08 February 2002
08 February 2002
Hightec, Inc. announced that it's subsidiary, Basalt Fiber Industries, Inc. has been formed to commercialize the development of basalt fiber products in America.
Basalt Fiber Industries, Inc. will serve as a sister subsidiary to U.S. Cement Company that is also wholly owned by Hightec, Inc. Forty percent of the subsidiary will be sold to strategic partners to finance the new venture. $5 million in equity financing and 15 million in debt financing will be finalized during the next month.
Company President, Larry Stockett, stated that announcements of new management team members are expected to be made next week. The composite fiber industry and steel rebar industry will be impressed with the high level executives that are joining a start up company that has the potential to revolutionize the fiberglass, polypropylene fiber, nylon fiber, steel fiber, mineral wool, geotextile, chemical resistant pipeline and steel rebar industries. Over the past month the company has announced plans to import basalt fibers from Russia and the Ukraine, and to build a new manufacturing plant with 10 million ton capacity (per year) of basalt fiber rebar and other basalt fiber products.
The company also announced today that it had selected its contractor and executed a contract for a commercial feasibility study for the innovative basalt fiber manufacturing plant to be built entirely out of imported basalt fiber products. Monolithic Dome Institute, of Italy, Texas was selected as the contractor because of its innovative, energy efficient, futuristic domed building concepts. According to Stockett, the dome construction process lends itself entirely to replacement of conventional building materials with the revolutionary new basalt fiber building materials of the future.
The company has also selected Wright Engineers, of Las Vegas, Nevada as its civil engineering, mining engineering, and structural engineering firm to develop the master site plan, mining plan, and building plan for the project.