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MarketScreener Homepage  >  Equities  >  CANADIAN NATIONAL STOCK EXCHANGE  >  Bee Vectoring Technologies International Inc.    BEE   CA0765881028

BEE VECTORING TECHNOLOGIES INTERNATIONAL INC.

(BEE)
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Bee Vectoring Technologies International : Successfully Completes Phase 2 Evaluations of Biological Products for In-licensing and Revenue Extension

09/23/2020 | 09:41am EST

Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the 'Company' or 'BVT') announced today that it has reached another important milestone in its ability to unlock new revenue streams through third-party product in-licensing, having successfully concluded Phase 2 evaluations.

Following Phase 1 testing of six products, the Company completed a Phase 2 proof-of-concept field trial with two biological insecticides in North America. Field trials in Europe with a third biological insecticide, in addition to a biological fungicide are in progress and are expected to be completed by late fall.

The objective for these initial field trials is to confirm successful delivery of the products to crops of interest through BVT's natural precision agriculture dispensing systems and to assess initial product efficacy. In the North American trial, the biological insecticides were found to be present in the flower tissue following application, confirming that microorganisms were successfully delivered and subsequently colonized the crop through the BVT system. Furthermore, a reduction in the population of crop damaging plant bugs was observed in the crop during the course of the season - establishing the biological efficacy of these systems for managing pest pressure. 'With the positive completion of Phase 2, BVT is a step closer to in-licensing agreements with third parties and unlocking multiple new revenue streams. The products under evaluation are already commercially available and registered in the US or the EU, which means we can get to revenue faster without completing some of the registration requirements that can be time consuming and costly,' said Ashish Malik, CEO of Bee Vectoring Technologies. 'Environmentally responsible pest and disease management, in-hand with improving crop yields, are critical challenges for growers. Hence, the more biological products we can incorporate through our proprietary delivery system the broader the market acceptance and adoption, which will in turn create higher revenue potential for BVT.' These successful results from Phase 2 mean the Company can now begin discussions on contractual arrangements. 'In Phase 3, we will be collaborating closer with our new partners to develop the framework for an agreement and to plan for larger scale field trials in 2021,' continued Mr. Malik. 'We will also be conducting Phase 1 lab trials on additional product candidates - our goal is to have a constant funnel of opportunities for evaluation so we can continuously feed product line extensions to the market over time.'

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.

Contact:

Tel: 416-995-8651

Email: bpedram@virtusadvisory.com

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 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, newtechnologies, 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 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.

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2019 0,06  0,04  0,04 
Net income 2019 -2,90 M -2,23 M -2,23 M
Net cash 2019 0,26 M 0,20 M 0,20 M
P/E ratio 2019 -5,75x
Yield 2019 -
Capitalization 27,9 M 21,5 M 21,4 M
EV / Sales 2018 -
EV / Sales 2019 302x
Nbr of Employees -
Free-Float 96,6%
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Managers
NameTitle
Ashish Malik President & Chief Executive Officer
Michael Collinson Chairman
Kyle Appleby Chief Financial Officer
Gerardo Suazo Senior Manager-Technical
James Molyneux Secretary & Independent Director
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