Bee Vectoring Technologies Announces Entry into New Jersey Berry Market by Securing Sales Commitments in Addition to R&D Trial with Rutgers University
Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - April 28, 2021) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") today announced a new R&D trial with Rutgers University's Agricultural Research and Extension Center for the 2021 growing season. The Company has also secured its first sales commitments in New Jersey, with two berry growers joining the growing ranks of BVT customers.
The Rutgers trial is being conducted on blueberry crops in four New Jersey locations, and will evaluate the efficacy of BVT's proprietary Vectorite with CR-7 (Clonostachys rosea CR-7) (CR-7) applied with bee vectoring technology against disease (primarily Anthracnose) under local conditions. Commercially-managed bumblebees and honeybees will be used with BVT's natural precision agriculture system.
"The land-grant universities across the US play a very important enabling role in our markets, but their level of influence varies in each state and crop. Rutgers plays a very important role for blueberries in New Jersey," said Ian Collinson, Sales Manager at Bee Vectoring Technologies. "The Rutgers trial and the grower commitments align with our 2021 commercialization objectives. We have already accelerated penetration in the US Southeast, Midwest, and now Northwest berry markets, with revenues secured, and have also started initial trials in California. We have real momentum going in the US, and anticipate it will keep building in coming seasons."
"When it comes to industry influence, Rutgers is the absolute leader for agriculture in New Jersey. Growers look to and trust them, so this trial with such an authoritative body is a strong first step in our expansion in this important market," said Everett Hendrixon, Midwest and Eastern US Territory Manager at Bee Vectoring Technologies. "We've had some growers in other states use our system for a season and not use it for the next, then return after seeing high disease pressure and reduced yield. Compelling research from experts like Rutgers will help mitigate this uneven cycle."
The Rutgers Agricultural Research and Extension Center in Upper Deerfield (Cumberland County) focuses on work that can be applied to high-quality small fruits, vegetable crops, field crops, trees and ornamentals, with emphasis on crop protection and integrated pest management.
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BVT VectorHive honeybee dispensers on hives at the start of the trial
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With 9,000 acres(1) of blueberries, the crop is big business in New Jersey, producing 44 million pounds every year, and amounting to US$62.4 million(2) in annual revenue.
The blueberry blooming period started in mid-April, and the New Jersey growers are already using BVT's natural precision agriculture system on about 20 of 550 acres under production. Based on common practice and the actions of previous growers trialing the system, the Company expects these growers will add BVT on progressively more acreage in the coming two to three seasons based on positive results and the outcome of the trials with Rutgers.
(1) Source: USDA, National Agricultural Statistics Service
(2) Source: New Jersey Department of Agriculture, 2019 Annual Report & Agricultural Statistics
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. BVT 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.
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
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