Basanite Industries, Inc. Provides Corporate Update

Rhea-AI Summary

Basanite Industries (OTCQB: BASA) announced significant management changes and operational updates. The company experienced multiple board resignations, including directors Andrew Acquarulo Jr., Paul Sallarulo, Sergio Salani, and Fred Tingberg. Additionally, the CFO and CTO have stepped down, with Ronald LoRicco now serving as interim CEO and CFO.

The company has relocated from Pompano Beach to Branford, Connecticut and is currently involved in litigation against Upstate Custom Products regarding custom pultrusion machines. Basanite is exploring new opportunities in Basalt Fiber Reinforced Polymer industries and considering investments in energy, mining, cryptocurrency, and healthcare sectors, though success is not guaranteed.

Positive

• Company maintains valuable proprietary patented manufacturing process in basalt fiber composites
• Potential diversification into new sectors including energy, mining, cryptocurrency, and healthcare

Negative

• Mass resignation of four board directors including CFO and CTO positions
• Ongoing federal litigation against Upstate Custom Products over undelivered machinery
• Significant operational disruption with relocation from Florida to Connecticut
• No assurance of securing financing for new investments or operations

BRANFORD, Conn., Sept. 2, 2025 /PRNewswire/ -- Basanite Industries, Inc. (OCTQB: BASA) today announced a corporate update to notify shareholders of recent events, the current status of its business affairs, as well as the Company's future intentions.

Between August 13^th and August 15^th of 2025, directors Andrew Acquarulo, Jr., Paul Sallarulo, Sergio Salani, and Fred Tingberg resigned from the Company's Board of Directors. In addition, Jacqueline Placeres and Fred Tingberg resigned from their positions of Chief Financial Officer and Chief Technology Officer, respectively. The Company's Board of Directors now consists of Manuel Rodriguez, Adam Falkoff, and Ronald LoRicco. Mr. LoRicco now serves as the Company's interim acting Chief Executive Officer and interim acting Chief Financial Officer.

Earlier this year, the Company relocated its offices, assets, and equipment from its Pompano Beach locations to its new Branford, Connecticut location and has changed its corporate address to reflect this change.

Basanite, Inc. is in ongoing current litigation against Upstate Custom Products (UCP) in United States Federal Court regarding a dispute where Basanite claims they have paid fully for custom pultrusion machines and UCP has failed to deliver them.

Basanite is currently exploring opportunities in the Basalt Fiber Reinforced Polymer industries with intentions to exploit its proprietary patented manufacturing process as well as the network that it has developed. The Company is also exploring potential investments in other areas including but not limited to energy, mining, cryptocurrency, and healthcare. There are no assurances that the Company will be successful in the completion of any potential investments and there are no assurances that the Company will be successful in being able to finance any such investments, opportunities or operations.

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, 2024, including but not limited to the discussion under "Risk Factors" therein, which was filed with the U.S. Securities and Exchange Commission on March 31, 2025, 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: jp@basaniteindustries.com

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SOURCE Basanite Industries, Inc.

FAQ

What major management changes occurred at Basanite Industries (BASA) in August 2025?

In August 2025, four directors resigned from the Board (Andrew Acquarulo Jr., Paul Sallarulo, Sergio Salani, and Fred Tingberg), along with CFO Jacqueline Placeres and CTO Fred Tingberg. Ronald LoRicco now serves as interim CEO and CFO.

Why did Basanite Industries (BASA) relocate to Connecticut?

Basanite Industries relocated its offices, assets, and equipment from Pompano Beach to Branford, Connecticut, though the specific reasons for the relocation were not disclosed in the press release.

What is the current legal situation between Basanite (BASA) and Upstate Custom Products?

Basanite is engaged in federal court litigation against Upstate Custom Products (UCP) over a dispute where Basanite claims it paid for custom pultrusion machines that UCP failed to deliver.

What new business opportunities is Basanite Industries (BASA) exploring in 2025?

Basanite is exploring opportunities in the Basalt Fiber Reinforced Polymer industries and considering potential investments in energy, mining, cryptocurrency, and healthcare sectors.

Who are the current board members of Basanite Industries (BASA)?

The current Board of Directors consists of Manuel Rodriguez, Adam Falkoff, and Ronald LoRicco, with LoRicco serving as interim CEO and CFO.