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

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

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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...