Basanite's board of directors adds two veterans in the construction industry
Pompano, Florida/ACCESSWIRE/December 13, 2021/Basanite Inc. (OTCQB:BASA) ("Basanite" or "Company"), an environmentally friendly, high-performance composite building material made of basalt fiber and basalt fiber The manufacturer of Reinforced Polymers ("BFRP"), today announced that Basanite has established a strategic partnership, including two (2) major five (5) year agreements: an exclusive agreement with Palm Beach Concrete Products Company ("CPPB") Supplier Agreement), and a distribution agreement with US Supplies, Inc. ("USS").
It is expected that these agreements and related cooperation will accelerate the verification and acceptance of Basanstone products in the construction market, and create huge potential for new domestic and foreign orders for Basanstone.
A supplier agreement with custom-made precast manufacturer CPPB, under which Basanite will act as the sole supplier of basalt fiber and BFRP products for CPPB's concrete products.
A distributor agreement signed with USS, a domestic and international distributor of construction products and supplies, under which Basanite products will be provided to USS's large customer base in the United States and seven Central and South American countries.
Two construction industry veterans have been appointed to the Basanite board of directors: CPPB and USS President Manuel A. (Manny) Rodriguez and successful construction industry executive and CPPB consultant Frederick H. (Fred) Tingberg, Jr..
USS has received warrants to purchase 40 million shares of Basanite common stock at a price of US$0.33 per share, half of which vest immediately, and the remaining half when USS and its associates invest US$5 million in new capital in Basanite.
With new funds from strategic partners, Basanite needs to purchase five (5) additional BasaMax™ machines to meet the anticipated demand.
"We are very pleased to establish a strategic partnership with USS and CPPB, and welcome Manny and Fred to join our board of directors," said Simon Kay, acting interim CEO of Basanite. "Together, we will change the way buildings and structures are constructed, using Basanite's green, sustainable, and advanced composite products, specifically designed to solve corrosion problems in an environmentally friendly way."
"In addition, with the recently passed Federal Infrastructure Act, the United States is seeking to rebuild and repair its bridges, tunnels, buildings, highways, ports, seawalls, and underground water conservancy structures," Mr. Kay continued. “These infrastructure elements fail due to the corrosion of the steel bars in the concrete, mainly steel bars. Basanite's steel bar products provide a solution because they are completely corrosion-resistant.”
CPPB and USS President Manny Rodriguez said: "We'full support' this cooperation because we believe that Basanite has manufactured the most technologically advanced composite reinforced structure products available today." "Basanite's products are green and sustainable; they are completely corrosion-free; Stronger and lighter than steel; non-conductive; and provide a long life cycle. They are also safer to transport and use on the job site. They are very suitable for solving current infrastructure problems and future infrastructure. As a major customer and distributor, And as a member of the Basanite board of directors, my company and I are fully committed to helping promote the acceptance of Basanite products in the construction market and have a significant impact on Basanite’s new product orders."
Basanite will become the exclusive supplier of CPPB's basalt fiber reinforced concrete rebar products, including BasaFlexTM, Basanite's patent-pending BFRP rebar, also known as composite rebar. In addition, Basanite's products will be the only basalt fiber and BFRP products distributed by USS. Basanite, CPPB, and USS will jointly promote BasaFlexTM and other advanced Basanite products to the domestic and international construction industry; construction and civil engineering companies; architectural design and construction companies; municipal, state, and federal government agencies; and specific manufacturing communities.
As USS and CPPB are expected to bring new business to Basanite, USS has obtained a warrant to purchase 40 million shares of Basanite common stock at a price of US$0.33 per share. In the future Basanite financing, new equity investment of no less than USD 5,000,000. Part of these funds will be used to purchase five (5) additional BasaMaxTM pultrusion manufacturing machines to support the anticipated new demand from the CPPB and USS contracts.
CPPB is a custom prefabricated manufacturer that produces a series of products made of a combination of cement and aggregate, focusing on underground structures. CPPB will use its engineering expertise to design sustainable concrete structures, with a focus on the use of BasaFlex™ and other Basanite products. CPPB will be responsible for taking all necessary steps to obtain import-related customs clearance, verification, import authorization, product approval and regulatory licenses or other approvals, permits or material authorizations that may be required by any government agency or authority, and marketing of CPPB's concrete products , Distribution, sale and use, including Basanite products.
USS plans to focus on the distribution of Basanite products to a large customer base including prefabricated parts; cast-in-place contractors; and state, county, city, and federal governments and agencies in the United States. USS will also exclusively distribute Basanite products in seven countries in Central and South America: El Salvador, Guatemala, Honduras, Mexico, Colombia, Ecuador and Peru.
For more detailed information on exclusive supplier and distribution agreements, please refer to Basanite's Form 8-K file with the US Securities and Exchange Commission.
Basanite, Inc. (OTCQB: BASA), through its wholly-owned subsidiary Basanite Industries, LLC, is a manufacturer and developer of environmentally friendly, high-performance basalt fiber composite products used in the construction industry. Better than traditional steel elements, Basanite's sustainable products are non-corrosive, lighter, stronger and longer lasting. For more information, please visit www.BasaniteIndustries.com.
Note on forward-looking statements
This press release contains "forward-looking statements" based on the company’s management’s current expectations and assumptions regarding the company’s business and performance, prospects, current factors, economic and other future conditions, as well as future events and conditions as of the date of this press release. And the results were made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such as "believe", "target", "feel", "may", "plan", "will", "expect", "expect", "estimate", "intend", "potential" and similar expressions (and other Words or expressions involving future events, conditions or circumstances) are intended to identify forward-looking statements. The forward-looking statements in this press release involve significant risks and uncertainties, which may cause future results, performance or achievements to be materially different from those expressed or implied in the forward-looking statements. All forward-looking statements in this press release reflect Basanite's current analysis of existing trends and information, and only represent Basanite's judgment on the date of this press release. Actual results (including but not limited to exclusive supplier and distribution agreements and the expected benefits of the new company’s board members, as well as the potential for future investment in the company, as described in this article) may differ materially from current expectations. Many factors, many of which are the company’s inability controlling. For further description of the risks and uncertainties that may cause actual results to differ from those expressed in these forward-looking statements, as well as risks related to the company’s business (including risks of the company’s continuing operations), please refer to the company’s report to the United States on March 31, 2021 The annual report on Form 10-K submitted by the Securities and Exchange Commission for the year ended December 31, 2020, including but not limited to discussions under "risk factors" and other documents submitted by the company to the US Securities and Exchange Commission, all of these documents Both can be viewed on http://www.sec.gov.
Investor Contact Mark Komonoski, Partner
Integrous Communications Tel: 1-877-255-8483 Email: mkomonoski@integcom.us
View the source version on accesswire.com: https://www.accesswire.com/677176/Basanite-Announces-Strategic-Supply-and-Distribution-Agreements
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