#United States #Corporate Update #Basanite #Branford #Basalt Fiber

Basanite Industries Provides Major Corporate Update

Basanite Industries, Inc. (OCTQB: BASA) has recently shared important updates with its shareholders that signal significant developments in the company's trajectory. On September 2, 2025, the company announced changes in its leadership and ongoing litigation, reflecting a pivotal moment for the organization.

Leadership Changes

Between August 13 and August 15, 2025, several directors resigned from the Board, including Andrew Acquarulo, Jr., Paul Sallarulo, Sergio Salani, and Fred Tingberg. In addition, Jacqueline Placeres and Fred Tingberg stepped down from their roles as Chief Financial Officer and Chief Technology Officer, respectively. This restructuring led to the current board comprising Manuel Rodriguez, Adam Falkoff, and Ronald LoRicco. Notably, Mr. LoRicco has taken on the dual responsibilities of interim acting Chief Executive Officer and interim acting Chief Financial Officer, overseeing the company’s operations during this transitional phase.

Relocation of Operations

In a strategic move earlier this year, Basanite transitioned its offices, assets, and equipment from Pompano Beach, Florida, to a new location in Branford, Connecticut. This relocation signifies a rebranding and operational shift, with the company's corporate address updated accordingly.

Ongoing Litigation

Basanite is currently involved in litigation against Upstate Custom Products (UCP) in the United States Federal Court. The dispute centers on allegations that Basanite fully paid for custom pultrusion machines that UCP has failed to deliver. The outcome of this litigation could have significant implications for the company's operations and financial health.

Future Initiatives and Exploration

Looking ahead, Basanite is exploring opportunities within the Basalt Fiber Reinforced Polymer industry, aiming to leverage its proprietary patented manufacturing process. The company is also diversifying its investment portfolio, considering ventures in various sectors, including energy, cryptocurrency, mining, and healthcare.

However, the company cautions stakeholders that there are no guarantees of success regarding these potential investments. Financial viability remains uncertain, and the company emphasizes a careful approach to any new opportunities.

About Basanite Industries

Basanite, Inc., through its subsidiary Basanite Industries, LLC, specializes in manufacturing and developing environmentally friendly, high-performance basalt fiber composite products intended for the construction sector. These products offer multiple advantages over traditional steel, including non-corrosive properties, lighter weight, enhanced strength, and extended durability. Those interested in learning more about Basanite can visit their official website at www.BasaniteIndustries.com.

Cautionary Statements

This update includes forward-looking statements based on the management's assumptions and expectations as of the press release date. It contains risks and uncertainties that could lead to significant deviations from projected outcomes. Therefore, potential investors and stakeholders are advised to review the risk factors included in the company's Annual Report filed with the U.S. Securities and Exchange Commission.

In summary, Basanite Industries is undergoing substantial changes as it seeks to navigate challenges and capitalize on new opportunities. The leadership transitions, ongoing litigation, and explorations into new market segments indicate a transformative approach moving forward.