Key Takeaways:
- Bee Vectoring Technologies International Inc. (BVT) has received regulatory approval from Mexico’s COFEPRIS for its proprietary Vectorite with Clonostachys Rosea CR-7 (CR-7) fungicide.
- The approval allows for the use of CR-7 delivered via bumble bees and honeybees on high-value crops like berries and indoor vegetables in Mexico.
- BVT’s market opportunity has significantly expanded, with Mexico’s agricultural sector offering substantial potential for its natural precision agriculture system.
- Mexico’s growers are increasingly turning to biologicals over chemical pesticides, enhancing the demand for BVT’s CR-7.
- With COFEPRIS approval, BVT is well-positioned to establish commercial partnerships and bring its system to market in Mexico.
Introduction of CR-7 Fungicide in Mexico
Bee Vectoring Technologies International Inc. (BVT), a leader in natural precision agriculture, has achieved a significant milestone with the approval of its proprietary Vectorite with Clonostachys Rosea CR-7 (CR-7) fungicide by Mexico’s COFEPRIS (The Federal Commission for Protection from Sanitary Risks). This approval paves the way for the use of CR-7 as a fungicide on a variety of commercial crops in Mexico, utilizing both bumble bees and honeybees as delivery systems. The targeted crops include high-value categories such as berries and indoor vegetables.
Ashish Malik, CEO of BVT, expressed his enthusiasm for this development, stating, “The success of BVT receiving regulatory approval for its product in Mexico is consistent with our strategy to focus on increasing the Company’s addressable market through geographic market expansion. With US EPA approval in 2019, and now by adding Mexico COFEPRIS approval allowing BVT’s CR-7 to be sold in Mexico for the first time, we have significantly increased the market opportunity for commercial sales of the Company’s proprietary biological fungicide.”
Market Potential in Mexico
Mexico represents a significant market for BVT’s natural precision agriculture system. Official statistics highlight the extensive agricultural landscape in Mexico, which in 2019 included 41,600 acres of strawberries, 12,100 acres of blueberries, and over 377,000 acres of tomatoes and peppers. In the same year, the United States imported fresh and processed fruits and vegetables from Mexico worth approximately US$15.6 billion. Mexico’s agricultural sector is also a substantial consumer of pesticides, with annual expenditures reaching US$1.3 billion. However, there is a growing shift towards biological alternatives, driven by the need for higher quality produce, greater food safety, and reduced reliance on chemical inputs.
BVT’s CR-7 fungicide is poised to tap into this trend, offering Mexican growers an all-natural solution that not only fights crop diseases effectively but also aligns with the global movement towards sustainable agriculture. The fungicide’s classification as exempt from residue tolerance in the U.S. further enhances its appeal to growers who are focused on export markets.
Strategic Market Positioning
The COFEPRIS registration allows BVT to immediately offer Vectorite with CR-7 for sale as a registered fungicide in Mexico. With the approval in hand, BVT is well-positioned to secure commercial partnerships and bring its system to market in the country. Malik noted, “Having already completed demos with some berry growers in Mexico, and with the registration now in hand, BVT is in a great place to secure a commercial arrangement with a partner to bring our system to market in Mexico. Mexico is a strategic market for BVT – being an export-oriented country where the growers are keen to adopt low- or no-chemical solutions to fight diseases and increase crop yields, BVT’s all-natural solution together with the classification of CR-7 being exempt from residue tolerance in the US, will provide them with a competitive advantage.”
Bee Vectoring Technologies Latest News:
BVT Advances CR-7 for Soybean Seed Treatment (2024/05/16)
Bee Vectoring Technologies International Inc. (BVT) has achieved significant progress in developing its biological control agent, Clonostachys rosea strain CR-7 (CR-7), as a seed treatment for soybeans. Extensive R&D confirms CR-7’s safety, long shelf life, and compatibility with other seed treatments, making it a strong candidate for commercialization. The company highlights the market potential of CR-7, with opportunities for substantial royalties through licensing agreements. CR-7’s ability to remain effective for up to nine months post-application, along with its compatibility with major fungicides, underscores its value in the agriculture sector.
