Bee Vectoring Technologies International Inc. (BEE.CA) is an agriculture technology company, BEE.CA (BVT) has pioneered a natural precision agriculture system that replaces chemical pesticides and wasteful plant protection product spray applications by delivering biological pesticide alternatives to crops using commercially grown bees.
BVT's award-winning technology, precision vectoring, is completely harmless to bees and allows minute amounts of naturally-derived pesticides (called biologicals) to be delivered directly to blooms, providing better crop protection and yield than traditional chemical pesticides - improving the health of the soil, the microbiome and the environment.
Currently, BVT has over 65 granted patents, over 35 patents pending in all major agricultural countries worldwide, and has US EPA registration of its VECTORITE™ with CR-7 (EPA Registration No. 90641-2) for sale as a registered biological fungicide for use on the labeled crops.
Mar. 31 -Granted New Patent for Computer-Controlled Honeybee Hive Dispenser System: The system is computer-controlled and enables metered, uniform delivery of plant protection products using commercial honeybees.
"Our patented system can be efficiently added on to commercial honeybee hives, for growers to get the added value of disease control on top of pollinating their crops,” said Ashish Malik, CEO of Bee Vectoring Technologies. “This new computer-controlled version makes crop protection delivery even more effective and consistent.”
Apr. 14 - Accelerates Growth in US Midwest with Three of Region's Largest Berry Producers: The Company has tripled its sales commitments among blueberry growers in the US Midwest, signing nine growers, including three of the largest berry producers in the region. BVT is also launching two R&D demonstration trials in Michigan.
Apr. 28 - Enters New Jersey's Berry Market and Initiates R&D Trial with Rutgers University: Secured its first sales commitments in New Jersey, with two berry growers joining the growing ranks of BVT customers.
A new R&D trial with Rutgers University’s Agricultural Research and Extension Center was initiated for the 2021 growing season. The Rutgers trial is being conducted on blueberry crops in four New Jersey locations, and will evaluate the efficacy of BVT’s proprietary Vectorite with CR-7 (Clonostachys rosea CR-7) applied with bee vectoring technology against disease (primarily Anthracnose) under local conditions. Commercially-managed bumblebees and honeybees will be used.
May 11 - Announces First-Time Revenues in US Pacific Northwest: Secured its first revenue commitments from four blueberry growers in Oregon and Washington. BVT also has secured two R&D demonstration trials in the region.
July 8 - Announces First-Time Revenues and Accelerated Momentum in US Sunflower Market: Secured its first revenue commitments with US sunflower growers and has successfully expanded into other activities within this crop, including demonstration and research trials. Its first in penetrating the US $470 million(1) sunflower market.
This entry into the sunflower market is based on the successful first year results of the multi-year North Dakota State University (NDSU) trials of BVT's biological fungicide, CR-7. Funded by the North Dakota Department of Agriculture and approved by the United States Department of Agriculture (USDA), the trials are run by NDSU in cooperation with BVT.
BVT will continue the state-funded trials through the next two growing seasons, starting this August, to further refine recommendations for hive/dispenser numbers and placements, and further strengthen the BVT value proposition and ROI for growers. Originally approved for two years, these trials have just been extended for an additional third year.
Sept. 2 - To Host Virtual Investor Day
Oct. 14 - Signs First Commercial Industry Partnership: Product In-Licensing Partnership with CBC BIOGARD.
i) Deal with industry leader is BVT’s first commercial partnership and enables first EU revenues ii) Extends BVT solution into insect control for first time iii) BVT will continue to pursue registration of its CR-7 throughout Europe.
BIOGARD, a division of CBC (Europe) S.r.l., one of the leading bioprotectant companies in Europe. Through the agreement, BVT will have exclusive access to BIOGARD’s biological insecticide Beauveria bassiana ATCC 74040 for bee vectoring uses throughout the European Union and Switzerland.
The agreement will enable BVT to operate in the EU through the development and registration of a bee-vectoring product extension of an already-accepted biological active substance, rather than awaiting approval of a new active substance submission – a process that can take up to 3 years.
BVT’s strategy has three major elements: continued commercialization in the US; global expansion; and product portfolio expansion. This partnership represents the first milestone in the important third element of the strategy.
Oct. 26 - Wins International Biocontrol Manufacturers Association's Bronze Bernard Blum Award for Biocontrol Innovation: International Biocontrol Manufacturers Association (IBMA) has recognized BVT with the prestigious Bernard Blum Award for novel biocontrol solutions, awarding Bronze for BVT’s VectorHive™ system.
The Bernard Blum Award is presented annually for the year’s most innovative biocontrol products – those that have a high impact in pest/disease management and low impact on human health and the environment. All 230 members of the association, along with third parties, were invited to submit their most innovative solutions.
Nov. 4 -Wins IHS Markit's Crop Science Award for Best Precision Application Technology Innovation:for its proprietary bee delivery system and VECTORITE™ with CR-7. This is BVT’s second win in this category: the first was in 2019.
The Crop Science Awards (previously the Agrow Awards) recognize excellence in the crop protection and digital agriculture industries worldwide, celebrating best-in-class scientific, technological, and leadership initiatives. They are led by the Agribusiness Forum & Awards division at IHS Markit, a leading industry market research and analytics company, in collaboration with Chemical Week, the world's leading news source for chemical industry executives and professionals.
