MustGrow Advances its Mustard Plant-Based Technology Pipeline
SASKATOON, Saskatchewan, Canada, Mar. 2, 2022 – MustGrow Biologics Corp. (CSE: MGRO) (OTC: MGROF) (FRA: 0C0) (the “Company“, “MustGrow“), is pleased to provide an update of its organic mustard plant-derived crop protection technology pipeline. MustGrow has harnessed the mustard seed’s natural defense mechanism for treatment of diseases, pests, and weeds.
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MustGrow’s Crop Protection and Food Preservation Programs:
|
PRODUCT |
TARGET |
PARTNER |
MARKET |
STAGE |
|
Preplant Soil Biopesticide |
Soil-borne diseases & pests |
|
|
|
|
All Crops – Fruits & Veg, Potatoes, Broad Acre, Turf & Ornamentals, etc. |
Fusarium, Botrytis, Verticillium, Rhizoctonia, Pythium, Phytophthora, Sclerotinia, Nematodes, etc. |
Sumitomo Corporation (Americas – excluding turf & ornamentals) Bayer (RoW – excluding turf & ornamentals) |
US$1.3B est global market in Fruit & Veg |
U.S. EPA registration in process for multiple crops |
|
Bananas |
Fusarium wilt TR4 |
Sumitomo Corporation (Americas) |
US$18B est global loss |
Advanced / Field |
|
Canola |
Clubroot (Plasmodiophora brassicae) |
NexusBioAg (Univar) |
C$500M est economic loss in Canada |
Advanced / Field |
|
Pulse Crops |
Aphanomyces |
NexusBioAg (Univar) |
C$100M est economic loss in Canada |
Advanced / Field |
|
Bioherbicide |
Weeds |
Sumitomo Corporation (Americas) Bayer (RoW) |
US$35B est global market |
Development / Field |
|
Storage: Potato, Fruit & Vegetable* |
Sprouting, diseases & pests |
Sumitomo Corporation (Americas – potatoes and bananas only) Bayer (RoW – potatoes only) |
US$250M est global market |
Development / Storage Facilities |
|
Storage: Bulk Grain* |
Mycotoxin & insects |
TBD |
US$15B est global loss |
Proof-of-Concept |
|
Storage: Shipping Containers* |
Diseases & pests |
TBD |
US$2B est global market |
Proof-of-Concept |
|
Food-Borne Pathogens* |
E.coli, Salmonella, Listeria, Staphylococcus |
TBD |
US$15B est global market |
Proof-of-Concept |
Table Source: Globenewire, 3rd Party Ag Market Research, MustGrow estimates.
*Literature shows AITC has application in these areas.
Recent Program Advancements:
———
Successful Postharvest Applications in Stored Potatoes
Feb. 9, 2022 Link
MustGrow reported successful postharvest results in both Fusarium dry rot disease control and sprout suppression, outperforming leading synthetic chemical standards. No combination treatment products currently exist that address both disease and sprouting.
Exhibit 1: Quartered potatoes photographed after 5 weeks. Dark patches represent Fusarium dry rot.
Exhibit 2: Potato sprouts photographed after 5 weeks
———
Bayer Exclusive Agreement in Europe, Asia Pacific, Middle East and Africa
Jan. 21, 2022 Link
Exclusive agreement with Bayer to evaluate MustGrow’s technologies to determine commercial potential for preplant soil fumigation, bioherbicide applications and postharvest food preservation of potatoes including sprout inhibition. Bayer is funding and driving all laboratory, field development, regulatory work and market development.
———
Sumitomo Corporation Program Expansion and Successful US Field Trials
Dec. 14, 2021 Link
Successful US field trials were reported in cotton, soybeans and cucurbits, with MustGrow’s technology showing efficacy comparable to synthetic chemical standards. Sumitomo Corporation has expanded the program development into Mexico, Peru and Chile, with a joint regulatory strategy being implemented across the Americas.
———
Successful Banana Field Trials in Colombia with Transition to Sumitomo Corporation
Nov 10, 2021 Link
Field data confirmed reduced incidence and severity of Fusarium wilt TR4 symptoms in banana plants with no damage or phytotoxic effects on banana plants. The Colombia banana program has transitioned, with Sumitomo Corporation now driving development and regulatory work necessary for commercialization.
———
Warrant Issuance
Separately, MustGrow has issued 100,000 common share purchase warrants (each a “Warrant”) to an advisor for continued work on MustGrow’s technology in Colombia. Each Warrant shall entitle the holder to acquire one common share of the Company at a price per common share to be determined according to CSE pricing policy exercisable for a period of 24 months from the date of issuance. All Warrants and underlying shares are subject to a four month hold period from the date of issuance. The issuance of the Warrants is subject to the final approval of the CSE.
About MustGrow
MustGrow is a publicly traded (CSE: MGRO) (OTC: MGROF) (FRA: 0C0) agriculture biotech company focused on providing natural science-based biological solutions for high value crops, including fruits & vegetables and other industries. MustGrow has designed and owns a US EPA-approved natural solution that uses the mustard seed’s natural defence mechanism to protect plants from pests and diseases. Over 110 independent tests have been completed, validating MustGrow’s safe and effective signature technologies. The product, in granule format, is EPA-approved across all key US states and by Health Canada’s PMRA (Pest Management Regulatory Agency) as a biopesticide for high value crops such as in fruit & vegetables. MustGrow has now concentrated a mustard extract biopesticide in liquid format, TerraMG, and with regulatory approval, could be applied through standard drip or spray equipment, improving functionality and performance features. In addition, the Company’s mustard-derived extract technologies could have other applications in several different industries from preplant soil treatment, to weed control, to postharvest disease control and food preservation.
The Company has approximately 47.8 million basic common shares issued and outstanding and 54.8 million shares fully diluted. For further details please visit www.mustgrow.ca.
ON BEHALF OF THE BOARD
“Corey Giasson”
Director & CEO
Phone: +1-306-668-2652
Forward-Looking Statements
Certain statements included in this news release constitute “forward-looking statements” which involve known and unknown risks, uncertainties and other factors that may affect the results, performance or achievements of MustGrow.
Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects”, “is expected”, “budget”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Examples of forward-looking statements in this news release include, among others, statements MustGrow makes regarding: (i) potential product approvals; and (ii) anticipated actions by partners to drive field development work including dose rates, application frequency, application methods, and the regulatory work necessary for commercialization.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of MustGrow to differ materially from those discussed in such forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, MustGrow. Important factors that could cause MustGrow’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) the preferences and choices of agricultural regulators with respect to product approval timelines; (ii) the ability of MustGrow’s partners to meet obligations under their respective agreements; and (iii) other risks described in more detail in MustGrow’s Annual Information Form for the year ended December 31, 2020 and other continuous disclosure documents filed by MustGrow with the applicable securities regulatory authorities which are available at www.sedar.com. Readers are referred to such documents for more detailed information about MustGrow, which is subject to the qualifications, assumptions and notes set forth therein.
This release does not constitute an offer for sale of, nor a solicitation for offers to buy, any securities in the United States.
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