- Bee Vectoring Technologies (BEE) is preparing to accelerate the company’s revenue growth in 2021
- The company intends to focus its efforts on key markets within the United States, through marketing, sales, and grower trials
- BVT’s management have decided to exchange part of their wages for equity in the company, to support this growth period
- With this extra capital, the company will be able to hire additional salespeople and invest more in sales and marketing
- Bee Vectoring Technologies is up 1.72 per cent and is currently trading for C$0.30 per share
Bee Vectoring Technologies (BEE) is preparing to accelerate the company’s revenue growth in 2021.
In the year ahead, the company intends to focus much of its efforts on growth in the United States, where BVT hopes to secure at least C$1 million in revenue. As such, the company plans to hire additional salespeople to serve within key US markets, such as the Pacific Northwest, California, and the Midwest.
In particular, BVT will initiate grower trials of its natural precision agricultural system in California. These trials will build demand and lay foundations for possible revenue in 2021.
Similar grower trials will also be initiated with influential players in Mexico, where the company expects to submit for regulatory approval in coming months. Additionally, BVT will finalise its business operations in Switzerland, and increase grower trials ahead of near-term regulatory approval.
In order to support this period of growth, BVT’s management, insiders, and consultants have agreed to exchange part of their wages for equity in the company. On average, they will exchange over 50 per cent of their compensation for this equity.
With the extra capital, BVT will be able to hire additional salespeople and invest more in sales and marketing.
Bee Vectoring’s CEO, Ashish Malik, commented on the progress that the company has made thus far.
“Since we entered the commercialisation 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,” he said.
“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 capitalise and establish our footprint in the US agricultural market,” he added.
Bee Vectoring Technologies is up 1.72 per cent and is trading for $0.30 per share, as of 12:01pm EST.