Bee Vectoring Technologies Announces Fiscal Year 2022 Financial Results and 2023 Business Outlook

About this update from Bee Vectoring Technologies International, Inc.

[{"type":"text","content":"Bee Vectoring Technologies Announces Fiscal Year 2022 Financial Results and 2023 Business OutlookMississauga, Ontario and Sacramento, California--(Newsfile Corp. - January 31, 2023) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the \"Company\" or \"BVT\") today released a letter to shareholders from Chief Executive Officer Ashish Malik announcing the financial results for the fourth quarter and fiscal year ended September 30, 2022. The financial statements and MD&A are available on the Company's website at www.beevt.com and on SEDAR at www.sedar.com.The shareholder letter is as follows:Dear Shareholders,It is with pleasure that I present to you BVT's 2022 fiscal year-end results, along with successful key milestones achieved as well as the outlook for BVT's future. The BVT team has planned and worked diligently to build a solid foundation for growth and are excited for 2023 and beyond.In 2021, BVT cemented its position as a commercial enterprise with a proven market demand for our technology. In 2022, we continued our growth and further developed our efforts as we launched a three-pillar strategy focused on 1) continued commercialization in the US; 2) geographic expansion; and 3) portfolio extension in order to increase our addressable market opportunity and maximize the full potential of our assets, expertise, and intellectual property through new revenue streams.In 2022, we successfully accomplished:25% revenue growth in the US on a constant currency basis:78% growth in new markets with first revenues in California, 428% increase in revenues in the Pacific Northwest and 46% growth in the Midwest and Northeast.4% growth in Georgia blueberries (the Company's largest market), despite severe weather that led to significant crop losses.Gross margins improved to 50% in 2022 compared to 42% in 2021:The 8 percentage point increase was driven by the lower cost of producing BVT's proprietary biological control agent Clonostachys rosea strain CR-7 (CR-7) and increased sales of BVT's honeybee system, which provide a greater margin than the bumble bee system.Geographic expansion underway:Canadian market expansion began in December 2022 with official submission to the Pest Management Regulatory Agency (PMRA), Canada's agency for pesticide regulation.Expansion into Mexico started wit...

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