Bee Vectoring Technologies Announces Further Geographic Expansion with Official Submission for Regulatory Approval in Canada
Mississauga, Ontario and Sacramento, California–(Newsfile Corp. – December 8, 2022) – Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the “Company” or “BVT” ) is pleased to announce that the Company’s proprietary Clonostachys rosea CR-7 (CR-7) biological fungicide has been submitted for regulatory review and approval in Canada. The submitted dossier includes CR-7 trial data already successfully completed, as well as studies into human safety, environmental impact, product efficacy and more, as required.
“Canadian growers face the same disease pressure as those in the US, and the adoption of biologicals in the country is growing rapidly,” said Ashish Malik, CEO of BVT. “It’s a strong market opportunity for BVT to scale our success in the US into Canada with our strong value proposition of sustainable agriculture.”
Mr. Malik added, “BVT was granted an experimental use permit (EUP) from the regulatory agency which allows us to conduct demonstration trials in multiple crops in Canada starting in 2023, even before the regulatory approval is obtained, which will create demand for our system and assist in quicker adoption once registration is granted.”
This application is part of a 2022 initiative to significantly increase BVT’s geographic footprint and open new revenue streams by submitting in new jurisdictions as outlined in the Company’s stated strategy. The Canadian submission follows on the Company’s submission to Mexico regulatory authorities this past spring.
For the past two years leading up to the submission, BVT worked with the Health Canada Pest Management Regulatory Agency (PMRA), Canada’s agency for pesticide regulation, in pre-submission consultations to preemptively and successfully address additional tests that the Company learned would be expected , including efficacy trials, which should mean a more efficient review process.
“A biological product typically takes 2 to 2.5 years for Canadian regulatory approval,” said Sherri Tedford, Technical and Regulatory Manager at BVT. “Since we are headquartered and founded in Canada, we are very familiar with the agriculture landscape here and have had numerous pre-submissions requests resolved with PMRA and therefore do not anticipate any major issues with the submission.”
The submission is focused on crops that require pollination by commercially reared and managed bees, such as strawberries, tomatoes, canola, blueberries, sunflowers, cherries and plums.
Canada is the world’s second largest producer and exporter of blueberries after the US. They export over 50 million pounds of fresh cultivated blueberries, valued at CAD$125 million, and over 65 million pounds of frozen blueberries, valued at CAD$94 million,(1) with approximately 201,101 acres used to cultivate the crop.(2) The country also grows an estimated 15,515 acres of field tomatoes every year, with total production at 542,570 tonnes, valued at CAD$116.9 million. Fresh market tomatoes are the number one vegetable produced in greenhouses across Canada, totaling 256.4 million kg and valued at CAD$665.9 million.(3) BVT has seen significant success in positioning its system in blueberries in the United States.
Canadian farmers also produce 20 million tonnes of canola annually, grown on 20 million acres.(4) It is one of the country’s most widely grown crops, generating approximately 25% of all farm crop receipts. The most economically significant canola disease in Canada is Sclerotinia stem rot and BVT’s natural precision agriculture system has the potential to control significant diseases like Sclerotinia which cause hundreds of millions of dollars in lost yield ever year. The disease is hard to detect and once infected hard to treat. The BVT system can deliver biological fungicide directly to the bloom and colonize the plant, protecting it prior to infection.
“BVT has established strong relationships with growers across the US since EPA approval in August 2019, helping them in multiple years achieve better crop results, and we anticipate assisting Canadian growers in the same way,” continued Mr. Malik.
(1) Source: Agriculture and Agri-Food Canada (AAFC), 2016
(2) Source: Statista, 2022
(3) Source: Statistics Canada, 2021
(4) Source: Canola Council of Canada, 2022
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. BAT 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.
Ashish Malik, President & CEO
Babak Pedram (Canada & International)
Virtus Advisory Group
William Maze (United States)
RB Milestone Group LLC (RBMG)
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 in 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, depending 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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