OAKLAND PARK, Fla., Dec. 27, 2018 (GLOBE NEWSWIRE) -- Basanite, Inc. (the “Company”) (Ticker symbol: BASA) today announced that effective as of December 19, 2018 it changed its name from PayMeOn, Inc. to Basanite, Inc. Additionally, Basanite, Inc. will begin trading on the opening of business on December 27, 2018 under the new stock symbol “BASA” and the Company’s common stock will no longer be available under the “PAYM” symbol as of December 27, 2018.

Neither the name nor the symbol change affect the rights of the Company’s shareholders and the shareholders of the Company are not required to take any action as a result of the name or symbol change.

“Our new name and ticker symbol better reflect the new direction and potential for Basanite,” says David Anderson, the Company’s Chief Executive Officer. “As we continue our transition away from our legacy businesses and focus on our Basalt Fiber Reinforced Polymer products as cost-effective, higher strength alternatives to traditional steel reinforcement, the Company’s management and Board of Directors felt it was important to have the Company’s name reflect this focus.”