BioHarvest Sciences Inc. CEO’s 2020 End of Year Message to Shareholders

Vancouver, BC / December 31, 2020 / BioHarvest Sciences Inc.’s (“BioHarvest” or the “Company”) (CSE: BHSC) CEO, Ilan Sobel, reflects on the Company’s achievements in 2020 and discusses management plans for BioHarvest in 2021.

 

CEO’s Message to the Shareholders

 

Dear Shareholders,

Firstly, I would like to wish our entire global community of partners, customers, dedicated staff, and shareholders a healthy and prosperous 2021. This past year has been a challenging one for so many of us, on so many levels, and the team at BioHarvest is very appreciative of our community’s support throughout.

 

As 2020 comes to a close, I am proud to say that this year was truly transformative for the Company. The merger of Canna-V-Cell and BioHarvest Ltd into one entity (BioHarvest Sciences Inc), was our first major milestone of 2020 and established a strong foundation for growth. After personally investing in BioHarvest in December 2019, I joined BioHarvest as CEO in June 2020. My priority was to develop a growth strategy that would leverage the power of our valuable BioFarming technology. I believe that this disruptive technology, which is the result of many years of research and development, will form the critical foundation from which we can generate shareholder value by successfully developing and commercializing a family of products to service a growing global market.

 

We are now six months into that growth strategy, and I can honestly say that this process has been the most professionally rewarding period of my career. It started with the amazing team in place, which includes the stewardship of our Chairman, Zaki Rakib, and our inspirational Research and Development team, led by Dr. Yochi Hagay. This group continues to work tirelessly on pioneering new science-based products with the goal of fundamentally impacting the health and wellness of our target consumers. To strengthen the team, we have recruited world class talent in areas such as marketing, manufacturing, planning and supply chain management. We have also assembled a team of global industry experts as advisory board members and consultants who will be an invaluable brain trust to support our aggressive goals. People are the foundation of any business and I feel very privileged to be surrounded by a carefully selected “Dream Team” at BioHarvest to ensure we have what it takes to execute our aggressive growth plan.

 

In 2020 we established several key building blocks that will support this growth plan. Our contract with Sugart Israel to construct a 20 Tonne production facility will increase our VINIA® supply by a multiplier of at least 10X. The exclusive performance-based partnership with Batory Foods gives VINIA® access to their 4500+ corporate customer base and has already resulted in the Company’s first B2B VINIA® sale in December, a 60kg order, from “Designs For Health”. The November VINIA® E-Commerce launch in Israel exceeded expectations and continues to gain significant momentum and provides a critical springboard for our U.S. VINIA® E-Commerce launch scheduled for April 2021.

 

These milestones give us strong market momentum as we move into 2021. Further, we are at the nexus of several powerful trends: More than ever before, consumers are looking for effective health and wellness products. Investors realize that we are part of the growing plant-based nutrition phenomenon with the ability to deliver unique health and wellness benefits.  Our BioFarming technology stands out as being disruptive because of its broad science-based applications, its ability to deliver on sustainability and on non-GMO ingredients demanded by industry and consumers.

 

The upcoming year will be about executing on several major projects. For our B2C vertical, we have US leadership in place to establish the distribution and marketing channels to support an aggressive E-Commerce VINIA® launch in Q2.

 

As our global expansion relies on enhancing our product supply, completing our 20-tonne production facility in Q3 is a top priority for the Company. We also expect to make major progress on both our cannabis and Superfruit Nutraceuticals product roadmaps. With our B2B partnerships already in place, investors can also expect to see VINIA® being added to additional premium health and wellness products.

 

As we move through these milestones, and as revenues and the size of our team grows, I will continue to be available to investors and engage in the open and transparent dialogues which I have found very valuable.

 

I am excited to enter into 2021 with the hope that we can have a positive effect on our consumer base by delivering a product roadmap which enhances Human Utility Value. With this focus, I am confident that we will continue to grow Shareholder Value.

 

Warm Regards,

Ilan Sobel, CEO of BioHarvest Sciences Inc.

About BioHarvest Sciences Inc.

Based in Vancouver BC, BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology. It is the first and only industrial-scale plant cell technology capable of producing the active plant ingredients without the necessity to grow the plant itself. The Company’s technology is non-GMO and has already been validated by VINIA®, the red grapes cells functional food/dietary supplement produced and sold by BioHarvest Sciences Inc. The Company plans to generate significant revenue within the global nutraceutical ingredients and dietary supplements market with VINIA® and other Super Fruit Nutraceutical products. Further, by adapting this technology to the Cannabis plant, and building adequate production capacity, BioHarvest Sciences Inc.’s objective is to become a leading supplier of Cannabis for both medicinal and legal recreational purposes. Visit: www.bioharvest.com.

BioHarvest Sciences Inc.

Ilan Sobel, Chief Executive Officer

For further information, please contact:

Dave Ryan, VP Investor Relations & Director
Phone: 1 (604) 622-1186
Email: dave@bioharvest.com

 

Forward-Looking Statements 

Information set forth in this news release includes forward-looking statements that are based on management’s current estimates, beliefs, intentions, and expectations, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. There is no assurance we will achieve our 2021 projected sales guidance. Sales are dependent on market acceptance which is subject to consumer preferences that are constantly changing. There is no assurance that the Israeli market results will translate directly into US markets which may depend on different consumer preferences and more substantial marketing expenditures and resources.  They can be no assurance that the launch of Vinia® will disrupt the US market. Projected sales of Cannabis will require the company to obtain production and/or export licensing which cannot be assured. Revenue numbers in this press release do not reflect financial statement numbers which include a 10% reserve for possible returns under the Company’s 90 days money back guarantee.

 All forward-looking statements are inherently uncertain and actual results may be affected by a number of material factors beyond our control. Readers should not place undue reliance on forward-looking statements. BHSC does not intend to update forward-looking statement disclosures other than through our regular management discussion and analysis disclosures. 

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider accept responsibility for the adequacy or accuracy of this release.