Successful US field trials in cotton, soybeans and cucurbits
MustGrow's mustard-based technology showed efficacy comparable to synthetic chemical standards for treatment of multiple nematode species
Sumitomo Corporation to expand program development into Mexico, Peru and Chile
Joint regulatory strategy being implemented across the Americas
Saskatoon, Saskatchewan--(Newsfile Corp. - December 14, 2021) - MustGrow Biologics Corp. (CSE: MGRO) (OTCQB: MGROF) (FSE: 0C0) ("MustGrow"), working with Sumitomo Corporation (TYO: 8053) (OTC: SSUMY), is pleased to announce its successful initial field trial program in the US. MustGrow and Sumitomo Corporation are now expanding into multiple countries and new crop categories, with Sumitomo Corporation driving field trial development and regulatory work necessary for commercialization in several countries in the Americas.
US Field Trials
Conducted by Sumitomo Corporation, field test data in the US confirmed efficacy of MustGrow's mustard plant-derived biopesticide technology in treating the key nematode species affecting cotton, soybeans and cucurbits. Nematodes are soil-borne phytoparasitic roundworms responsible for an estimated annual agricultural economic loss of US$125 billion(1). Efficacy was comparable to leading synthetic chemical standards. Sumitomo Corporation will now be driving additional field work, testing other soil-borne pests in the US, including regulatory work necessary for commercialization.
Expansion in the Americas
Building on MustGrow's recently-announced banana field trial success in treating Fusarium wilt TR4, Sumitomo Corporation is preparing further development work to advance MustGrow's mustard-derived biopesticide technology towards commercialization in Colombia and will be pursuing other applications in Colombia where the technology may be effective. In addition, Sumitomo Corporation will now be expanding development work of MustGrow's technology into Mexico, Peru and Chile, with multiple crops and applications planned.
Joint Regulatory Strategy
Cooperation between MustGrow and Sumitomo Corporation in regulatory strategy efforts have proven effective. Together, the companies are now commencing regulatory approval processes in multiple countries across South and Central America in addition to the ongoing US Environmental Protection Agency (EPA) approval process.
MustGrow: "We are seeing continued field success with our mustard-based biopesticide technology. The US field trial performance with Sumitomo Corporation's team continues to show that our technology works with potential application techniques in many different crop categories and geographies. Seeing continued success is great, but the exciting part is deepening the understanding of our technology with Sumitomo Corporation's world-class team for expansion in the Americas. Having a sustainable, natural, organic technology perform as well as the leading chemistries provides a tremendous opportunity to help the agriculture industry confront key challenges in food production through innovation." - Chief Operating Officer, Colin Bletsky.
Sumitomo Corporation: "We are seeing MustGrow's technology perform consistently in field and are very encouraged by the initial testing and performance. Developing sustainable crop protection products with MustGrow in the Americas offers a tremendous opportunity and responsibility to help growers tackle some of the key issues facing them and the world today. This is an encouraging step and we look forward to expanding our future collaboration." - Head of Business Development, Marcos Mares.
(1) Global Research on Plant Nematodes, ResearchGate, August 2020 Link
About Sumitomo Corporation
Sumitomo Corporation (www.sumitomocorp.com/en/jp) is a diversified multinational corporation and one of the world's largest general trading companies. Sumitomo Corporation is listed on three Japanese stock exchanges (Tokyo, Nagoya and Fukuoka under the symbol "8053") and is a constituent of the TOPIX and Nikkei 225 stock indices. For the year ended March 31, 2021, Sumitomo Corporation had US$41.8 billion in annual revenue, US$5.4 billion of cash and cash equivalents and 957 consolidated subsidiaries & associated companies.
MustGrow is a publicly traded (CSE: MGRO) (OTCQB: MGROF) (FSE: 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 crops from diseases and pests. 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 fruits and & vegetables. MustGrow has now concentrated a mustard extract biopesticide in liquid format, TerraMG, and with regulatory approval, this technology 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 Sumitomo Corporation 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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