Bee Vectoring Technologies Announces Debt Settlement

Rhea-AI Summary

Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) announces a debt settlement agreement to settle outstanding cash payments owed to a creditor for legal fees. The Company will issue 2,765,138 Common shares at a deemed price of $0.06 per Common share.

Mississauga, Ontario and Sacramento, California--(Newsfile Corp. - November 17, 2023) - Bee Vectoring Technologies International Inc. (CSE: BEE) (OTCQB: BEVVF) (CVE: BEE) (the "Company" or "BVT") announces that it has entered into a debt settlement agreement (the "Settlement Agreement") to settle outstanding cash payments owed to a creditor totaling $165,908.34 for legal fees. Pursuant to the Settlement Agreement, the Company has agreed to issue an aggregate of 2,765,138 Common shares at a deemed price of $0.06 per Common share. The Company anticipates closing the Settlement Agreement on or about November 24, 2023.

Securities issued pursuant to the Settlement Agreement will be subject to a statutory hold period of four months plus a day from issuance in accordance with applicable securities laws.

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 55 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.

BVT Company Contact:
Ashish Malik, President & CEO, BVT
info@beevt.com

BVT Investor Contact:
Babak Pedram
Virtus Advisory Group
Tel: 416-995-8651
bpedram@virtusadvisory.com

The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release. Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Company, "annual revenue potential", are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such 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: planted acres, selling price of competitive chemical pesticides and the US to Canadian dollar exchange rate. Material factors or assumptions were applied in providing forward-looking information. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include changes in law, competition, litigation, the ability to implement business strategies and pursue business opportunities, state of the capital markets, the availability of funds and resources to pursue operations, new technologies, the ability to protect intellectual property rights, the ability to obtain patent protection for products, third-party intellectual property infringement claims, regulatory changes affecting products, failing research and development activities, the ability to reach and sustain profitability, dependence on business and technical experts, the ability to effectively manage business operations and growth, issuance of debt, dilution of existing securities, volatility of publicly traded securities, potential conflicts of interest, unlikelihood of dividend payments, the potential costs stemming from defending third-party intellectual property infringement claims, the ability to secure relationships with manufacturers and purchasers, as well as general economic, market and business conditions, as well as those 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. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such 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 undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law. All figures are in Canadian dollars.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187910

FAQ

What is the debt settlement agreement announced by Bee Vectoring Technologies International Inc. (CSE: BEE)?

The company has entered into a debt settlement agreement to settle outstanding cash payments owed to a creditor for legal fees.

How many Common shares will Bee Vectoring Technologies International Inc. issue as part of the Settlement Agreement?

The Company will issue an aggregate of 2,765,138 Common shares at a deemed price of $0.06 per Common share.