Daily Archives: August 25, 2022

This designer shack is an off-grid tropical dreamscape.

After becoming infatuated with the Bahamian island of Eleuthera, two Miami architects decided to buy land and build a house there. Due to the remote 176-square-mile islands limited resources, the married couple who together run Brillhart Architecture decided to construct the cottage in their Florida backyard, then ship it 256 miles to Eleuthera.

I had more tools and more capabilities in Miami than I did out there on the island at that time, where we had no power and no water, Jacob Brillhart explained to Insider.

The life and project partners decided to build the huts frame first, ship it, then work with a local to put together the propertys outer shell. The process ended up taking five years of planning and less than five weeks of assembly work, with the foundation and first floor completed in just 10 or so days, and the second floor and roof done in roughly three weeks.

Despite the length of the whole process, the overeager duo still couldnt wait to start living in their approximately 600-square-foot escape.

We moved in way before we should have, Melissa Brillhart told Insider. My daughter Simms was 3 months old when she first stayed there, and it was just plywood. There was just maybe a sink in there, with a bathroom, and that was about it.

By early 2021, the space was finalized and more than livable at least, for those seeking solitude and nature more than state-of-the-art amenities. The stove and hot-water heater run on propane gas that needs to be filled up at a nearby gas station and the waste system involves a septic tank and drain field, the Brillharts told Insider.

The pair are so happy with the finished product, theyve begun using it not as a vacation home, as they initially intended, but as a satellite office while they work on more business in the Bahamas.

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We built a cottage in our backyard and shipped it to the Bahamas - New York Post

POMPANO BEACH, FL / ACCESSWIRE / August 25, 2022 / Basanite Industries, LLC (hereafter referred to as "Basanite") (OTCQB:BASA), a manufacturer of advanced composite products for use in reinforcing concrete in the construction industry, announced that, working with local contacts, it has obtained Government of the Bahamas Approval (Bahamas Ministry of Works and Transport) for basalt fiber reinforced polymer (BFRP) rebar (including Basanite's BasaFlex) to be utilized in place of conventional steel rebar for reinforcement in concrete structures throughout the Bahamas.

In tandem with this approval, Basanite has entered into a Distributor Agreement with ART Heavy Equipment & Development (ART) of Nassau, Bahamas. ART will act as the regional stocking distributor of Basanite's composite products for the construction industry in the Bahamas.

ART's initial order includes more than 100,000 feet of BasaFlex, approximately one (1) mile of BasaMesh (geogrid basalt fiber mesh), and one ton of BasaMix (fine denier chopped basalt fibers).This is the first in an expected series of orders as ART sets out to meet the anticipated strong demand for Basanite products, which comply with the Bahamian Prime Minister's "green" initiatives.

ART is a building materials and supplies distributor, based in Nassau, Bahamas, led by its President Mr. Avery Lightbourne. With the Bahamian Building Code approval and the Distributor Agreement in place, ART is now able to offer its customers Basanite's full line of corrosion-proof products for concrete reinforcement. ART's primary customer base is located in the Bahamas and the Caribbean, where corrosion of steel from saltwater exposure is a major problem, and Basanite's green, corrosion-proof, basalt fiber products offer a compelling solution.

"I would like to thank the Basanite team for helping us achieve this landmark approval, especially Fred Tingberg, Basanite's CTO," said Avery Lightbourne, President of ART. "Fred and I worked together to engage our local media in Nassau in order to raise public awareness of these state-of-the-art products. Furthermore, Fred was relentless in providing the support necessary to satisfy the Bahamian Ministry of Works technical scrutiny and ultimately obtaining this approval."

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"We are very excited to bring Basanite's products to the Bahamas," said Mr. Tingberg. "Our environmentally friendly, high-performance basalt fiber composite products will help the Government and builders in the Bahamas solve the problems associated with traditional steel construction products (such as infrastructure corrosion) in a manner that helps preserve the environment. We look forward to building a long-lasting relationship with ART in the Bahamas."

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 worth 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 Inc. is confident BasaFlex will become the construction industry's number one 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 our 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 http://www.BasaniteIndustries.com.

About ART Heavy Equipment & Development: ART is a building materials and supplies distributor, based in Nassau, Bahamas, led by Mr. Avery Lightbourne, President.

Cautionary Note Regarding Forward-Looking Statements

This release 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 results and anticipated benefits of the Bahamian Government approval and 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 (including the risk of market acceptance of the Company's products in the Bahamas and the ability of the Company to satisfy product orders), as well as risks generally relating to the business of the Company (including the risk 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. KayCEOsk@basaniteindustries.com

SOURCE: Basanite Industries

View source version on accesswire.com: https://www.accesswire.com/713435/Basanite-Announces-Approval-from-the-Government-of-Bahamas-for-BFRP-to-Replace-Steel-in-Concrete-Reinforcement-and-Engagement-of-Basanites-First-Distributor-for-The-Bahamas

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Basanite Announces Approval from the Government of Bahamas for BFRP to Replace Steel in Concrete Reinforcement and Engagement of Basanite's First...

