Bee Vectoring Technologies Announces Mutual Termination of Equity Financing Agreement with Alumina Partners Ltd.
Mississauga, Ontario and Sacramento, California – (Newsfile Corp. – August 23, 2021) – Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the “Company” or “BVT”) announced today that it has mutually terminated the Definitive Agreement (the “Agreement“) with Alumina Partners (Ontario) Ltd. (“Alumina“) which has secured a commitment of up to CA $ 6,000,000 ($ 6 million) in a financing facility (the”Establishment“).
Pursuant to the agreement, the Company successfully completed four separate drawdowns of the facility which totaled $ 1,148,106 in 2020.
“Alumina’s investment has helped BVT overcome the uncertainty created by the COVID-19 pandemic, and we are grateful for Alumina’s partnership during this time,” said Ashish Malik, CEO of Bee Vectoring Technologies. “Our strong business fundamentals today, in addition to securing more than $ 3.2 million through a private placement earlier this year, have further strengthened our company’s balance sheet and, as a result, we decided that now is the time to make this financial deal. “
On Bee Vectoring Technologies International Inc.
BVT, an agricultural 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 farming system that replaces chemical pesticides and unnecessary crop protection spray applications by providing organic pesticide alternatives to crops using commercially grown bees. BVT’s award-winning technology, precision vectoring, is completely harmless to bees and allows trace amounts of naturally occurring pesticides (called organics) to be delivered directly to flowers, providing better crop protection and results. performance than traditional chemical pesticides – and improving soil, microbiome and environmental health. Currently, BVT holds more than 65 issued patents, more than 35 patents pending in all major agricultural countries of the world, and has registered the US EPA of its Vectorite ™ with CR-7 (EPA Registration No.90641-2 ) for sale as a registered biological fungicide for use on labeled crops.
Company details :
Ashish Malik, President and CEO
Babak Pedram, Investor Relations
Virtus Advisory Group
Phone. : 416-995-8651
The CSE has neither approved nor disapproved the contents of this press release. The CSE accepts no responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute “forward-looking information” as that term is defined in applicable Canadian securities laws. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, ” estimate “,” expect “and similar expressions relating to the Company,” annual income potential “, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. These statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including: area planted, price of sale of competing chemical pesticides and US to Canada dollar exchange rate. Important factors or assumptions have been applied to provide forward-looking information. Many factors could cause actual results, performance or achievements that may be expressed or implied by such forward-looking information to differ from those described in this document if one or more of these risks or uncertainties materialize. These factors include changes in law, competition, litigation, the ability to implement business strategies and seek business opportunities, the state of the capital markets, the availability of funds and resources to continue operations. , new technologies, the ability to protect intellectual property rights, the ability to obtain patent protection for products, claims for infringement of third party intellectual property, regulatory changes affecting products, failure of research and development activities , ability to achieve and maintain profitability, dependence on business and technical experts, ability to effectively manage business operations and growth, debt issuance, dilution of existing securities, volatility of listed securities, conflicts potential interest, improbability of dividend payments, potential costs dec supporting the defense of third party intellectual property infringement claims, the ability to secure relationships with manufacturers and buyers, as well as general economic, market and business conditions, as well as risk factors discussed or referred to in the Company’s filing statement dated August 14, 2020, filed with the CSE and securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. If any factor unexpectedly affects the Company, or if the assumptions underlying the forward-looking information prove to be incorrect, actual results or events may differ materially from expected results or events. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. In addition, the Company assumes no responsibility for the accuracy or completeness of this forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company assumes no obligation to publicly update or revise any forward-looking information, other than that required by applicable law. All figures are in Canadian dollars.
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