Bee Vectoring Technologies expands into US Midwest for its biopesticide delivered by bees
Jun. 16, 2020
Bee Vectoring Technologies International Inc. (TSXV: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") today announced three new deals with Michigan blueberry growers to use BVT's natural precision agriculture system in the current growing season. These deals show continuing momentum of BVT's growth, as they represent the first deals in the US Midwest and build on the Company's strong momentum in the Southeast and Pacific Northwest.
At 90,000(1) acres, the US blueberry market represents about a third of the 270,000(2) acre global market. By adding Michigan's 20,000(3) acres, BVT has now penetrated 83% of the US blueberry market.
"With these new deals, BVT has successfully penetrated key blueberry growing markets throughout the US in a single growing season," said Ashish Malik, CEO of Bee Vectoring Technologies. "Since EPA approval in September 2019, we have entered the Georgia, Florida, North Carolina, South Carolina, Michigan, Oregon and Washington 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 crops, with the expectation that they will expand it to their entire operations over two to three seasons, based on positive results. Strong word-of-mouth from growers working with BVT will also attract new customers in subsequent seasons.
"We are delighted with the response from American blueberry growers," continued Mr. Malik. "We've had success with growers in this crop, including during these difficult times with limited travel and face to face interaction with the growers due to the COVID-19 pandemic. This speaks volumes for BVT's value proposition of helping farmers control crop disease and increase yields through sustainable agriculture practices. We've expanded sales according to our business plan and this puts us well on our way to revenue acceleration over the course of the next two to three seasons."
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.
(1)(3) Source: USDA, 2018 Agricultural Statistics Annual
(2) Source: FAO, United Nations, 2017 Statistics
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