Wendy Warren, pictured below left, of Caystone Solutions says The Bahamas has shown great resilience against the pressures facing all global financial centers, thanks to its high standards for compliance and innovation

By any standards international financial centres such as The Bahamas have faced unprecedented challenges over the past several years and in even in most recent months. The ongoing Covid-19 pandemic, recent economic turbulence and never-ending scrutiny by international bodies have intensified the business and competitive environment confronting global financial centres.

Yet despite these conditions and the associated pressures, The Bahamas continues to be among the world contenders for international financial services. This kind of resilience is a hallmark of the financial services sector in The Bahamas. No matter the state of the economy, no matter what changes are occurring in the financial services and regulatory landscape, The Bahamas has always maintained its status as a global leader by being able to adapt to the new normal.

Three factors contribute to The Bahamas' hardened resilience and ability to compete successfully on the global stage: true to its roots and pedigree; adopting the highest standards for compliance, innovation and client centric responsiveness; and focusing and embracing developments emerging in the New Economy.

This trifold formula has been paramount in The Bahamas' ability to attract and welcome international families, capital and business to its shores. In fact, the demand for residences and talent that The Bahamas offers, which is being embraced by family offices and those seeking wealth management services, underscores why the Bahamas location, regulatory environment and forward-looking legislation are gaining strength and acceptance as core compelling attributes of the jurisdiction.

Remaining true to its roots

The Bahamas is home to over 270 licensed banks and trust companies, including seven of the world's top eight private banks and 35 of the top 100 global banks. These financial institutions deliver a range of services including private banking, trusts, fund administration, accounting, legal e-commerce, insurance, corporate and maritime services. North American banks have been doing business in The Bahamas for more than a century, and European and Swiss banks have deep roots established over more than 70 years. Financial institutions from other regions with growing economies are recognising the advantages of operating in The Bahamas. Additionally, there is an excess of 800 funds that are licensed in The Bahamas and more than 60 fund administrators.

With an 80+ year track record in financial services, few jurisdictions offer the wealth management experience that exists in The Bahamas. This heritage is the basis for the strong legal framework that has been cultivated for financial services, an investment climate that has been nurtured over the decades and a stable and predictable business environment anchored by the thousands of Bahamian professionals who work side by side with expatriate colleagues in the many hundreds of service providers that call the country their home.

There is a sound and proven infrastructure in place that has been built and modernized over the last 20 years. This has facilitated a highly competitive and market responsive financial service offerings and at the same time allowed The Bahamas to move forward in a very confident fashion into the new economy and the various elements of these new economies.

One of the key elements of the Bahamas infrastructure is a very strong public-private partnership where communication is open and frank among all three participants that are involved with this agenda: government, regulator and private sector. This public-private partnership facilitates our engagement in creating and investing in our wealth management pedigree and areas of new economies such as digital assets, carbon credits, and ESG relevant solutions.

Highest standards for innovation, client-centric responsiveness and compliance

The Bahamas, as a financial center post 2000, had to become far more conscious of and proactive in reflecting global norms. As a result, our regulatory foundation has become strong. From a global connectivity perspective, we see this transition paying dividends today in light of what we endured in the past two decades. It has been a dynamic period in that we have had to be fearless in striking the right balance between being compliant and aggressive. If we perceive there is a need to tweak, we will tweak, but we will not stand still, we will always be responsive and reflect the needs of our clients and our partners.

Foundations are a prime example of this fearlessness. When The Bahamas made certain changes to facilitate the introduction of Foundations, we received significant pushback. Some people said, "Wait a minute - Foundations, are these not tools for inappropriate behavior?". But we were very confident that our regime was sufficiently strong to provide a robust, well-regulated environment in which foundations can be utilised in an appropriate manner. So, the perception of Foundations might have been negative elsewhere, but when we look some ten years later, other common law jurisdictions have followed suit.

While 2020 and 2021 have been unprecedented years for many industries, for local financial and corporate service providers in The Bahamas this period brought in a host of new and amended regulations that carry the potential to transform the very landscape of the industry.

The Financial and Corporate Service Providers Act, 2020 enhances the legal and regulatory framework for those providing corporate and administrative services. Meanwhile, the new Banks and Trust Companies Regulations Act, 2020 consolidates and modernises the law regulating local banks and trust companies to enhance governing powers for The Central Bank of The Bahamas. The introduction of the new Investment Funds Act, 2019 which further enhances the regulatory framework of Bahamas investment funds allows for the appointment of international fund administrators, and generally rationalises the responsibilities of all the key parties.

