PayMeOn, the sole shareholder of Basalt America, is supposed to raise 1 million at least from a group of investors.
The decision was taken by the founders of a new joint venture established to promote and manage the sales of Basalt America’s basalt fiber products in the New England region of the United States.
The terms of investment are expected to be commensurate with other recent investments in the company. Top managers of PayMeOn believe that this agreement illustrates the belief in their company’s technological and commercial potential. As for a joint venture in the New England, Basalt America and the investor group will each share 50% of this new company.
According to Edward A. Cespedes, Chairman and CEO of Basalt America, this partnership will play a key role in the development plan for Basalt America. Experience in construction offered by the businessmen from the New England in combination with their own business experience will enable them to start the successful sales process in one of the most valuable areas of the country.
Last year PayMeOn took over Rockstar, a basalt rebar manufacturer, and renamed it Basalt America. The company products are used for construction and rehabilitation of infrastructure facilities all over the USA. Basalt America’s engineering solutions based on basalt rebar were given prestigious awards.