Press Releases
Abakan Completes Private Placement of Three Million Shares to Advance Its Interests with MesoCoat
October 22, 2010
Abakan Inc., (Pink Sheets:ABKI) ("Abakan") today announced that it has concluded a private placement of three million common shares at $0.75 per share in order to advance funds to MesoCoat, Inc., an unconsolidated subsidiary in which Abakan owns a 34% direct interest and 27% indirect interest, and to satisfy general working capital requirements. No commission was paid in connection with the placement.
About Abakan Inc.
Abakan invests in companies that develop transformational surface modification solutions and technologies. Current portfolio investments include two Ohio based companies, MesoCoat, Inc. and Powdermet Inc. MesoCoat is fast becoming a world leader in metal protection and repair through their “long life” cermet coatings and “high speed” metallurgical cladding technologies. MesoCoat’s solutions have already been the recipient of three prestigious R&D 100 awards, a Technology Innovation Program Award (TIP) for 100 year life coatings by the National Institute of Standards and Technology (NIST), and the NorTech Innovation Award for high performance environmentally friendly coating materials. Powdermet’s Nanomaterials Research and Manufacturing Center is the go-to-research center for US government agencies seeking expertise in high end ceramic and nanotechnology metal segments. They are currently developing two market solutions including next generation materials that have 3 to 5 times the strength and hardness of current metal alloys as well as light weight, energy absorbing materials.
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 and Form 10-Q. 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]