FORT LAUDERDALE, Fla., Dec. 14, 2016 (GLOBE NEWSWIRE) -- Paymeon, Inc. (OTC MARKETS:PAYM) today announced its entry into the $1 trillion steel component of the construction industry by agreeing to acquire privately-held Rockstar Acquisitions, LLC. Rockstar is positioned to capitalize on the substantial growth in infrastructure spending coming in the United States, as well as around the world. Rockstar’s proprietary technology solutions were recently utilized in the construction of the University of Miami’s widely-acclaimed Innovation Bridge.
Rockstar leverages its intellectual property, technology and processes to produce Basalt Fiber Reinforced Polymer products that are superior to anything in the market today and that are used as replacements for steel products that reinforce concrete such as rebar. Rockstar’s products, which include RockRebar™, RockStirrups™, RockStaples™ and RockMesh™ are three times stronger and 80% lighter than steel. Unlike steel, Rockstar’s products never rust, create virtually no carbon footprint and have lifespans of more than a century. These characteristics will redefine the standards that the construction industry adheres to. Rockstar’s materials are more fully described at www.norustrebar.com.
Rockstar’s products are the first of their kind to be used in conjunction with the construction of projects that formerly were exclusively steel. In 2016, the University of Miami, working with standards from the Florida Department of Transportation and the US Army Corps of Engineers, constructed the Innovation Bridge, a 70 foot bridge on the University of Miami’s campus made exclusively out of fiber reinforced polymers and without any steel at all. A summary of the work done on the Innovation Bridge can be seen here: https://www.youtube.com/watch?v=xy3ISYNJfOI.
According to Vincent L. Celentano, member of Paymeon’s Board of Directors and the Company’s largest shareholder, “We see Rockstar’s products as disruptors of today’s modern steel industry and believe their characteristics will create a paradigm shift in construction that will lead to the next industrial revolution. Given the expected increase in infrastructure spending, Rockstar is well positioned to participate in what is expected to be a high-growth industry by offering its green technology solutions, which compare favorably with steel in many aspects.”
In conjunction with the acquisition, the Company will take certain steps to improve its balance sheet. Mr. Celentano and certain of his affiliates will convert certain existing debt currently outstanding and the Company’s Chairman and CEO, Edward A. Cespedes, will forgive certain accrued payroll owed to him by the Company. Mr. Celentano and Mr. Cespedes are controlling shareholders of Rockstar. The transaction will be more fully described on Form 8k to be filed as required by the Securities and Exchange Commission.
Mr. Celentano continued, “We see considerable upside to this investment, which we initially made privately. The opportunity is so substantial that we felt our public shareholders should have the opportunity to benefit.”
