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.”
Disclaimers
Forward-Looking Statements: Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation expectations, beliefs, plans and objectives regarding the development, use and marketability of products and partnerships, as well as potential transactions the Company may be considering. Such forward-looking statements are based on present circumstances and on PAYM's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, and are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to fund operations, reliance on representations from third parties that may not execute as planned and other factors over which PAYM has little or no control. Such forward-looking statements are made only as of the date of this release, and PAYM assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. Risks, uncertainties and other factors are discussed in documents filed from time to time by PAYM with the Securities and Exchange Commission. This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any securities. For additional information and potential risk factors, readers should review PAYM’s filings with the Securities and Exchange Commission, which can be found at www.sec.gov.