Vancouver, British Columbia--(Newsfile Corp. - September 4, 2019) - Bee Vectoring Technologies (TSXV: BEE) has received approval from the U.S. Environmental Protection Agency to use Clonostachys rosea CR-7 for use as a fungicide on commercial crops. CR-7 is the first registered active ingredient for the Canadian-based company and the first active ingredient approved by the EPA for application via bees, known as "bee vectoring," in which the company is a global leader.
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Bee Vectoring Technologies has developed and owns patent-pending bee vectoring technology designed to harmlessly utilize bumblebees and honeybees as natural delivery mechanisms for a variety of powdered mixtures. These mixtures are comprised of organic compounds that inhibit or control common crop diseases, while at the same time enhancing crop vigor and productivity.
This unique and proprietary process enables a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yields, superior quality, and less impact on the environment without the use of water or disruptions to labor. Sold under the brand name VECTORITE with CR-7, the product is labeled for numerous high-value crops, including strawberries, blueberries, sunflowers and almonds.
With this approval, BVT is positioned to officially launch and begin to generate revenue with VECTORITE with CR-7, starting with this year's fall and winter blueberry and strawberry season in the U.S. The registration allows the company to immediately begin selling the product as a registered fungicide for use on the labelled crops and to make positive crop protection claims.
Ashish Malik, President and CEO, stated: "Not only is this a critical milestone for BVT in terms of the commencement of scalable commercialization and revenue, but it represents a groundbreaking shift in how plant care products can be applied. By using commercially reared bees to deliver biological products, growers can protect crops, increase crop yields and enhance their sustainable growing practices by reducing the use of chemicals and other costly and increasingly scarce resources including water, fuel and labor."
Michael Collinson, Chairman, added: "According to industry statistics, to establish the high levels of safety and efficacy required to bring a new crop protection product to market costs, on average, more than US $280 million and 11 years of internal research and development, university crop trials, and grower demos. This registration is a valuable and substantial asset for BVT and brings considerable credibility within the industry. The BVT team has succeeded in developing a novel and effective alternative solution to traditional chemical pesticides and has done so at a fraction of the average industry cost. We are incredibly pleased to have accomplished this feat and are both proud and excited to put the BVT solution into the hands of farmers in the U.S. and are looking forward to future approvals in major agricultural regions around the world."
Because the EPA serves as an affirmative model for regulatory agencies outside the United States, the company is seeking regulatory approval from other key countries, anticipating that the review processes should move faster and easier.
For more information, please visit the company's website at www.beevt.com, contact Ashish Malik, President and CEO, at email@example.com. Investor relations is handled by Babak Pedram of Virtus Advisory Group, who can be reached at 416-995-8651 or by email at bpedram@VirtusAdvisory.com.
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