From a level playing field perspective, within the past few years The Bahamas has passed a compendium of legislation to meet international standards regarding economic substance, removal of preferential exemptions, and automatic exchange of tax information to meet the EU and OECD's criteria on tax matters, which resulted in the European Union removing The Bahamas from its list of uncooperative jurisdictions for tax purposes in March 2020. In addition, The Bahamas maintains the highest standards in the fight against money laundering, terrorist financing and other identified risks, and therefore has been making significant strides in the fight against financial crime.

The anti-money laundering, counter financing of terrorism and counterproliferation legislative, regulatory and enforcement landscapes have been thoroughly reviewed and strengthened, with The Bahamas being deemed compliant or largely compliant with 38 out of 40 standards established by the Financial Action Task Force.

The Office of The Bahamas Attorney General will be submitting a re-rating of the final two of the 40 Recommendations to the CFATF - one addressing Not for Profits, and another addressing the effective regulation and supervision/monitoring of virtual asset services providers, working with the Securities Commission of The Bahamas on the latter. The intent of these latest changes is to ensure compliance with all 40 of the FATF Recommendations.

All of these efforts aid in enhancing the risk profile of The Bahamas as an international financial centre, making it an attractive jurisdiction for financial services.

The new economy

Despite the recent turmoil in the crypto market, The Bahamas remains bullish on the mid to long-term prospects for digital assets. It was one of the first countries in the world to introduce a digital currency in the form of the Bahamian Sand Dollar. And the recently introduced Digital Assets and Regulatory Exchange Act (DARE) was developed with the view of how we approach the wider picture. DARE is not a standalone single solution but rather the broad features of the jurisdiction such as private banking and funds coming together to recognise why it and a broader-based Fintech capability is required. It is just the latest example of the strength and flexibility of the jurisdiction - the weaving together of elements to create a financial services fabric that is durable and responsive.

The emergence of The Bahamas as a digital assets hub has resulted in companies such as FTX establishing their global headquarters in Nassau as well as a strong interest in Bahamian corporate vehicles to house the operations of digital asset businesses.

At the same time, emerging developments in this space has meant The Bahamas, in being true to its market responsiveness DNA, is keeping pace with changes that are required to be a world contender as a hub for digital assets. The capital markets regulator - the Securities Commission of The Bahamas - is spearheading a raft of initiatives to advance this transformation, including Amendments to DARE to address key developments since its promulgation.

The new Bahamian economy, however, is much more than digital asset leadership and companies being incorporated into the wide range of financial service providers in the country. The sector's sustainability has implications for the broader economy. The diversity within the financial services sector in terms of product offerings contributes in a meaningful way to the livelihood of the Bahamian people and the country's economy. This contribution will become more pronounced as the country pivots to invest in diversification with a focus on the 'blue and orange' economies, which have been identified as pathways for greater economic expansion, new business opportunities and wealth creation for Bahamians and international investors alike.

The Bahamas is looking to modernise its fishing industry, generating ocean sciences and marine conservation opportunities, while sustainably developing marine biotechnology, aquaculture, and deep-sea exploration initiatives. Renewable energy industries are also on the horizon. Meanwhile, as a vital component of the Bahamian economy, the tourism sector is looking to design a new tourism model that fully integrates culture and the creative industry in The Bahamas.

Both tourism and financial services are actively supporting these initiatives both domestically and internationally. This foreshadows deploying the linkages when the country's traditional economic engines engage the country's New Economy with benefits accruing to both.

Wendy Warren is Managing Director at Caystone Solutions. You can email her at [emailprotected]

This article is also featured in International Investment's latest Special Report on The Bahamas

To view this article in The II Bahamas Special Report ezine, click here to view.

Link:

The Bahamas: A world contender - International Investment

By BRENT STUBBS

Senior Sports Reporter

bstubbs@tribunemdedia.net

Although they have yet to finalise the team, head coach Chris DeMarco said the Bahamas coaching staff will select a solid 12-man roster coming out of this weeks training camp to play against Venezuela at the Kendal Isaacs Gymnasium on Thursday night.

The Bahamas Basketball Federation held a press conference yesterday in the foyer of the Thomas A Robinson National Stadium for the first game of the fourth window of the FIBA Americas Cup Qualifier.

DeMarco, an assistant coach with the Golden State Warriors, along with Grand Bahamian Chavano Buddy Hield of the Indiana Pacers and Mychel Thompson Jr, participated in the meeting that included Minister of Youth, Sports and Culture Mario Bowleg, Bahamas Olympic Committee president Rommel Knowles and Kenny Mackey, the chief marketing manager of the I-Cares Foundation, the gold sponsors for the team.

