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Basanite Industries provides updates on two corporate developments

  • Basanite Industries shares are now being traded on the OTC QB
  • Senior management meets with The Federal Highway Administration

POMPANO BEACH, Fla., Aug. 27, 2019 (GLOBE NEWSWIRE) -- As has been announced previously, Basanite Industries, LLC (OTC MARKETS: BASA) has received notice that it has been approved for trading on the OTCQB Venture Market, effective August 21, 2019. Up-listing is an important step for the company as it continues to build shareholder value through stringent reporting standards and increased investor transparency.

The company anticipates continuing down this path as it works to meet additional requirements for further up-listing onto a national exchange, according to Richard Krolewski, CEO. The timing of this approval comes at an inflection point, when Basanite Industries is set to begin its initial testing and manufacturing.

“We have been working the last several months to build strategic alliances with industry leading corporations that will ultimately drive revenues through sales to our customers,” Krolewski said. “We anticipate updating our shareholders in the coming months with continued growth in sales and customer base.”

Basanite Industries manufactures BasaFlex™, an enhanced basalt fiber reinforced polymer (BFRP) engineered to add intrinsic value in concrete structures by eliminating corrosion problems caused by steel reinforcement. The company is working to position itself as the recognized leader in the engineered composite rebar market for the concrete industry.

In other news, Basanite’s CEO met with the Federal Highway Administration to discuss the advantages of fiber reinforced polymers in transportation projects. “The timing is right for innovative materials such as BasaFlex™ to take hold in the marketplace,” Krolewski said. “The IMAGINE Act that Congress is considering right now encourages the use of innovative materials in rebuilding infrastructure. Signs are also pointing toward a significant increase in funding for the next federal transportation bill. These are positive developments that will be good for the country and good for our industry.”

About the company: Basanite Industries, LLC is a publicly traded company with primary interests in the manufacture of concrete reinforcement products made from basalt fiber reinforced polymers.

Forward-looking statements: This release contains the company's forward-looking statements which are based on management's current expectations and assumptions as of August 26, 2019, regarding the company's business and performance, its prospects, current factors, the economy, and other future conditions and forecasts of future events, circumstances, and results.

For Investor Relations: Richard Krolewski, CEO, (954) 532-4653, ext. 101