Basanite, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023

Basanite, Inc. manufactures a range of green, sustainable, non-corrosive, lightweight, composite products used in concrete reinforcement by the construction industry. The Company’s core product includes BasaFlex, a basalt fiber-reinforced polymer (BFRP) reinforcing bar known as rebar. Its BasaMix products are fine denier basalt fibers available in various chopped sizes. BasaMix is designed to help absorb the stresses associated with early-aged plastic shrinkage and settlement cracking in concrete, as well as provides an increased toughness for enhanced reinforcement in Slab on Grade (SOG) and precast elements. BasaMix also serves in a system approach for optimum performance of a concrete element when used in conjunction with its BasaFlex rebar. Its BasaMesh is a line of Basalt Geogrid Mesh Rolls. BasaMesh is designed for secondary and temperature shrinkage reinforcement. BasaMesh can also work in conjunction with the BasaFlex rebar or BasaMix for a total reinforcement program.