POMPANO, FL / ACCESSWIRE / January 12, 2022 / 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 polymer ("BFRP"), today announced that the Company's proprietary BasaFlex™ and BasaMesh™ reinforcement products have been approved by the City of Pompano Beach, Florida for use in the city's subterranean stormwater and wastewater projects.
The approval and related contract for the use of Basanite's products in an initial project named the Lyons Park Stormwater and Wastewater Improvements Project. This was generated from introductions made by Fred Tingberg, a construction industry veteran who joined the Basanite board of directors last month as part of Basanite's previously announced strategic supply and distribution agreements with Concrete Products of the Palm Beaches, Inc. and U.S. Supplies, Inc.
The approval called for a thorough technical review by the engineer of record for the Lyons Park project. Basanite's products were vetted after an extensive submission of sealed calculations, documents and testing, following which the products were approved for use in subterranean stormwater and wastewater projects in the city in general and specified for use at Lyons Park.
The Lyons Park project includes buried structures exposed to salt water intrusion and, in the case of sewer manholes, exposure to sulfide gas. The rigorous testing showed that Basanite's proprietary reinforcement products are not only resistant to rust and corrosion, but also inert in the sulfide gas environment prevalent in sewers.
Basanite anticipates that it could generate in excess of $250,000 in revenue from the Lyons Park project alone, with the potential for additional projects in Pompano Beach in the future now that the products have been approved.
"The use of Basanite's products in underground sanitary sewer applications is an enormous breakthrough for the industry" stated Basanite Director Fred Tingberg. "The sulfide gas rich environment found in sewer manholes wreaks havoc on ordinary steel rebar, requiring rehabilitation, replacement and ongoing maintenance expense. All available data shows that Basanite's BFRP products are the solution to this very real problem. Our board of directors and management would like to thank the City of Pompano Beach for the time and energy which went into the due diligence required to approve BasaFlex™ and BasaMesh™ products for use on this project and potentially other similar projects in the future."
Basanite, Inc. (OTCQB: BASA), through its wholly owned subsidiary Basanite Industries, LLC, is a manufacturer and developer of environmentally friendly, high-performance basalt fiber composite products used in 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 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 and (ii) the contract with Pompano Beach and the potential revenue to be generated by such contract, 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.
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SOURCE: Basanite Industries, LLC