Press Releases
Abakan Inc. Update to Shareholders
April 19, 2010
Abakan Inc. (OTCBB:ABKI) (“Abakan”) has recently acquired a 34% ownership interest in MesoCoat, Inc. pursuant to an investment agreement entered into by the parties. This agreement includes provisions for Abakan to bring its holdings to an 85% interest with subsequent rounds of investment. MesoCoat is an Ohio-based coatings solution provider with a patented suite of environmentally-friendly, long-lasting ceramic-metallic (cermets) coatings that address unmet needs in the oil and gas, aerospace, chemical processing and infrastructure markets. MesoCoat not only has some of the most advanced coating materials in the industry, it also has a transformational proprietary application process that combines nano-scale materials with a proprietary high-speed application system to provide a protective coating that is a magnitude better in performance, and 100 times faster than current application systems.
MesoCoat products are undergoing extensive testing by the US Air Force and OEM clients, and the company is in advanced sales discussions to address the wear and corrosion needs of some of the world’s largest companies and governmental organizations. "MesoCoat's advanced materials and unique application process represent a quantum leap forward in surface engineering technology. The combined characteristics of superior durability and longer life spans with an extremely rapid and lower cost application process present Abakan with an unmatched competitive advantage that is evident to many of the world's largest potential customers" said Robert Miller, CEO of Abakan. A $1.7 million award from National Institute of Standards and Technology, NorTech Innovation Award, Department of energy and defense support, and two R&D 100 “Oscars of Innovation” awards are a testament to MesoCoat’s game changing technologies.
Abakan is leveraging its considerable internal expertise and network of veteran advisors to target the Oil and Gas Pipeline, and Aerospace industries as its beachhead markets for MesoCoat’s products. “Our relationship with Abakan will ensure that MesoCoat's coating technologies benefit from the broadest and most rapid deployment possible. Abakan's ability to deliver the essential sales and deployment expertise and raise the necessary capital to support a broad commercial rollout makes them an ideal partner", stated MesoCoat CEO Andrew Sherman.
Subsequent to its investment in MesoCoat, Abakan Inc. has appointed Mr. Reginald Allen, a leading authority on arc lamp heating systems and Mr. Mario Medanic, an expert on the planning and construction of industrial facilities for the oil and gas industry; to its Board of Advisors to enhance its engineering and industry expertise. Both members will advise on developing corrosion solutions to address current market needs as well as help to negotiate contracts with buyers, suppliers and channel partners.
About Abakan Inc.
Abakan is an advanced surface modification systems and technologies provider that is forming a vertically integrated wear and corrosion coating prevention business. Abakan is the largest shareholder in MesoCoat, a company that has developed a cost-effective coating that extends the useful life of oil pipelines and bridges from 20 to 100 years. With lower cost materials and order of magnitude faster application processes, and longer lasting more durable coatings that are non-toxic, MesoCoat has made significant in-roads with marquee clients spanning Fortune 500 corporations, military organizations and other branches of the government.
Forward Looking Statements
A number of statements contained in this press release are forward-looking statements. These forward-looking statements involve a number of risks and uncertainties including technological obsolescence, market acceptance of future products, competitive market conditions, and the sufficiency of capital resources. The actual results Abakan may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Abakan encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-K, Form 10-Q and Form 8-K. Abakan’s public filings may be viewed at www.sec.gov.
Abakan Inc.
www.abakaninc.com
Robert Miller, Chief Executive Officer
Phone: (786) 206-5368
Email: [email protected]