Press Releases
Mesocoat Announces Cooperation Agreement with Petrobras
January 18, 2011
Miami, Florida Abakan Inc. (OTCQB "ABKI") ("Abakan") announced today that MesoCoat, Inc., a portfolio company, has signed a Cooperation Agreement with Petroleo Brasileiro S.A. (Petrobras), to develop and qualify MesoCoat’s CermaClad™ process for the application of CRA (corrosion resistant alloys) to the internal and external surfaces of pipes using proprietary High Density InfraRed (HDIR) lamp technology. It is in the interest of both Petrobras and MesoCoat to promote such activities.
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.
Petroleo Brasileiro S.A.
Petroleo Brasileiro S.A. (Petrobras) is a leading integrated oil and gas company headquartered in Rio de Janiero, Brazil. Petrobras is the largest company in Latin America with a current market capitalization of $141 billion on revenues of $128 billion in 2009. Petrobras is involved in exploration, production, refining, transportation, marketing, and distribution of oil and gas products in 18 countries in Africa, the Americas, Europe and Asia. Assets include more than 100 production platforms, 16 refineries, 30,000 kilometers of pipeline, and 6,000 gas stations. Petrobras also leads in advanced technology for deep-water and ultra-deep water oil production.
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]