May 2021, BVT was granted a new patent for its computer controleed Honeybee hive dispenser system. This system has reportedly been in usage with growers commercially since the begining of 2020.
As bees leave their hive to forage, they walk through the dispenser, pick up trace amounts of product, then carry it directly into blooms. The system is programmed to ensure the right amount of product is released at the right time.
Four different releases were issued in the past nine months, April 2021, two R&D blueberry trials were launched in Michigan and one in New Jersey. May 2021, two more R&D blueberry trials in Oregon and Washington. Finally, the extension of the North Dakota State University (NDSU) trials for Sunflowers for a third year was disclosed in July 2021.
Three major commitment were reported. April 2021, BVT stated that it tripled its sales in the Midwest by signing nine blueberry growers. BVT also announced its first sales in New Jersey. May 2021, BVT secured its first commitments from four blueberry growers in Oregon and Washington. July 2021, BVT disclosed another with a sunflower growers.
BVT signed its first commercial industry partnership with CBC Biogard for Product In-Licensing in October 2021. BIOGARD, a division of CBC (Europe) S.r.l., one of the leading bioprotectant companies in Europe.
As part of the agreement, BVT will have exclusive access to BIOGARD’s biological insecticide Beauveria bassiana ATCC 74040 for bee vectoring uses throughout the European Union and Switzerland.
Thus far in FY 2021, revenues continues to be lumpy but are on track to double from FY 2020.
Moreover, Net Income (Loss) are much lower than FY 2020. As of June 30 2021, BVT reported $3.3M in cash.
The termination of Equity Financing with Alumina Partners LTD occured August 2021. Otherwise no other activities were reported. Note the last financing was February 2021: $3.22M was raised at $0.32 cents (Warrant $0.525).
Two release were issued. May 2021, Michael Emrick was appointed as California Territory Manager.
June 2021, Mark W. Kohler was appointed to the Board of Directors.
October 2021, BVT won the International Biocontrol Manufacturers Association (IBMA) Bernard Blum Award (Bronze) for novel biocontrol solutions, for BVT’s VectorHive™ system.
November 2021, BVT won the IHS Markit's Crop Science Award for Best Precision Application Technology Innovation for its proprietary bee delivery system and VECTORITE™ with CR-7.
In the past nine months valuation fluctuated between $0.38 cents and $0.23 cents. Today BVT closed at $0.26 cents, slightly above S1 ( $0.25 cents); the 52 week high is $48 cents. November 2020, BVT set out its 2021 Objectives as such.
1) Focus on US revenue growth and secure a minimum of CAD$1 million in revenue;
2) Hire additional salespeople to serve key US markets (e.g. Pacific Northwest, California, Midwest);
3) Accelerate marketing to raise awareness of BVT in target markets;
4) Initiate grower trials in California, the biggest market opportunity for BVT in North America;
5) Finalize business operations for Switzerland (partnerships, grower trials);
6) Initiate grower trials in Mexico with influential players and expects to submit for regulatory approval shortly.
As of Q3 2021 Earnings (June 30), BVT had reported revenues of $0.4M. Thus, as of this date BVT is short on that objective (1) despite almost doubling revenues from FY 2020. With regards to growing it salesforce (2) , BVT did hire a California Territory Manager and a Territory Manager for the US Pacific Northwest meeting its objective.
Marketing activity in target markets (3) were not well articulated. However, the number of commitments secured to date are an indicator of success. After securing a California License, and initiating trials (4) with berry and almonds growers, additional commitments and trials were obtained in Michigan, New Jersey, Oregon and Washington.
Early in the year (March 2021), a number of European developments were disclosed (5). One of theses cited, an effort towards targeting in-licensing and commercial partnerships via its R&D European Center in Switzerland. Recently (October 2021), BVT announced a first commercial industry partnership with CBC Biogard for Product In-Licensing.
As for initiating grower trials in Mexico (6), the most recent MD&A explain the efforts and challenged encountered.
In a Letter from the CEO (July 30, 2021) cited:
This year we opened six new crop/geographic markets, retained 100% of our customer base in Georgia (which is our largest market thus far) and added new customers in Georgia, Michigan, New Jersey, Oregon, and Washington – plus secured new trials in California where BVT just received regulatory approval in January; we now have 40+ invoiced customers
On geographic and product expansion, whilst the process and timelines with regulatory authorities are outside our control, we have completed the approval process for California, have made progress in Switzerland, Mexico, and have initiated the work needed for submissions in Canada and the EU.
Overall, BVT has achieved most of the objectives it had set for itself in FY 2021. For FY2022, it will be key to continue to retain existing customers and further penetrate current US territories accross crops.
Additionally, near term opportunities to obtain regulatory access (Mexico, Canada, Peru, Switzerland and the EU) as well as, developping partner-enabled projects (Morocco, South Africa, Turkey and Israel) are ongoing.
Furthermore, the extent to which BVT can accelerate portfolio extension are a factor. While a first aggreement has been recently announced (CBC Biogard), multiple field testing of third party products are ongoing along with other applications of current BVT product are being examined.
Rolling out these initiatives should further diversify revenues and solidify the business going forward.
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