Advances Strategic Partnerships in Global Agriculture (2024/03/01)
Bee Vectoring Technologies International Inc. (BVT) is strategically partnering with multinational agriculture companies to expand its market presence. The company’s CEO, Ashish Malik, is optimistic about these initiatives and highlighted the successful trials of its innovative solutions, particularly its plant-beneficial microbe, Clonostachys rosea CR-7. The technology has demonstrated significant value, outperforming base seed treatments and showing effectiveness against Sudden Death Syndrome in soybeans. These partnerships are expected to fuel BVT’s long-term success in the global agriculture sector.
BVT and Agrobío’s Trial (2024/02/16)
Bee Vectoring Technologies International Inc. (BVT) has partnered with Agrobío SL to conduct trials of its innovative natural precision agriculture system. The trial is focused on greenhouse tomato crops in Spain and introduces a groundbreaking approach to pest management, combining the forces of nature with cutting-edge science. The collaboration is part of the EU-funded ADOPT-IPM project aimed at enhancing the EU’s competitiveness and addressing climate change.
Multi-National Trials in Mexico (2024/02/01)
Bee Vectoring Technologies International Inc. (BVT) has initiated demonstration trials in Mexico with a leading multi-national berry producer, utilizing its Vectorite with CR-7 biological fungicide and natural precision agriculture system. This collaboration marks a strategic effort by BVT to showcase the scalability and effectiveness of its technology across various crops and nations, with the trials serving as a paid endorsement by the grower. BVT’s venture into Mexico aligns with its global strategy to provide sustainable agricultural solutions, emphasizing the company’s commitment to enhancing crop protection through environmentally friendly practices.
BVT Partners with MBFi (2024/01/17)
Bee Vectoring Technologies International Inc. (BVT) partners with Microbial Biological Fertilizers International (MBFi) for trials in South Africa, testing BVT’s innovative bee vectoring technology against traditional spray methods. This collaboration, which uses BVT’s patented dispenser and Vectorite powder, aims to offer an eco-friendly alternative to chemical pesticides and quickly enter the South African market using MBFi’s registered biologicals. The extensive trials will cover a wide range of crops, highlighting BVT’s commitment to sustainable agriculture and its potential impact on the global $240 billion crop protection and fertilizer market.
BVT Debt Settlement (2023/12/25)
Bee Vectoring Technologies International Inc. (BVT), an agricultural technology company, has undertaken a significant financial restructuring by settling $1,130,000 in debts through the issuance of 18,833,334 Common shares, each valued at $0.06. This strategic move aims to enhance the company’s financial stability and growth prospects. Alongside this, BVT has issued 6,868,155 restricted share units (RSUs) to its directors, employees, and consultants, with 50% vesting immediately and the remainder within three to four months. This step, part of the company’s compensation restructuring, aligns the interests of its staff with the company’s long-term goals. These shares are subject to a statutory hold period of four months and a day, ensuring regulatory compliance and market stability. This approach signifies BVT’s commitment to managing liabilities effectively while investing in its workforce, reflecting a positive outlook for its future.
Bee Vectoring Negotiates Loan Financing (2023/11/27)
Bee Vectoring Technologies International Inc. has secured up to CAD 1 million in funding through a loan agreement with two capital firms, supporting the company’s growth plans in the agricultural sector. The loan will be provided in tranches of $100,000, with flexible repayment options and an interest rate of 15%. Funds will be used for research, development, marketing initiatives, and working capital needs.
Bee Vectoring Technologies Completes Debt Settlement (2023/11/27)
Bee Vectoring Technologies (BVT) has completed its debt settlement agreement by issuing 2,765,138 common shares at $0.06 per share, valued at $165,908.34. The shares are subject to a statutory hold period that ends on March 25, 2024. BVT is an innovative agriculture technology company that uses natural precision agriculture systems to improve crop protection and yield while protecting soil and environmental health.
BVT Achieves Remarkable Growth (2023/09/14)
Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) is making waves in the agriculture industry with its groundbreaking precision agriculture system that utilizes commercially grown bees to deliver biological pesticide alternatives to crops. The company has recently announced a staggering 196% year-over-year sales growth in the Pacific Northwest blueberry market, accompanied by a high customer retention rate and the addition of new customers. This impressive growth demonstrates the immense potential of BVT’s eco-friendly approach to crop protection and highlights the increasing demand for sustainable farming practices.
