Basanite, Inc. to Open New Production and Distribution Facility in Northeast Ohio

Rhea-AI Summary

Basanite Inc. (OCTQB: BASA) has announced plans to relocate its operations from Pompano Beach, Florida, to a new production and distribution facility in Northeast Ohio. The company cites several strategic advantages for this move, including improved access to labor, more favorable real estate costs, and promising regional demand indicators.

Acting Interim CEO Ali Manav expects to secure a facility and establish operations within the next 45 days. The relocation plan involves transferring all manufacturing equipment, inventory, and raw materials to the new Midwest location. Basanite specializes in manufacturing environmentally friendly, high-performance basalt fiber composite products for the construction industry.

Positive

• Strategic expansion into Midwest market with potential for increased regional demand
• Expected cost reduction through more favorable real estate costs
• Improved access to labor force in Northeast Ohio
• Quick implementation timeline of 45 days for facility acquisition

Negative

• Potential operational disruption during relocation of all manufacturing equipment and inventory
• Risk of delays in securing new facility and establishing operations
• Temporary production halt during transition period

POMPANO BEACH, Fla., Jan. 2, 2025 /PRNewswire/ -- Basanite, Inc. (OCTQB: BASA) today announced its plans to open a production and distribution facility in Northeast Ohio.

Basanite, Inc. currently has all its operations and manufacturing facilities in Pompano Beach, Florida. Basanite has identified several advantages of establishing operations in the Midwest, including but not limited to, greater access to labor, more favorable real estate costs, and initial indications of regional demand. The Company is currently seeking to secure a facility that will offer these advantages.

"After careful consideration and analysis, I have determined that establishing a presence in the Midwest, specifically Northeast Ohio, will greatly benefit Basanite," stated the Company's Acting Interim CEO Ali Manav. "We have been in negotiations to secure a facility and have adequate reason to believe that we will be able to secure a facility and establish operations within the next 45 days."

The Company intends to move all manufacturing equipment, inventory, and raw materials to a new location and commence operations as soon as it secures the new location.

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 www.BasaniteIndustries.com.

Cautionary Note Regarding Forward-Looking Statements
This release, the symposium referred to herein, 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 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, 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.

Contact: info@basaniteindustries.com, 954-532-4653

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SOURCE Basanite, Inc.

FAQ

When will Basanite (BASA) complete its relocation to Northeast Ohio?

According to the announcement, Basanite expects to secure a facility and establish operations within 45 days from January 2, 2025.

What are the main benefits of Basanite's (BASA) move to Northeast Ohio?

The main benefits include greater access to labor, more favorable real estate costs, and promising regional demand indicators in the Midwest market.

What will Basanite (BASA) relocate to its new Ohio facility?

Basanite plans to move all manufacturing equipment, inventory, and raw materials from its current Pompano Beach, Florida location to the new facility in Northeast Ohio.

How will the relocation affect Basanite's (BASA) current operations in Pompano Beach?

The company plans to move all operations from its current Pompano Beach, Florida location to the new Northeast Ohio facility.