Bee Vectoring Technologies (TSXV: BEE) (OTCQB: BEVVF) Recognized as a Top Innovation Company in Agriculture by Swiss Authorities
BVT Awarded Cash Prize, Lab Space to Accelerate European Focused Efforts
Mississauga, Ontario - November 15, 2018 (Newsfile Corp.) (Investorideas.com Newswire) Bee Vectoring Technologies ("BVT") (TSXV: BEE) (OTCQB: BEVVF) announced today that it has been named by the Swiss State of Fribourg as one of its Agri & Co Challenge winners, as well as being recognized as the COREB Award winner. BVT and 15 other companies beat out more than 150 other ag-tech companies from 53 different countries for the award.
The Agri & Co Challenge, hosted by the State of Fribourg, Switzerland, was established in an effort to foster collaboration and enable technology innovation among organizations within the agriculture, food and biomass industries. As a "relocation program" winner, BVT will receive CHF 30,000 and will have two-years of free access to lab space at the Agri & Co Innovation Center located in Saint-Aubin, Fribourg, an area with a flourishing ag-biotech community.
"To be recognized as one of the top ag-focused innovators in the world is a great honor for BVT," said Ashish Malik, President & CEO of BVT. "BVT's precision, biologic-based technology is well-suited for use within European sustainable agriculture practices, and this award is a proof-point that top global organizations and influencers see the value that BVT's products offer growers. The partnership with Agri & Co Innovation Center will allow us accelerate our developments aimed at commercialization in Europe, including Switzerland where we have already submitted for regulatory approval."
In addition to being one of the ten relocation program winners, BVT was singled out as the COREB Award winner, with an additional cash prize of CHF 5,000. COREB is an association of communities within the Broye region of Switzerland that supports technology companies and encourages them to establish a presence in the region. The COREB Award is voted on by the public and is based on the perceived viability of technology, likelihood of success, and mission of the organization.
The BVT system uses bees to carry plant protection products directly to key areas of target plants using significantly less product than you would with traditional spray applications with an added benefit to the grower of reduced consumption of water and fossil fuels. BVT is also actively securing country registrations, including a recent Swiss submission, for its own proprietary active ingredient, Clonostachys rosea CR-7 for the control of plant fungal diseases. The European fungicide and insecticide market is approximately CDN $9.0 billion, of which around $1.0 billion is a target for BVT's bee delivery system.
"We are honored to be an Agri & Co Challenge and COREB winner and proud of our efforts to establish BVT as an integral member of the European Ag-biotech community", said Christoph Lehnen, BVT Business Manager, Europe. "These awards provide both awareness and provenance that that can aide research, funding, and collaborative partnerships that would otherwise be very difficult to secure."
BVT plans to establish a European office in the Agri & Co Innovation Center in the spring of 2019.
Ashish Malik, President & CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
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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, new technologies, 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 May 29, 2015, filed with the 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. All figures are in Canadian dollars.
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