Basanite appoints Michael D. Nelson as new CEO

POMPANO BEACH, Fla. - Basanite Industries, Inc. (OCTQB: BASA), a micro-cap company with a market capitalization of $10.1 million, today announced the appointment of Michael D. Nelson as its new Chief Executive Officer. Nelson, a retired Lt. Colonel and decorated Green Beret veteran, brings extensive operational experience from his military career and recent leadership roles. According to InvestingPro data, Nelson joins at a crucial time as the company’s stock has shown remarkable volatility, delivering a 259% return over the past year.

Nelson’s background includes his position as Chief Operating Officer for the Global Energy Security Institute and his work with the Atlantic Council’s counter-terrorism project. He also served as the Director of Operations for the Institute for the Study of War. His academic credentials include a Bachelor of Arts in History, a Master’s degree in Defense Analysis, and an MBA.

In his statement, Nelson expressed enthusiasm about his new role, citing Basanite’s "revolutionary set of products" and the potential to transform the construction and concrete reinforcement industry.

Basanite Industries specializes in manufacturing environmentally friendly, high-performance basalt fiber composite products that offer advantages over traditional steel elements, such as being non-corrosive, lighter, stronger, and more durable. While the company maintains a healthy gross margin of 45%, InvestingPro analysis indicates current operational challenges, with revenue at $0.27 million in the last twelve months. Subscribers to InvestingPro can access 5 additional key insights about Basanite’s financial health and growth prospects.

The company’s press release also contained forward-looking statements regarding its business prospects, product market, and overall performance. These statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Recent market data from InvestingPro shows mixed performance, with the stock up 66% over the past six months but down 35% year-to-date, highlighting the volatile nature of this investment. The company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021, detail these risks.

This corporate update is based on a press release statement from Basanite Industries, Inc.

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