POMPANO BEACH, FL / ACCESSWIRE / August 30, 2022 / Basanite, Inc. (OCTQB:BASA) ("Basanite" or the "Company") announces that it has entered into a Distributor Agreement with Basalt Fiber Products, LLC ("BFP"), under which BFP will be a regional stocking distributor in the Midwest of Basanite's composite products for the construction industry, including BasaFlex (basalt fiber reinforced polymer rebar); BasaLinks (prefabricated reinforcement components); and BasaMix (fine denier chopped basalt fibers).
BFP's initial order included more than one hundred thousand feet of BasaFlex, one ton of BasaMix, and additional select reinforcement components. This order is the first in an expected series of orders, as BFP sets out to address what it anticipates will be a brisk demand for Basanite's green, corrosion-proof, lightweight products for reinforcing concrete structures.
BFP is an equipment and building supplies distributor based in Westland, Michigan, specializing in the distribution and wholesaling of building materials. The addition of Basanite products to its product line enables BFP to offer its customers these newly available, non-corrosive options for concrete reinforcement. BFP's primary customer base is located throughout the Midwest, with a core in Michigan, Indiana and Illinois. These locations experience extensive corrosion from the winter use of salt on bridges and roadways, where Basanite's corrosion-proof products represent an excellent alternative to steel reinforcement.
Steve Carbeck, President and CEO of BFP, stated "We look forward to working with the Basanite team, especially CTO Fred Tingberg, as we grow our customer base, gain necessary approvals, support existing applications, and pioneer new ones for Basanite's low carbon footprint, sustainable, time-has-come products."
Fred Tingberg, Chief Technology Officer of Basanite, stated "We are excited to work with BFP as Basanite expands its footprint into the Midwest region. We believe the word is spreading about the benefits and timeliness of our products for the construction industry. We look forward to continuing our marketing and regulatory approval activities with commercial partners like BFP."
About BasaFlex: BasaFlex, a composite reinforcement bar or "rebar," is a state-of-the-art, sustainable alternative to steel in concrete reinforcement. BasaFlex is engineered to add intrinsic value in a concrete structure by eliminating corrosion problems associated with typical steel reinforcement, saving both time and money over the lifecycle of a concrete structure. BasaFlex has a 100-year design life, is non-corrosive, weighs just 25 percent of steel, but has a 2.5 times greater tensile strength. It is also transparent to magnetic fields, radar frequencies and other electro-magnetic radiated energy and both electrically and thermally non-conductive. It is easy to use and much safer to handle on the job site. Because of its core advantages and competitive price point, Basanite believes BasaFlex will become the construction industry's preferred choice for concrete reinforcement.
About BasaMesh: BasaMesh is a line of basalt geogrid mesh rolls, intended to replace welded wire mesh (steel) and other fiber reinforced polymer (FRP) grids or mesh. It is designed for secondary and temperature shrinkage reinforcement. BasaMesh is an excellent choice to work in conjunction with BasaFlex rebar and/or BasaMix chopped fibers for a total reinforcement program.
About BasaMix: BasaMix is pre-packaged fine denier basalt fibers, available in various chopped sizes; designed to help absorb the stresses associated with early aged plastic shrinkage and settlement cracking, as well as providing an increased toughness for enhanced reinforcement in Slab on Grade (SOG) and Precast elements. BasaMix also serves in a "system approach" for optimum performance of a concrete element when used in conjunction with BasaFlex rebar.
About Basanite
Basanite, Inc. (OTCQB:BASA), through its wholly owned subsidiary Basanite Industries, LLC, is a manufacturer and developer of a range of environmentally friendly, high-performance basalt fiber composite products used by the construction industry. Superior to traditional steel elements, Basanite's sustainable products are non-corrosive, lighter, stronger and longer lasting. For more information, please visit www.BasaniteIndustries.com.
Cautionary Note Regarding Forward-Looking Statements
This release, the symposium referred to herein, and statements by the Company's management in connection therewith contains or may contain "forward-looking statements," which are based on Company management's current expectations and assumptions as of the date of this press release. Such statements include those regarding the Company's business and performance, its prospects, its products and the market for such products, the economy, and other future conditions and forecasts of future events, circumstances, and results, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "goal," "feel," "may," "plan," "will," "expect," "anticipate," "estimate," "intend," "potential" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release involve substantial risks and uncertainties that could cause actual future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. All forward-looking statements in this press release and made in connection with the symposium referred to herein reflect Basanite's current analysis of existing trends and information and represent Basanite's judgment only as of the date of this press release. Actual results (including, without limitation, the anticipated benefits of the new distributor agreement described herein) may differ materially from current expectations based on a number of factors, many of which are beyond the Company's control. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company (including the risks associated with the Company's manufacturing capability and of the Company continuing as a going concern), please see the Company's Annual Report on Form 10-K for the year ended December 31, 2021, including but not limited to the discussion under "Risk Factors" therein, which was filed with the U.S. Securities and Exchange Commission on April 15, 2022, as well as the Company's other filings with the Securities and Exchange Commission, all of which may be viewed at http://www.sec.gov.
Basanite contact:
Simon R. Kay, President and CEO
sk@basaniteindustries.com
Basalt Fiber Products Contact:
Steve Carbeck, President and CEO
steve@basaltfiberusa.com
SOURCE: Basanite Industries
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