Marrone Bio Innovations Announces Distribution Partnership with Hop Tri Investment Corporation in Vietnam
September 18 2018 - 11:30AM
Regalia®, Grandevo® and Majestene® to
Offer Vietnamese Growers Effective Biological Solutions as Regional
Chemical Pesticide Reduction Begins
Marrone Bio Innovations, Inc. (NASDAQ: MBII) (MBI), a leading
provider of bio-based pest management and plant health products for
the agriculture, turf and ornamental and water treatment markets,
today announced that it has signed an exclusive distribution
agreement with Hop Tri Investment Corporation for three MBI
products in Vietnam and Cambodia.
Hop Tri, a leader in the field of agriculture
research and application, plans to register and commercialize three
MBI products:
- The bioinsecticide GRANDEVO®, which prevents the development of
damaging populations of sucking and chewing insects, flies and
mites to boost yield and quality.
- The biofungicide REGALIA®, which stimulates a plant’s innate
ability to fight diseases and improves key functions such as root
mass, structural integrity and photosynthesis.
The bionematicide MAJESTENE®, which can be
applied at planting as a soil and seed drench and in-season
in-furrow through chemigation, provides long nematode and wireworm
reduction for improved quality and yield.
The three products will be available for use by
growers on vegetables, fruits and rice – all key crops in the
region. MAJESTENE will also be available for use on coffee and
black pepper, the latter of which Vietnam leads in production and
export worldwide.
The pesticide market value in Vietnam in
2017 was USD 978 million and is expected to reach USD 1266 million
by 2022. The biopesticides market is estimated to grow at a CAGR of
16.21% in 2016-2021. The market value estimated during 2015 was USD
7.99 million.
Key factors driving the rapid adoption of
biologicals in Vietnam include pesticide residue problems in
agro-products for local consumption, new requirements for Maximum
Residue Levels on agro-products imported to the EU and U.S., and a
growing number of banned pesticides.
Recently, the Vietnamese Ministry of Agriculture
and Rural Development requested the Plant Protection Department to
reduce the number of chemical pesticide brands registered in
Vietnam by 30 percent, replacing them with bioproducts. This
amplifies the need for these three environmentally responsible MBI
product solutions to help growers improve plant health and increase
crop yields.
“The timing of our partnership with Hop Tri
couldn’t be better,” said Pam Marrone, Chief Executive Officer,
Marrone Bio Innovations. “With the increase in produce exports and
recent Ministry of Ag actions in Vietnam, there is an opportunity
for us to expedite the availability of REGALIA, GRANDEVO and
MAJESTENE to customers through the region.”
“As fresh produce exports continue to see
rapid growth in Vietnam, specialty products are more important than
ever to enhance agricultural productivity and sustainability,” said
Dang Hong Hai, managing director, Hop Tri Investment Corporation.
“MBI’s highly effective and widely-respected biological products
have tremendous potential in the Vietnamese market, and Hop Tri
couldn’t be more pleased to be working alongside these industry
leaders and innovators.”
About Marrone Bio
InnovationsMarrone Bio Innovations, Inc. (NASDAQ: MBII)
strives to lead the movement to more sustainable world through the
discovery, development and sale of innovative biological products
for crop protection, plant health and waterway systems treatment.
MBI has screened over 18,000 microorganisms and 350 plant extracts,
leveraging its in-depth knowledge of plant and soil microbiomes
enhanced by advanced molecular technologies to rapidly develop
seven effective and environmentally responsible pest management
products to help customers operate more sustainably while uniquely
improving plant health and increasing crop yields. Supported by a
robust portfolio of over 400 issued and pending patents around its
superior natural product chemistry, MBI’s currently available
commercial products are Regalia®, Grandevo®, Venerate®, Majestene®,
Haven® Stargus®, Amplitude™, Zelto® and Zequanox®.
Marrone Bio Innovations is dedicated to
pioneering smart biopesticide solutions that support a better
tomorrow for farmers, turf managers and consumers around the globe.
For more information, please visit www.marronebio.com.
Marrone Bio Innovations Forward
Looking StatementsThis press release
contains forward-looking statements that involve substantial risks
and uncertainties. All statements, other than statements of
historical facts, included in this press release regarding
strategy, future operations and plans, including assumptions
underlying such statements, are forward-looking statements, and
should not be relied upon as representing MBI’s views as of any
subsequent date. Examples of such statements include statements
discussing the potential of MBI’s products and sales and marketing
activities. Such forward-looking statements are based on
information available to the Company as of the date of this release
and involve a number of risks and uncertainties, some beyond the
Company's control that could cause actual results to differ
materially from those anticipated by these forward-looking
statements, including consumer, regulatory and other factors
affecting demand for the MBI’s products, any difficulty in
marketing MBI’s products in its target markets, competition in the
market for pest management products, lack of understanding of
bio-based pest management products by customers and growers.
Additional information that could lead to material changes in MBI’s
performance is contained in its filings with the SEC. MBI is under
no obligation to, and expressly disclaims any responsibility to,
update or alter forward-looking statements contained in this
release, whether as a result of current information, future events
or otherwise.
Marrone Bio Innovations Contacts: Pam Marrone,
CEO and Founder Telephone: +1 (530) 750-2800 Email:
Info@marronebio.com
MBI Investor Relations: Greg Falesnik Managing
Director MZ Group – MZ North America Main: 949-385-6449
MBII@mzgroup.us www.mzgroup.us
MBI Trade Public Relations:Alicia
GillmanMarketing Communications Office:
480-889-4219agillman@marronebio.com
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