(TheNewswire)
Mississauga, ON Canada and Sacramento, CA USA – TheNewswire - June 26, 2024 – Bee VectoringTechnologies International Inc. (the “Company” or “BVT”) (CSE:BEE) (OTCQB: BEVVF) (CVE:BEE) is pleased toannounce an R&D agreement with Syensqo (2NF.F)(SYENS.BR) to develop its proprietary biologicalcontrol agent Clonostachysrosea strain CR-7 (CR-7) into a seed treatmentformulation for the multi-billion soybean market.
Syensqo, a newly formed €8 billion company is ascience and innovation pioneer in specialty chemicals and materials.Syensqo was formed following the spinoff of Solvay’s ( SOLB.BR ) specialty materials andchemicals businesses into an independent publicly-traded company atthe end of 2023.
“Collaborating with Syensqo is a huge extension ofour R&D efforts,” said Ashish Malik, CEO of BVT. “Their largeteam of formulation chemists and microbiologists will enable us to getto market with a strong seed treatment formulation much faster.”
“Fast-tracking BVT into soybean crops through thewell-established seed coating market will expand the Company’saddressable market beyond bee vectoring, bringing CR-7 to more growersby tapping into approaches they are already familiar with. BVT’sgo-to market strategy is to commercialize this new CR-7 seed treatmentproduct for sale through large agriculture suppliers, partners anddistributors,” continued Mr. Malik.
Seed treatment helps germinating plants by protectingthem against soil pests and diseases while boosting early-stageemergence and vigor, allowing the crop to establish quickly and reachits yield potential. The advantage of this approach is earlyprotection: seed treatments protect the vulnerable growth stage ofemerging seedlings from diseases caused by soil borne fungi. It alsoaligns with BVT’s core function of precision; seed treatments use avery small amount of product, often mere ounces per hundred pounds ofseed. It is also popular with growers since it is a relatively easyapplication and they often receive seeds from distributors with theproduct already applied.
BVT’s CR-7 is also a proven entity in improvingsoybean yield and quality. Recent UStrials showed wherever CR-7 wasapplied, the results outperformed the base seed treatment 81% of thetime. On average, a three-bushel yield per acre increase was reportedwith CR-7 added, which is about 4% higher than the base seedtreatment. This is in addition to previous successful trials in 2021 , which also showed CR-7to be an effective treatment against Sudden Death Syndrome (SDS), ahuge challenge for soybean growers. In these trials, soybean seedswere treated with CR-7 along with other seed treatment products beforeplanting.
“Syensqo has proven expertise and proprietary IP onthe formulation of seed treatments,” said Dr. Mason Newark, FieldTechnical Manager at BVT. “They are experts with a deepunderstanding of the complex chemistry needed for effective seedtreatment. Syensqo has already started working on the CR-7formulation, and our goal is to next work together to test itsperformance through germination.”
“In essence, this partnership is taking a proven,standard approach, and combining it with an innovative product – toget CR-7 as a seed treatment,” said Mr. Malik. “Through a futurelicensing agreement, BVT could potentially reap significant annualroyalties from this application.”
Soybeans represent a significant market opportunity forBVT. There are 320 million acres planted worldwide, with 86 million inthe US, 98 million in Brazil and 40 million in Argentina. (1) BVT estimatesabout 80% of the soybeans in the US get a seed treatment beforeplanting, including about 50%, which alsoreceive a biological inoculant treatment. US soybean exports are animportant part of the economy. In 2022, the US exported 67.6 millionmetric tons of soybeans, soybean meal, and soybean oil, adding US$39.8billion to the economy. (2)
(1) Source:USDA, World Agricultural Production, 2022
(2) Source:US Census Bureau, Value of Exports, Marketing Year 2022/2023 FinalReport
About Bee Vectoring Technologies InternationalInc .
BVT, an agriculture technology company, is a marketdisruptor with a significant global market opportunity in the $240billion crop protection and fertilizer market. BVT has pioneered anatural precision agriculture system that replaces chemical pesticidesand wasteful plant protection product spray applications by deliveringbiological pesticide alternatives to crops using commercially grownbees. BVT’s award-winning technology, precision vectoring, iscompletely harmless to bees and allows minute amounts ofnaturally-derived pesticides (called biologicals) to be delivereddirectly to blooms, providing improved crop protection and yieldresults than traditional chemical pesticides – and improving thehealth of the soil, the microbiome and the environment. Currently, BVThas over 55 granted patents, many more patents pending in all majoragricultural countries worldwide and has US EPA registration of itsVectorite™ with CR-7 (EPA Registration No. 90641-2) for sale as aregistered biological fungicide for use on the labeled crops.
Additional information can be viewed at the Company’swebsite www.beevt.com . To receive regularnews updates from the Company, subscribe at www.beevt.com/newsletter .
BVT Company Contact:
Ashish Malik, President & CEO, BVT
BVT Investor Contacts:
Babak Pedram
Virtus Advisory Group
Tel: 416-646-6779
bpedram@virtusadvisory.com
The CSE has neither approved nordisapproved the contents of this press release. The CSE does notaccept 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 inapplicable Canadian securities legislation. The words "may","would", "could", "should","potential", "will", "seek","intend", "plan", "anticipate","believe", "estimate", "expect" andsimilar expressions as they relate to the Company, “annual revenuepotential”, are intended to identify forward-looking information.All statements other than statements of historical fact may beforward-looking information. Such statements reflect the Company’scurrent views and intentions with respect to future events, andcurrent information available to the Company, and are subject tocertain risks, uncertainties and assumptions, including: plantedacres, selling price of competitive chemical pesticides and the US toCanadian dollar exchange rate. Material factors or assumptions wereapplied in providing forward-looking information. Many factors couldcause the actual results, performance or achievements that may beexpressed or implied by such forward-looking information to vary fromthose described herein should one or more of these risks oruncertainties materialize. These factors include changes in law,competition, litigation, the ability to implement business strategiesand pursue business opportunities, state of the capital markets, theavailability of funds and resources to pursue operations, newtechnologies, the ability to protect intellectual property rights, theability to obtain patent protection for products, third-partyintellectual property infringement claims, regulatory changes affecting products,failing research and development activities, the ability to reach andsustain profitability, dependence on business and technical experts,the ability to effectively manage business operations and growth,issuance of debt, dilution of existing securities, volatility ofpublicly traded securities, potential conflicts of interest,unlikelihood of dividend payments, the potential costs stemming fromdefending third-party intellectual property infringement claims, theability to secure relationships with manufacturers and purchasers, aswell as general economic, market and business conditions, as well asthose risk factors discussed or referred to in the Company’s FilingStatement dated August 14,2020, filed with the CSE and securitiesregulatory authorities in certain provinces of Canada and available atwww.sedar.com. Should any factor affect the Company in an unexpectedmanner, or should assumptions underlying the forward-lookinginformation prove incorrect, the actual results or events may differmaterially from the results or events predicted. Any suchforward-looking information is expressly qualified in its entirety bythis cautionary statement. Moreover, the Company does not assumeresponsibility for the accuracy or completeness of suchforward-looking information. The forward-looking information includedin this press release is made as of the date of this press release andthe Company undertakes no obligation to publicly update or revise anyforward-looking information, other than as required by applicable law.All figures are in Canadian dollars.
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