BASANITE INC - BASA STOCK NEWS

Basanite Industries, , a subsidiary of Basanite Inc. (OCTQB: BASA), has been granted U.S. Patent No. 12,024,885 B2 for its BasaFlex™ basalt fiber composite rebar and manufacturing method. This follows the product's successful testing at the Universite de Sherbrooke in 2021, which demonstrated BasaFlex™'s superior strength compared to steel and top performance in the BFRP rebar field.

The patent application was filed on September 13, 2021, and granted on July 2, 2024, with an anticipated expiration date of September 13, 2041. Basanite Industries specializes in manufacturing environmentally friendly, high-performance basalt fiber composite products for the construction industry, offering non-corrosive, lighter, stronger, and longer-lasting alternatives to traditional steel elements.

Basanite Inc. (OCTQB: BASA) has appointed Ali Manav as Interim Chief Executive Officer. Mr. Manav brings over 30 years of business experience across various industries, including building materials, banking, IT, healthcare, and manufacturing. He specializes in lean manufacturing and has a track record of guiding companies from start-up to commercialization.

Mr. Manav expressed gratitude for the opportunity and commitment to leveraging his network and experience to lead Basanite. He holds an MBA in Management and Entrepreneurialism from Case Western Reserve University and a bachelor's in business administration from Cleveland State University.

Basanite, through its subsidiary Basanite Industries, , manufactures and develops environmentally friendly, high-performance basalt fiber composite products for the construction industry. These products are promoted as non-corrosive, lighter, stronger, and longer-lasting compared to traditional steel elements.

Basanite Industries has announced the certification of its BasaFlex™ basalt fiber reinforced polymer (BFRP) rebar by the International Code Council Evaluation Service (ICC-ES). This certification confirms compliance with the 2018 and 2021 International Building Codes, enabling use in states like New York. Additionally, ASTM has published a new international standard, D8448-22, for basalt fiber composites, marking a significant milestone for Basanite in gaining global acceptance. The management highlights the strategic importance of this certification for future market penetration and product validation.

Basanite, Inc. (OCTQB:BASA) has signed a Distributor Agreement with Basalt Fiber Products, LLC to distribute its basalt fiber composite products in the Midwest. BFP ordered over 100,000 feet of BasaFlex™ rebar, one ton of BasaMix™ fibers, and other components, indicating strong demand for Basanite's corrosion-proof products. The collaboration targets regions prone to steel corrosion, positioning Basanite's sustainable solutions effectively. BFP, based in Michigan, anticipates expanding customer reach and application opportunities for Basanite's products.

Basanite Industries (OTCQB:BASA) has received approval from the Government of the Bahamas for its basalt fiber reinforced polymer (BFRP) rebar, allowing it to replace conventional steel rebar in concrete structures. This approval coincides with a distributor agreement with ART Heavy Equipment & Development, which will stock Basanite products in the Bahamas. ART's initial order includes over 100,000 feet of BasaFlex rebar and other composite materials, targeting the region's demand and green initiatives.

Basanite Inc. (OTCQB:BASA) announced the appointment of Lisa H. Gainsborg as Chief Financial Officer, Treasurer, and Secretary, effective August 17, 2022. Ms. Gainsborg, a seasoned financial executive, brings extensive experience in accounting and compliance from both public and private sectors. Her role will be crucial in guiding Basanite's growth in the construction industry and ensuring adherence to SEC reporting standards. Basanite specializes in environmentally friendly composite materials, aimed at enhancing construction sustainability.

Basanite, Inc. (OTCQB:BASA) announced the appointment of Sergio S. Salani to its Board of Directors on August 16, 2022. Salani, a seasoned entrepreneur with over 30 years of experience in finance and technology, expressed excitement about joining the company, which produces environmentally friendly composite products for the construction industry. Chairman Michael V. Barbera believes Salani's expertise will significantly contribute to the company's goals. Basanite focuses on innovative, sustainable materials that outperform traditional construction products.

Basanite Inc. (OTCQB:BASA) will host a technical symposium on June 28, 2022, in Palm City, Florida, focusing on the benefits of basalt fiber-reinforced polymer (BFRP) in construction. The event features key experts, including keynote speaker Dr. Brahim Benmokrane, highlighting BFRP as a sustainable alternative to steel. The symposium aims to promote environmentally friendly construction materials amidst changing market dynamics. Attendees include industry professionals from government agencies and construction companies. The event will be streamed live and available for replay on Basanite's website.