MISSISSAUGA, ONTARIO--(Nov. 5, 2015) - Bee Vectoring Technologies International Inc. (the "Company" or "BVT") ($BEE:CA) is pleased to announce the appointment of Mr. Ashish Malik as an Independent Advisor to the Company.
Ashish Malik is the Vice President of Global Marketing for Biologics at Bayer CropScience. He is responsible for managing the portfolio of biological assets for the company and advancing the strategy to develop integrated crop solutions that include biological products together with traditional chemical products, seeds, traits, seed treatments and services. Mr. Malik joined Bayer CropScience through the company's acquisition of AgraQuest in 2012. At AgraQuest Mr. Malik was Senior Vice President of Global Marketing where he was responsible for the company's strategic and tactical marketing activities in addition to the regulatory affairs and field product development functions. Mr. Malik came to AgraQuest in April 2008 from Syngenta, where he served as the Head of Commercial Operations for the Home Care Division. During that time he was responsible for the overall leadership of the newly developed division, where he defined growth strategies, developed go-to-market approaches and identified opportunities for brand value building.
Company CEO, Mr. Michael Collinson, states, "Ashish brings his invaluable extensive experience in biological pest and pathogen control, globally one of the fastest growing agricultural sectors. We look forward to his insights in bringing BVT and its products to market expeditiously and building a strong distribution channel under his guidance."
The Company also announces that is has closed the second tranche of its non-brokered private placement for aggregate gross proceeds of $1,072,866 (the "Offering"). In connection with the second tranche closing, the Company issued 185,180 common shares (the "Shares") at a price of $0.27 per Share (the "Second Tranche").
BVT will apply the net proceeds of the Offering to the further development of the Company's new state of the art manufacturing plant located in Mississauga, Ontario; EPA approvals; international patent registration of the BVT system, and for general working capital purposes.
There were no finder's fees paid under the Second Tranche of the Offering.
The Shares issued under the Second Tranche are subject to a four-month hold period expiring on March 6, 2015 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.
BVT has developed and owns patent-pending bee vectoring technology (consisting of a proprietary tray dispenser containing a unique carrier agent) that is designed to harmlessly utilize commercially reared bumblebees as natural delivery mechanisms for a variety of powdered mixtures comprised of organic compounds that inhibit or eliminate common crop diseases, while at the same time stimulating and enhancing the same crops. This unique and proprietary process facilitates a targeted delivery of crop controls using the simple process of bee pollination to replace traditional crop spraying, resulting in better yield, organic product and less impact on the environment without the use of water or disruptions to labour.
Additional information can be viewed at the Company's website www.beevt.com.
On Behalf of the Board of Directors of Bee Vectoring Technologies International Inc.,
Michael Collinson, President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain "forward-looking statements" that involve known and unknown risks and uncertainties. All statements in this press release, other than statements of historical fact, that address events or developments that BVT expects to occur, are forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements with respect to BVT'S future plans and technologies, including the timing of such plans and technologies. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "indicate" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although BVT believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include continued availability of capital, financing and required resources (such as human resources, equipment and/or other capital resources), and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of BVT'S management on the date the statements are made. BVT undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as required by law.
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