BASA - Basanite Up-Lists

POMPANO BEACH, Fla., Aug. 08, 2019 (GLOBE NEWSWIRE) -- Basanite, Inc. (OTC MARKETS: BASA) announces an up-listing of its stock classification, and new electronic transfer status for stockholders who want to deposit their shares electronically.

The company’s stock has now been up-listed from OTC Pink to OTCQB® Venture Market, which is considered the intermediate level of the three-tiered marketplace for the trading of over-the-counter stocks.   The OTCQB Venture Market consists of early-stage and developing U.S. and international companies.  

The up-listing goes hand-in-hand with Basanite Industries’ new Deposit/Withdrawal at Custodian option, according to Richard Krolewski, Basanite CEO.  “DWAC enables our stockholders to hold our securities electronically.  It’s fast, it saves time for the investor, and it saves costs.  Both the DWAC and the up-listing are signs of a steady progression and evolution of the company.”

These recent moves by Basanite Industries mark the company as an up-and-coming force in the engineered composite rebar market for the concrete industry.

Basanite Industries manufactures BasaFlex™ an enhanced basalt rebar, engineered to add intrinsic value in a concrete structure by eliminating corrosion problems often associated with intervening products or elements, or naturally caused by the steel reinforcement itself.  The company is working to position itself as the recognized leader in the engineered composite rebar market for the concrete industry.  

“The timing is right for innovative materials such as BasaFlex™ to take hold in the marketplace,” Krolewski said. “The IMAGINE Act that Congress is considering right now encourages the use of innovative materials in rebuilding infrastructure.  Signs are also pointing toward a significant increase in funding for the next federal transportation bill.  These are positive developments that will be good for the country and good for our industry.”

For Investor Relations: Richard Krolewski, CEO, (954) 532-4653, ext. 101