Basanite Inc. Announces Completion of Product Approval By Florida Department of Transportation
POMPANO, FL / ACCESSWIRE / June 16, 2023 / Basanite Inc. (OTCQB:BASA) ("Basanite" or the "Company"), a manufacturer of environmentally friendly, high-performance composite construction materials made from basalt fiber and basalt fiber reinforced polymers ("BFRP"), announced that on June 13, 2023, the Company received final approval from Florida Department of Transportation, (FDOT,) on a range of its BasaFlexTM products.
"Today's headlines include structural collapses on many fronts. Specification agencies are redoubling their efforts to scrutinize Quality Assurance, Quality Control, and Testing of all elements incorporated by Design into projects lending exposure to our Public Domain. This approval is a substantial accomplishment for Basanite that we have worked diligently in completing," stated recently appointed Interim CEO Tom Richmond. "We have spent an enormous amount of time, resources, and product to achieve this approval, and we look forward to taking the next steps on our pathway to commercialization."
The approval combined a facility inspection with a QA/QC Process Audit and a coordinated testing program performed onsite at Basanite and the University of Sherbrook. A new feature in the FDOT approval criteria included long-term mechanical properties testing under an alkaline load. "The time required to achieve this approval is justified by the durability assurance associated with it, which is factual substance as to the approval." according to Fred Tingberg, Basanite's CTO.
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 to a concrete structure by eliminating corrosion problems associated with typical steel reinforcement, saving both time and money over the lifecycle 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 electromagnetic radiated energy and is 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 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. Basanite's sustainable products are superior to traditional steel elements and are non-corrosive, lighter, stronger, and longer lasting. For more information, please visit www.BasaniteIndustries.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements," which are based on Company management's current expectations and assumptions as of the date of this press release 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, 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 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 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 anticipated benefits of (i) the Company's products 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, as well as risks 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, 2022, including but not limited to the discussion under "Risk Factors" therein, which is filed with the U.S. Securities and Exchange Commission on May 17, 2023, 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.
Investor Contact
Thomas Richmond
Interim Chief Executive Officer
954-532-4653
info@basaniteindustries.com
SOURCE: Basanite Industries
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