Simon Kay Appointed Chief Executive Officer of Basanite, Inc.

Rhea-AI Summary

Basanite Inc. (OTCQB:BASA) has appointed Simon Kay as its Chief Executive Officer, confirming his role since March 2020 as Acting Interim CEO. With 35 years of experience in business management and composite manufacturing, especially in aviation, Kay has a proven track record of enhancing operational performance and revenue growth. He has held senior positions in startup companies and Fortune 500 divisions. Basanite focuses on producing eco-friendly composite materials for the construction industry, aimed at offering sustainable alternatives to traditional steel reinforcement.

Positive

• Appointment of Simon Kay as CEO may strengthen leadership and strategic vision.
• Simon's extensive experience in composite manufacturing could lead to improved operational efficiency.
• Basanite's focus on environmentally friendly materials aligns with growing sustainability trends in the construction industry.

Negative

• None.

POMPANO, FL / ACCESSWIRE / March 25, 2022 / Basanite Inc., (OTCQB:BASA) ("Basanite" or the "Company"), a manufacturer of environmentally friendly, high-performance composite materials made from basalt fiber and basalt fiber reinforced polymer ("BFRP") for use by the construction industry, today announced that the company has appointed Simon Kay as Chief Executive Officer.

Since March of 2020, Simon has been working as Basanite's Acting Interim Chief Executive Officer. He is a 35-year business management veteran, with extensive composite manufacturing experience gained in the aviation industry. He has a record of achievement directing business, sales, new product development, and operations management. His senior management experience includes more than 16 years as a CEO; he was CEO and COO for two startup companies; and he worked for divisions of Fortune 500 companies in both operations management and in sales and marketing roles. Simon has demonstrated a proven ability to deliver millions of dollars in revenue growth while improving operational performance, market penetration, customer acquisition and retention, and profitability. He excels at building and leading top-performing teams, establishing relationships with top-tier accounts and Fortune 500 companies, and resolving complex issues.

Simon's visionary leadership resulted in his previous organization receiving multiple recognitions and awards, including: Grow Florida's Florida Companies to Watch Award (2016); the South Florida Manufacturer's Association Manufacturer of the Year Award (2017); and the Florida Sterling Council's Manufacturing Business Excellence Award (2017). Mr. Kay was awarded the Florida Governor's Business Ambassador Award by Governor Rick Scott (2016); and was nominated as CEO of the Month by Wealth and Finance magazine (October 2015).

Simon graduated from Georgetown University with a Master of Business Administration, and from Embry-Riddle Aeronautical University with a Bachelor of Science in Professional Aeronautics (with a focus on Aviation Business Administration), Magna Cum Laude.

About Basanite

Basanite, Inc. (OTCQB:BASA), through its wholly owned subsidiary Basanite Industries, LLC, is a manufacturer and developer of environmentally friendly, high-performance composite products made from basalt fiber, used in the construction industry for concrete reinforcement. 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.

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 the Exclusive Supplier and Distribution Agreements and new Company board members, as well as the potential for future investment in the Company, each as 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, 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, 2020, including but not limited to the discussion under "Risk Factors" therein, which was filed with the Securities and Exchange Commission on March 31, 2021, 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
Mark Komonoski
Integrous Communications
Phone: 1-877-255-8483
Email: mkomonoski@integcom.us

Public Relations Contact

Diana Hanford,Vice President
Pierson Grant Public Relations
Phone: +1 (954) 776-1999
Email: dhanford@PiersonGrant.com

SOURCE: Basanite Industries, LLC

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FAQ

What is the significance of Simon Kay's appointment as CEO of BASA?

Simon Kay's appointment as CEO is significant as he has extensive management experience and a proven track record, which could enhance the company's growth and operational effectiveness.

How does Basanite's product line compare to traditional construction materials?

Basanite's products are environmentally friendly and offer advantages such as being non-corrosive, lighter, and stronger than traditional steel materials.

What are the future prospects for Basanite Inc. after the CEO appointment?

Future prospects may improve under Simon Kay's leadership, given his expertise in composite materials and a successful history in enhancing revenue and market performance.

What does Basanite Inc. specialize in?

Basanite Inc. specializes in producing high-performance composite materials made from basalt fiber, primarily used for concrete reinforcement in the construction industry.