BioHarvest Sciences Inc. Exceeds VINIA Israel Sales Orders Expectations for Q4/2020 and Doubles Its 2021 Forecast
Vancouver, British Columbia--(Newsfile Corp. - January 7, 2021) - Driven by the high demand in Israel, BioHarvest Sciences Inc. (CSE: BHSC) ("BioHarvest" or the "Company") reports that its Q4 sales orders for VINIA®, the Company's proprietary red grape cell dietary supplement and functional food, have exceeded the earlier Q4 sales order forecast for the quarter. BioHarvest's new e-commerce program commenced in mid-October 2020, and despite not being operational for the full 90 days in the quarter, total VINIA® Israel sales orders in Q4 were US$296,000 and beat the previously announced forecast range of US$230,000-US$250,000.
Sales orders received in Q4, 2020 represent a 416% increase over sales orders received in Q4, 2019. Based on the demonstrated demand for VINIA®, the company is increasing its 2021 Israel sales order forecast by 100% to US$1,400,000 as compared with its initial sales order forecast of US$700,000.
These positive sales order increases were the result of an increase in the number of new customers, the number of purchases per customer, and the larger average dollar value of each purchase. Customers in Israel recognize the superiority of the Piceid Resveratrol available only in VINIA® at concentration levels that are able to provide functional benefits.
Based on the performance of VINIA® in the Israeli market, the Company expects robust demand for the product when marketing of VINIA® commences in the USA in early Q2, 2021. For that purpose, management is focused on creating adequate capacity to meet such demand using the new 20-ton facility that is scheduled to start production of VINIA® in Q3, 2021.
"We believe that the success we are experiencing in Israel is a direct result of the uniqueness of our VINIA® product and our ability to communicate its benefits to the consumer. We are leveraging our unique Piceid Resveratrol and matrix of polyphenols to position ourselves at the high end of the category. We look forward to demonstrating our ability to create meaningful differentiation and impact with the launch of VINIA® in the USA's US$3.9 Billion Heart Health Dietary Supplements Market (Persistence Market Research Report)," stated Ilan Sobel, CEO of the Company. "Sales order growth and feedback during this initial launch has been very positive, and as we look toward our early Q2, 2021 e-Commerce launch in the USA, these results support our expectations for VINIA® and our Superfruit Nutraceuticals vertical to break even in 2021 and for the Company to break even in 2022."
Shareholders and Media are invited to register for the next BioHarvest Sciences Shareholder meeting, to be held at 11am PT/ 2pm ET Thursday, January 21. Interested parties can register at https://app.livestorm.co/st-financial/bioharvest-sciences-shareholder-meeting.
About BioHarvest Sciences Inc.
Based in Vancouver B.C., 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 also become a leading supplier of Cannabis for both medicinal and legal recreational purposes.
For more information visit: www.bioharvest.com.
BioHarvest Sciences Inc.
Chief Executive Officer
For further information, please contact:
VP Investor Relations & Director
Phone: 1 (604) 622-1186
The foregoing includes forward-looking statements based on estimates of Company management. Forward-looking statements are uncertain by their nature and are subject to risks. Such statements are not a guarantee or assurance of results. In particular: there is no assurance that the Company's products will be successfully commercialized across global markets as global acceptance of products depends on consumer tastes and trends which are subject to unpredictable changes; product acceptance is also subject to limitations of available marketing funds, commercial advertising space and advertising costs all of which are subject to change; there is no assurance the Company's production facility will be completed by the time anticipated or have anticipated capacity, factory construction is subject to costs overruns, inspections and other construction delays which cannot be predicted with certainty; there is no assurance that VINIA® will be added to additional premium and wellness products which is subject to acceptance by product manufacturers and their customers preferences; the timetable of development announcements on new Superfruit Nutraceuticals products is uncertain and depends on factors such as availability of time of scientific staff and facilities and results of testing all of which is subject to uncertainty; 2021 projections are based on management's best estimate but cannot be assured as customer preferences and other factors may not occur as anticipated and are subject to risk.
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. The Company 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.