Bee Vectoring Technologies Receives U.S. Environmental Protection Agency (EPA) Approval for its First Active Ingredient
Approval marks the first ever EPA approval for application of a plant protection product by beesMississauga, Ontario--(Newsfile Corp. - August 28, 2019) - Bee Vectoring Technologies International Inc. (TSXV: BEE) (OTCQB: BEVVF) (the "Company" or "BVT") announced today that the U.S. Environmental Protection Agency has approved Clonostachys rosea CR-7 (CR-7) for use as a fungicide on commercial crops. CR-7 is the first registered active ingredient for the Canadian-based company and the first active ingredient approved by the EPA for application via bees, known as "bee vectoring," in which BVT is a global leader.
Sold under the brand name VECTORITE™ with CR-7, the product is labeled for numerous high-value crops, including strawberries, blueberries, sunflowers and almonds. With this approval, BVT is positioned to officially launch and begin to generate revenue with VECTORITE with CR-7, starting with this year's fall and winter blueberry and strawberry season in the U.S. The registration permits BVT to make positive crop protection claims when selling VECTORITE with CR-7.
"Not only is this a critical milestone for BVT in terms of the commencement of scalable commercialization and revenue, but it represents a groundbreaking shift in how plant care products can be applied," said Ashish Malik, CEO of BVT. "By using commercially reared bees to deliver biological products, growers can protect crops, increase crop yields and enhance their sustainable growing practices by reducing the use of chemicals and other costly and increasingly scarce resources including water, fuel and labor."
BVT is pursuing regulatory approval from other key countries and, because the EPA serves as an affirmative model for regulatory agencies outside the United States, these review processes should move faster and more easily.
"According to industry statistics (1), to establish the high levels of safety and efficacy required to bring a new crop protection product to market costs, on average, more than US $280 million and 11 years of internal research and development, university crop trials, and grower demos. This registration is a valuable and substantial asset for BVT and brings considerable credibility within the industry." said Michael Collinson, Chairman of the Board of Directors for BVT. "The BVT team has succeeded in developing a novel and effective alternative solution to traditional chemical pesticides and has done so at a fraction of the average industry cost. We are incredibly pleased to have accomplished this feat and are both proud and excited to put the BVT solution into the hands of farmers in the U.S. and are looking forward to future approvals in major agricultural regions around the world."
The EPA's registration makes VECTORITE with CR-7, EPA Registration. No. 90641-2, available immediately for sale as a registered fungicide for use on the labelled crops.
(1) Source: Report by Phillips McDougall, an independent consultant specializing in market analysis for the agrochemical industry, commissioned by CropLife International (CLI), CropLife America (CLA) and the European Crop Protection Association (ECPA).
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 labor.
Additional information can be viewed at the Company's website www.beevt.com
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
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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.
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