Bowleg, the immediate past president of the federation and former mens national team coach, said they had anticipated Deandre Ayton of the Phoenix Suns joining Hield and Kai Jones of the Charlotte Hornets on this team.

But Bowleg noted that while he is aware that Ayton is in town, he hasnt spoken to him, and he couldnt give any reason as to why he chose not to play for the team.

Having started coaching the team in 2019, DeMarco said hes been pleased with the process they are making. And now with Hield and Jones joining the team, he said they are taking the next step to getting to the next level on the global stage.

Its going to be very difficult, said DeMarco of the Bahamas journey through a six-game series that includes Venezuela (August 25 and February 23), Argentina (August 29), Panama (November 10 and February 27).

DeMarco, however, said all of the players are making the sacrifice to prepare themselves to represent the country and he was proud of the efforts of Hield, Jones, Mychel Thompson Jr, Jaraun Keno Burrows and Rashad Mackey, just to name a few.

He noted that they have assembled a training camp in which there are over 20 players vying for the final 12 spots on the team. He noted that the team will be selected in short order and then announced to the public.

Bowleg, congratulating the team on their success so far, said if they can qualify for the World Cup in 2023, it would go well with the countrys celebrations of its 50th anniversary of Independence.

I think this is timely that we have our top players here in Buddy and Kai playing with us, he said. So, were asking all Bahamians to come out and cheer this team on.

He assured the public that the airconditioning is working very well and hes looking forward to them enjoying the amenities that will be offered in the stadium, thanks to the generosity of their corporate sponsors, including the I-Cares Foundation.

Hield, who played in the last window when the Bahamas beat the Virgin Islands 97-80 to advance out of the third window, only to lose 88-80 to the Dominican Republic at the Baha Mar resort, said they are looking for the Bahamian public support again in this last window of games to qualify for the World Cup.

We didnt get the win in the last game we played here, but we still got to advance, so were looking forward to that same type of support for this game, Hield said.

It means a lot to the players.

Hield also expressed his thanks to all of the players who made the commitment to come home from their various professional leagues around the world to be a part of the team. He also said when the team is finally selected, it will be a solid one representing the country.

For Thompson Jr, he was just delighted to carry on the legacy of his father, Mychal Sweet Bells Thompson, the first Bahamian to play in the NBA and who was selected by the Portland Trail Blazers as the first foreign-born player to be drafted no.1 in 1978 before he went on to win back-to-back titles with the Los Angeles Lakers in 1987 and 1988.

Every time I put on this jersey, it means a lot because my father never got to play, so Im very proud to be able to play, he said.

Im just excited for this game on Thursday.

Mackey, presenting a cheque of $15,000 for their sponsorship of the game, said it is an honour to be a part of a major event and to help the countrys basketball team.

In a desire to win, there should be no fear of losing, Mackey said. When I look around the room, I dont see no fear.

Mackey said when they got the call from Bowleg, they jumped at the opportunity to assist the federation.

He said they are hoping that their assistance will go a long way in helping to put on a world-class event on Thursday night.

And Knowles, who surprised the federation in announcing that they will double their financial commitment, said this is a step in the right direction to the Bahamas qualifying its first team sport at the Olympic Games.

Far too often, our team sports are placed in the zone in the Americas, which often times includes the United States, Canada and Mexico, he said, all of whom have far greater population and resources than the Bahamas.

Knowles said those countries also have the luxury of recruiting athletes, who offer them citizenship to compete, whether or not they have lineage to those countries.

Sports is big business and everyone expects the Bahamas to win, he stated. The pressure of team sport is phenomenal.

Not only must we compete with countries with a million times our size, but we must also compete against athletes who have dual citizenship.

With the mounting challenges that exist in team sports, Knowles said hes appreciative of players like Hield who have answered the call to represent the country.

And Minister Bowleg commended the federation for the strides they are making to qualify for the World Cup.

Jurelle Nairn-Mullings, the secretary of the federation, expressed their gratitude on behalf of President Eugene Horton to their many sponsors, including The Oak Tree Medical, I-Cares Foundation, Bahamas Olympic Committee, the National Sports Authority, Breezes Resorts, Baha Mar, Cable Bahamas, AquaPure, Thompson Trading, Sun Oil Limited and the Bamboo Shack.

The federation presented a cheque of $2,000 to Steven Dean, the director of the Urban Renewal Band, for their assistance for the game on Thursday night.

Tickets are still available at BBFbasketball.com and on site on game day on Thursday.

The tickets are priced at $40 for general admission, $80 for VIP and courtside for $150.

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'Buddy' and Bahamas ready to face Venezuela - Bahamas Tribune