Mississauga, ON Canada and Sacramento, CA USA
August 23, 2021
Bee Vectoring Technologies International Inc. (the “Company” or “BVT”) (CSE: BEE) (OTCQB: BEVVF) (CVE:BEE) today announced that it has mutually terminated the definitive agreement (the “Agreement“) with Alumina Partners (Ontario) Ltd. (“Alumina“) that secured a commitment for up to $6,000,000 CDN (Six Million Dollars) in a financing facility (the “Facility“).
Pursuant to the Agreement, the Company successfully completed four separate draw downs from the Facility that totaled $1,148,106 during 2020.
“Alumina’s investment assisted BVT through the uncertainty created by the COVID-19 pandemic, and we are grateful of the Alumina’s partnership during this time,” said Ashish Malik, CEO of Bee Vectoring Technologies. “Our strong business fundamentals today, in addition to securing over $3.2 million through a private placement earlier this year further strengthened our Company’s balance sheet, and as a result, we have decided that now is an appropriate time to conclude this financial arrangement.”
About Bee Vectoring Technologies International Inc.
BVT, an agriculture technology company, is a market disruptor with a significant global market opportunity in the $240 billion crop protection and fertilizer market. 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 improved crop protection and yield results than traditional chemical pesticides – and 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.
Additional information can be viewed at the Company’s website www.beevt.com. To receive regular news updates from the Company, subscribe at www.beevt.com/newsletter.
Topics
Species
