Bee Vectoring Technologies International Inc. (the "Company" or "BVT") announced that it has closed five new deals with blueberry growers in Florida, North Carolina and South Carolina to use BVT's proprietary bee delivery system VECTORITE™ with CR-7, on portions of their crops in the upcoming growing season.
In the five months since US Environmental Protection Agency approval, BVT has secured committed business with growers who collectively represent about 10% of blueberries grown in the Southeastern US and exceeded its sales target for that market. The Company's original target for blueberry growers in the US Southeast was 10 growers and 500 acres; however with these agreements in place BVT has surpassed this goal and will now cover 700 acres with 15 growers across the region.
"We are delighted with the response from blueberry growers in the Southeast, which has exceeded our expectations," stated Ashish Malik, CEO of Bee Vectoring Technologies. "We had set targets to ensure adequate resources were in place to properly service the business. Based on the strong market appetite for the BVT system, we elected to increase this allocation in a structured manner. We will now focus on delivering results to these customers to ensure they expand their use of the BVT system over following seasons and increase word-of-mouth of our technology within the industry."
BVT's natural precision agriculture system uses commercially-managed bees to carry its all-natural plant protection product, VECTORITE™ with CR-7, directly to blooms. The system increases crop yield and protects against disease while using only a fraction of the product required with traditional spray applications. Growers using the BVT system also see significant reductions in water consumption and fossil fuel usage.
"Expanding sales to growers in additional regions is our path to revenue acceleration," added Mr. Malik. "These blueberry grower commitments align with our growth strategy which starts with initial market penetration, moves to customer retention and expansion, and finally leverages strong results to attract new customers through positive word-of-mouth. We have now successfully penetrated the Georgia, Florida, North Carolina and South Carolina blueberry markets as well as the Florida strawberry market."
The newly signed blueberry growers are first-time users of the BVT system. Each one will pilot BVT on a percentage of their conventional and organic crops (a total of 280 acres out of a combined 1,400 acres on which they farm), with the expectation that they will add BVT across their entire operations over two to three seasons based on positive results.
Blueberries are grown all over North America, with differing growing seasons based on local weather. Florida, Georgia, North Carolina and South Carolina have a combined 30,000(1) acres of cultivated highbush blueberries, representing one-third of the 90,000-acre(2) US market and one third of global production of 270,000(3) acres.