Basanite Inc. announced Basanite's Board of Directors (the “Board”) determined to remove the Company's current President and Chief Executive Officer, Richard Krolewski, effective as of March 6, 2020. Simultaneously, the Board engaged Simon R. Kay as its Interim President and Chief Executive Officer to continue moving Basanite's business forward. Mr. Kay has served as a strategic consultant to the Board and the Company's executive management since January 2020.

He brings 35 years of business leadership and acumen to Basanite. Mr. Kay will focus on ensuring Basanite can implement its business plan, cultivate the relationships the Company has developed to date and become a successful operating entity. Mr. Kay is a 35-year veteran of the business and commercial aviation industries, and has an extensive record of achievement directing business, sales, new product development, and operations management within the aerospace sector.

His previous experience includes roles as CEO and COO of two startup companies; he has worked for divisions of Fortune 500 companies in both Operations Management and Sales and Marketing roles; he was chief pilot of a business aircraft operations company, representing multiple aircraft owners; and he was a professional pilot, where he gained over 7,000 flight hours and multiple aircraft and helicopter type ratings.