OAKLAND, FL / ACCESSWIRE / November 21, 2017 / Basalt America, a wholly-owned subsidiary of PayMeOn, Inc. (OTC PINK: PAYM), today announced the opening of its manufacturing facility in Oakland Park, FL. The Company produces state of the art, basalt fiber reinforced products for the construction industry.
Manufacture of concrete reinforcement products made from basalt fiber create substantial benefits for the construction industry, including but not limited to:
- No corrosion - steel reinforcement products rust, our products do not
- Sustainability and Lifecycle - production of our products results in exceptionally low "carbon footprint." Lack of corrosion allows the "lifespan" of projects to be much longer
- Cost - the physical nature of our products relative to steel (much lighter, easily transportable, "spoolable") reduces the all-in cost of reinforcement products when factors such as transportation and liability are considered
As previously disclosed in the Company's 10Q filing dated March 31, 2017, the Company spent the first and second quarters of 2017 configuring it's approximately 14,000 square facility for production. As of today, the facility is capable of producing approximately two to three miles of product per day. We expect that capacity to continue to grow.
The Company is committed to being a leader in what it believes will be a substantial shift towards the use of new, stronger and more environmentally friendly materials by the global construction industry. Accordingly, Basalt America has engaged the University of Miami, Structures and Materials Laboratory, located within the College of Engineering, as the technical representative to test and demonstrate the compliance of Basalt America's composite rebar with the International Building Code (IBC), as provided in the Acceptance Criteria for Fiber-Reinforced Polymer (FRP) bars for internal reinforcement of concrete members (AC454). This process, which is in the final stages, will result in the first ever publication of an Evaluation Service Report (ESR) by the International Code Council Evaluation Service (ICC-ES) for composite rebar. ICC-ES is the industry leader in performing technical evaluations for code compliance, providing regulators and construction professionals with clear evidence that products comply with codes and standards. According to Edward A. Cespedes, Chairman and Chief Executive Officer, "While we are able to sell our products now and have begun limited sales, we believe that obtaining the ICC-ES will continue to show the industry our commitment towards the highest of standards with respect to our superior products, and will accelerate industry acceptance. To our knowledge, no other basalt fiber reinforcement manufacturing facility in the world has obtained an ICC-ES."
During the second quarter, Basalt America also created two joint ventures to manage defined Territories within our licensed geography. The Company created Basalt America Territory 1, LLC to manage the sales, distribution, and marketing of our products for Dade, Broward, and Monroe Counties in the State of Florida. Basalt America Territory 1 is owned 55.3% by Basalt America and 44.7% by investors. The Company also created Basalt America Territory 2, LLC to manage the sales, distribution, and marketing of its products for the state of Rhode Island. The joint venture is owned 50% by Basalt America and 50% by a third-party investor. The joint ventures will buy product for resale from Basalt America. According to Vincent L. Celentano, Director, "We believe that the construction industry will begin rapidly adopting new materials like basalt fiber reinforcement products into their projects. Creating joint ventures and other types of partnerships will be critical to our rapid roll-out and success, and we're thrilled to have executed on the joint venture of two territories so far."
Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products and partnerships, as well as potential transactions the Company may be considering or may have closed. Such forward-looking statements are based on present circumstances and on PAYMEON's AND BASALT AMERICA'S predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations, reliance on representations from third parties that may not execute as planned, development of new markets, success of recently formed partnerships or joint ventures, and other factors over which PAYMEON AND BALSALT AMERICA have little or no control. Such forward-looking statements are made only as of the date of this release, and PAYMEON AND BASALT AMERICA assume no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties, and other factors are discussed in documents filed from time to time by PAYMEON with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any securities. For additional information and potential risk factors, readers should review PAYMEON's filings with the Securities and Exchange Commission, which can be found at www.sec.gov.
For Investor Relations Questions, Please Call: +1-844-4BASALT (+1-844-422-7258)
SOURCE: PayMeOn, Inc.