards commercialization of its proprietary system in the US.
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 labour.
Additional information can be viewed at the Company’s website www.beevt.com
On Behalf of Bee Vectoring Technologies International Inc.,
“Ashish Malik”
President & CEO
For further information, please contact:
Ashish Malik, President & CEO
marketing@beevt.com
Investor Relations:
Babak Pedram I Tel: 416-644-5081
bpedram@virtusadvisory.com
For media enquiries or interviews, please contact:
Josh Stanbury | josh@sjspr.co.uk | T. 416-628-7441
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.