Bee Vectoring Technologies and Biobest Enter into Cross-Licensing Agreement
Agreement promises faster and broader progress to market for bee-vectoring solutions
Mississauga, Canada and Westerlo, Belgium--(Newsfile Corp. - October 30, 2018) - Bee Vectoring Technologies International Inc. (TSXV: BEE) (OTCQB: BEVVF) ("BVT"), a leader in developing solutions for sustainable agriculture and Biobest Group NV of Belgium ("Biobest"), a leading player in pollination and biological control with presence in 60 countries on 5 continents, today announced a global technology sharing agreement (the "Agreement") which provides reciprocal access to certain patents of each company. The Agreement enables both companies to accelerate efforts to bring best in class bee vectoring solutions to growers worldwide and ensuring leading positions in the market. Bee vectoring systems use managed bee hives to efficiently deliver naturally derived plant treatment products for crop protection and enhancement while at the same time providing pollination of the target crop.
Jean-Marc Vandoorne, CEO of Biobest stated: "Bee pollination is a crucial factor in global agriculture. Using commercially reared bumblebees for pollination, we've been able to profoundly transform the global horticultural industry by increasing productivity and generating a decisive push towards greater sustainability. Bee vectoring is now opening up a whole new array of application opportunities, combining pollination with delivery of targeted plant treatments. Biobest and BVT are both pioneers in the field of bee vectoring, and by cross licensing specific related patent estates both companies can focus on ensuring that our partners and our customers have access to the best possible bee-vectoring platform available for delivery of biopesticides or other natural products. Our partners and our customers can be confident Biobest and BVT are committed to lead this field."
Through bee vectoring, a highly targeted application of natural plant treatment products can be efficiently and effectively delivered to the flower of a crop. This results in a dramatic reduction in over-sprays, water use, and overall handling, while at the same time effectively protecting the crop and thus increasing crop productivity. The goals are to provide growers with increased marketable yields, better crop protection, and a healthier natural solution that the consumers worldwide are demanding.
Ashish Malik, CEO of Bee Vectoring Technologies, added, "BVT and Biobest have a shared vision and commitment to sustainable agriculture and believe that bee vectoring is a powerful mechanism to optimize delivery of biopesticides, and other natural crop enhancing or protecting products. Biobest has a global presence, is a leading bumblebee supplier, and has significant research commitment towards natural biologic solutions for the future of farming. It is both a significant milestone and a source of pride, for BVT to have our vectoring technology validated and positioned within an industry leader that shares a similar vision for the future of agriculture."
Biobest worked in collaboration with the research group of Professor Guy Smagghe at VUB (Free University of Brussels) to develop a bumble bee hive equipped with dispenser technology commercialized under the name Flying Doctors®. It has brought fully registered solutions to market in Europe since 2013. BVT has been founded based on work from retired university professors from the University of Guelph in Ontario, Canada and is in a rapid commercialization phase with initial focus in the US market. BVT has over 60 patents and patent applications worldwide covering five different aspects of its technology.
About Biobest - www.biobestgroup.com
Biobest, headquartered in Belgium, is a leading player in pollination and biological control that first introduced commercially-reared bumble bees to the market 31 years ago. The company has a distribution network that reaches growers in over 60 countries on 5 continents. Through its subsidiaries, the company has production sites, sales and technical support staff strategically located across the globe for effective worldwide service. Biobest distributors in many countries are key partners with whom the company works very closely to help customers achieve their economic and ecological goals.
About Bee Vectoring Technologies International Inc. - www.beevt.com
BVT has developed and owns patent-pending bee vectoring technology that is designed to harmlessly utilize bumblebees and honey bees 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.
For further information, please contact:
Ashish Malik, President & CEO, BVT
Lise Verachtert, Communication Coordinator, Biobest Group NV
Babak Pedram, Investor Relations
Virtus Advisory Group
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