BVT & BioSafe: Redefining Sustainable Agriculture (2023/09/29)
Bee Vectoring Technologies International Inc. (BVT) has partnered with BioSafe Systems to distribute its Clonostachys rosea CR-7 microbe in the foliar application market. This marks BVT’s entry into a new market segment and opens up new opportunities for sustainable agriculture. BVT will receive royalties from BioSafe Systems for each sale made. The efficacy of CR-7 as a biofungicide has been affirmed by BVT, paving the way for its use in the foliar business. This aligns with BVT’s strategic vision of discovering innovative applications for CR-7 and geographic expansion. With its precision vectoring technique, BVT aims to replace chemical pesticides and reduce wastage associated with traditional plant protection.
BVT Announces Share Issuance and Corporate Developments (2023/07/05)
Bee Vectoring Technologies International Inc. (BVT), an innovative agriculture technology firm, has announced plans to issue 1,111,370 common shares for $0.06 per share. This issuance is intended to settle a semi-annual interest payment due to Sorbie Bornholm LP following the issuance of 1,900 notes for gross proceeds of $1,900,000 from a private placement that closed on July 11, 2022. The shares will be issued under prospectus exemptions per Canadian securities laws, and there will be no hold periods or resale restrictions. The anticipated closing date for the private placement and share issuance is July 12, 2023.
BVT Expands Into Cranberry Market (2023/06/29)
Bee Vectoring Technologies International Inc. (BVT) has announced its expansion into the cranberry market by signing its first customer. The Wisconsin-based grower will use BVT’s proprietary Vectorite with CR-7 (Clonostachys rosea CR-7) biological fungicide and natural precision agriculture system in their cranberry fields for the upcoming growing season.
Bee Vectoring Technologies conducted a successful trial of its natural precision agriculture system in cranberry crops in 2022, resulting in increased yield and reduced fruit rot. The grower has doubled their BVT order for 2023. BVT has had success in other markets, including blueberries, strawberries, raspberries, and blackberries, and the expansion into cranberries signifies the company’s growing momentum. BVT’s precision vectoring system enables the delivery of biological pesticide alternatives to crops, resulting in enhanced crop protection and yield compared to traditional chemical pesticides.
Bee Vectoring Technologies Secures Order With US Blueberry Grower (2023/05/25)
Bee Vectoring Technologies International Inc. (BVT) has announced a record-setting sales order from one of the largest blueberry growers in the United States. The agreement will see the integration of BVT’s Vectorite with CR-7, a proprietary biological fungicide, into the grower’s operations in the Pacific Northwest for the upcoming season.
Bee Vectoring Technologies Reports On 2nd Year Trial Results (2023/03/08)
Bee Vectoring Technologies International Inc. has reported positive second-year trial results for its proprietary biological control agent Clonostachys rosea strain CR-7 (CR-7) on soybeans. The trials showed that adding CR-7 over the base seed treatment led to higher yields in soybean plants, as measured over 16 replicated plots across four locations. Furthermore, the results showed that CR-7 was equivalent to the chemical standard in effectiveness and even better than the biological standard. Additionally, the plant health, vigor, and biomass measures showed the same positive outcomes as in the first year, indicating the scalability of BVT’s proprietary CR-7 in the soybean seed treatment market.
Bee Vectoring Technologies Enters the CEA Market (2022/10/13)
Bee Vectoring Technologies International Inc. announced its first sales commitment in the Controlled Environment Agriculture market. A leading industry innovator in vertical farming will be conducting a paid pilot of the BVT system as a crop productivity tool. This sector holds significant growth opportunity for BVT given the global CEA market was valued at over US$74 billion in 2021 and is estimated to reach US$125 billion by 2027. The company’s Sales Manager, Ian Collinson, stated that CEA is the future of agriculture and can help indoor growers’ productivity by producing better quality fruits and vegetables. Meanwhile, the Company announced the resignation of Mark Kohler from the board of directors, effective October 7th, 2022.
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