LANGLEY, BC, Feb. 15, 2012 /CNW/ - The Natural Sciences and Engineering Research Council of Canada (NSERC) has approved a co-sponsored research grant submitted by Bevo Agro Inc. (TSX-V: BVO.V - News) and The University of British Columbia (UBC). The purpose of the grant is to develop a new cultivar of Pawpaw (Asimina triloba), North America's largest native fruit.

In August 2011 , Bevo, in concert with Dr. Kermit Ritland , a professor and plant geneticist at UBC, applied to NSERC for a $200,000 grant, (requiring matching support from Bevo), for a four year research program aimed at establishing a new patentable Pawpaw cultivar. This small tree, produces a tropical-like fruit similar in size and shape to a mango, and having a banana-mango flavour. Due to certain genetic characteristics including a short shelf life, large inedible seeds, and low fruit yields, to date, the Pawpaw has not been an attractive candidate for broad commercialization. Our research program aims to create a new commercially viable cultivar.

After a review of the grant proposal by an NSERC appointed scientific/industrial committee, the grant was conditionally approved in December 2011 pending the execution of a collaborative research agreement between Bevo and the University of British Columbia, which will administer the grant and direct the research program. The collaborative research agreement came into effect on February 06, 2012 .

About Bevo

Bevo Agro is North America's leading supplier of propagated agricultural plants, growing and distributing vegetable, flower, berry and other plant seedlings to North America's growers. Bevo propagates quality seedlings and plants for wholesale vegetable greenhouse growers, field growers and nursery operators from its 40 acres of greenhouse and related production infrastructure.

About NSERC

NSERC, an agency of the Government of Canada , promotes and supports discovery research, and fosters innovation by encouraging Canadian companies to participate and invest in research projects carried out at Canadian universities. Additionally, it helps to train university graduate students in their advanced studies, through participation in NSERC funded research programs.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Natural Sciences and Engineering Research Council of Canada Approves Bevo Co-Sponsored Research Grant