Bee Vectoring Technologies will intensify its near-term direction to accelerate revenue growth in 2021 and focus on sales and marketing in key regions for the upcoming growing season. The company’s long-term strategy and objectives remain consistent with previous guidance.
“Over the past several years we demonstrated the significant benefits that our natural precision agriculture system delivers to farmers. Since we entered the commercialization phase of our business after receiving EPA approval in August 2019, we have gained significant traction throughout the United States, which we have been able to demonstrate through increasing acreage adoption by farmers of our technology for the upcoming growing season compared to the previous season,” said Ashish Malik, CEO of Bee Vectoring Technologies. “We have now entered a new and very exciting phase in the evolution of our business, where we see a very large and imminent opportunity in front of the company allowing us to further accelerate our sales and marketing efforts to capitalize and establish our footprint in the US agricultural market.”
“In order to support this new phase of growth and increase shareholder value, management, insiders and consultants of BVT have unanimously decided to exchange on average more than 50% of their compensation for equity in the company, allowing our team to allocate every dollar possible towards this initiative,” said Michael Collinson, Chairman of the Board of Directors for Bee Vectoring Technologies. “With this re-allocation of capital, we are moving to hire additional salespeople and invest even more heavily into sales and marketing activities in specific US regions where we are confident that our efforts will result in successful sales execution and delivery of our short-term objectives.”
The following objectives will be the company’s priority in 2021:
- Focus on US revenue growth and secure a minimum of CAD$1million in revenue;
- Hire additional salespeople to serve key US markets (e.g. Pacific Northwest, California, Midwest);
- Accelerate marketing to raise awareness of BVT in target markets;
- Initiate grower trials in California, the biggest market opportunity for BVT in North America, to build demand and lay the groundwork for possible revenue in 2021 in anticipation of imminent regulatory approval;
- Finalize business operations for Switzerland including partnerships, plus increase grower trials in anticipation of near-term regulatory approval;
- Initiate grower trials in Mexico with influential players, where the Company expects to submit for regulatory approval in the coming months, to facilitate rapid commercial adoption once approval is achieved.
“Achieving these short-term objectives will cement BVT as a revenue growth generating company,” continued Mr. Malik. “They will create value in the near term, which will in turn allow the company to work on longer term objectives around market expansion and product line extensions.”