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DAVIS, Calif., Sept. 18, 2018 (GLOBE NEWSWIRE) -- 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 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 Innovations
Marrone 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 Statements
This 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
MBI Investor Relations:
MZ Group – MZ North America
MBI Trade Public Relations:
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