MustGrow and Bayer sign Exclusive Agreement to develop sustainable organic biologicals in Europe, Asia Pacific, Middle East and Africa
- Exclusive agreement with Bayer to evaluate MustGrow’s technologies to determine commercial potential.
- Bayer has the option to acquire exclusive rights to MustGrow’s technologies for preplant soil fumigation, bioherbicide applications and postharvest food preservation of potatoes including sprout inhibition in the regions of Europe, Asia Pacific, Middle East and Africa.
- Bayer will fund and drive all laboratory, field development, regulatory work and market development.
SASKATOON, Saskatchewan, Canada, January 21, 2022 – MustGrow Biologics Corp. (CSE: MGRO) (OTC: MGROF) (FRA: 0C0) (“MustGrow”) and Bayer have signed an Exclusive Agreement to evaluate MustGrow’s biological technologies to determine efficacy and commercial potential in key agricultural regions. Sustainable innovations and green technologies are necessary to ensure agricultural production continues to address food safety and security as well as soil health. This agreement between Bayer and MustGrow further demonstrates the importance of innovation in sustainable technologies in agricultural regions around the world.
MustGrow has granted Bayer the right to use MustGrow’s intellectual property for testing purposes and the option to acquire exclusive rights to MustGrow’s technologies for preplant soil fumigation, bioherbicide applications, and postharvest food preservation of potatoes, including sprout inhibition in the regions of Europe, Asia Pacific, Middle East and Africa. Under the agreement, Bayer will fund and drive all laboratory, field development, regulatory work and market development necessary for commercialization. MustGrow continues to conduct field trials, R&D and regulatory development concurrently in other regions, collaborating with numerous agriculture, chemical products, and consumer food companies.
MustGrow’s technology pipeline is focused on remarkably safe, effective, organic plant-based biopesticides that harness the mustard seed’s natural defense mechanism to treat diseases, pests and weeds. MustGrow’s technology has shown consistent efficacy in many regions of North and South America, in multiple crops, covering many pests, over multiple years. “We are thrilled to accelerate the development and understanding of our technology with Bayer in these important food producing regions. I am hopeful that we potentially have a sustainable solution for farmers to help with key issues in their production of food,” said Corey Giasson, CEO of MustGrow. “Working with a leading global agricultural company like Bayer, who is focused on sustainable agriculture, is a tremendous opportunity for our organization to see our technologies develop globally.”
“At Bayer we know that the challenges facing agriculture, both now and in the future, cannot be solved alone and we are looking forward to working with MustGrow,” said Benoit Hartmann, Head of Biologics for Bayer Crop Science. “This new agreement will help Bayer to understand the potential of MustGrow’s novel biopesticide technologies and how they can accelerate development of sustainable crop protection.”
Europe, Asia Pacific, Middle East and Africa are expected to have represented roughly 56% of the global crop protection market in 2021. The global market is projected to have grown nearly 3% in 2021, with the Asia market leading this growth.1 The worldwide biopesticide market is expected to grow at a compound annual growth rate of 13.1% and reach US$10.63 billion by 2027, driven by increased demand for organic food, elimination of synthetic chemical alternatives and intensifying efforts by governments and industry to use more sustainable products.2
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 U.S. 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 products. The product, in granule format, is EPA-approved across all key U.S. 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 post harvest disease control and food preservation.
The Company has approximately 47.8 million basic common shares issued and outstanding and 54.7 million shares fully diluted. For further details please visit www.mustgrow.ca.
ON BEHALF OF THE BOARD
Director & CEO
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 Bayer Crop Science 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.Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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