- System was used by five notable strawberry growers in Florida
- Abnormal temperatures and weather conditions affected all strawberry growers in the region
- Growers confirm strong potential of the system and future application
MISSISSAUGA, Ontario, April 25, 2018 (GLOBE NEWSWIRE) -- Bee Vectoring Technologies (the “Company” or “BVT”) (TSXV:BEE) is pleased to provide an update on its work in the Florida strawberry market this past winter.
Five notable, Florida-based strawberry growers used BVT’s proprietary crop production system starting in late December 2017 through March 2018 across 13 fields and covering a total of over 170 acres. The objectives of the Company’s work during this season were three-fold; to further validate the value proposition of the technology, to create increased demand for the BVT system in the region and to build long-term partnerships with key growers with the possibility to generate pilot-scale revenue for the company.
Due to the onset of abnormally difficult weather conditions in the month of January, which included sustained periods of temperatures dipping below the freezing point on consecutive days, and conditions favouring development of disease at levels not seen in almost a decade, Florida growers experienced significant losses this season. These losses due to damaged berry crops were experienced by many growers using all forms of crop protection, including the use of chemical sprays alone. BVT treated fields faired as well as the chemical-only fields.
“I used the Bee Vectoring Technology system this year in my strawberries,” said Adam Young, co-owner of Strawberry Ranch and President of the Florida Strawberry Growers’ Association. “This season was extremely challenging for Florida growers. Our strawberries need sunshine and moderate temperatures to grow well, and unfortunately, the weather we faced at times led to higher than normal disease pressure that affected our quality and yields. Growers struggled to control disease whether they were using conventional practices, organic practices or the BVT system. The BVT system has growers talking about alternative practices to control disease and it appears to have great potential. Bee Vectoring is a great idea, and I’m planning to use it again next season!”
Given the extremely difficult conditions experienced in the season, the pressure the growers faced on their profitability, and in the interest of strengthening long term partnerships which come with the potential for significant annual recurring revenues, the Company elected to not bill the growers for the season. Each of the partnered growers remain committed to the program and other growers in the region, especially those in organic production who have no chemical alternatives, have expressed renewed interest in using the BVT system in future seasons.
“This was a challenging season for Florida growers, yet all remain committed to using our technology to help them in their farming operations,” said Ashish Malik, BVT CEO. “In order to best ensure the long-term success of the BVT system within the expansive and lucrative fruit crop protection industry, our primary objective in the deployment of our technology this season was to solidify long-term partnerships with growers and this objective has been achieved. The agricultural markets are susceptible to anomalous seasons like this and we will adapt as necessary and continue to strengthen our position as a reliable partner to large-scale growers as we move towards the full commercial launch next season.”
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
Babak Pedram, Investor Relations
Virtus Advisory Group
Tel: 416-995-8651
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.
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.