MIAMI, Sept. 16, 2013 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan"), an emerging leader in the advanced coatings and metal formulations markets, today announced entry into the Mexican and Central American markets by signing an exclusive sales agent agreement with Metallurgic Solutions, S.A. de CV ("MetalSol") to introduce MesoCoat's products into Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, and Panama. MetalSol will also assist MesoCoat in the establishment of production and service operations in Mexico for its PComP™ long-life metal coatings, CermaClad™ clad steel, and future products that are currently under development.
Abakan CEO, Robert Miller stated, "Growth in the Central American and Gulf of Mexico oil and gas and steel industries, coupled with significant business reforms and the commitment to after highly corrosive oil and gas projects offer significant growth opportunities for our advanced metallurgical products and services in Mexico. We are excited about our partnership with MetalSol's team which has extensive operating expertise in Mexico and Central America coupled with their vast network in the Oil and Gas, and Finance industries. Abakan is extremely pleased to work with partners like MetalSol that share our vision and commitment, and which bring the potential to accelerate the adoption rates and growth that we foresee in the near future."
Mexico is one of the ten largest oil producers in the world, the third-largest in the Western Hemisphere, making it ripe for companies manufacturing products and providing services to the Oil and Gas industry. Mexico is estimated to possess up to 27 billion barrels of oil in the deeper waters of the Gulf of Mexico (3 times Mexico's current total proven reserves), with a majority of these new reserves being sour (corrosive). Mexico also has one of the world's largest shale gas resource bases. According to an initial assessment of world shale gas resources, Mexico has an estimated 681 tcf of technically recoverable shale gas resources (40 times their total proven reserves of conventional natural gas) — the fourth largest of any country examined in the study by the US Energy Information Administration.
"We have been at the forefront of developing and adopting breakthrough technologies in the paper, and printing industries in Mexico; and with MetalSol we intend to do the same with the Mexican coating and cladding industry", said MetalSol CEO, Jose Maria Ribot Barroso. If you look at Abakan's technology portfolio, you just know it, you can feel the impact, and you are immediately attracted to the breadth and value proposition of technologies that are being developed and commercialized including advanced coatings, clad steel, engineered reactive materials, high-strength light-weight composites, and several more. Mexico's oil and gas, shale, and steel industries are seeing exponential growth and Abakan's solutions that extend life of metals, reduce liability of oil and gas assets, and furthermore enable efficient production from both conventional and unconventional energy sources, thereby adding significant value to the energy companies' bottom line making these solutions absolute winners."
About Abakan Inc.
Abakan develops, manufactures, and markets advanced nanocomposite materials, innovative fabricated metal products and highly engineered metal composites for applications in the oil and gas, petrochemical, mining, aerospace and defense, energy, infrastructure and processing industries. Abakan's technology portfolio currently includes high-speed, large-area metal cladding technology; long-life nanocomposite anti-corrosion and-wear coating materials; and high-strength, lightweight metal composites. Abakan's products have demonstrated longer life, higher productivity and extremely high strength-to-weight ratios compared to competing technologies. The Abakan group of companies has been honored by The Wall Street Journal as the #1 Manufacturing Innovation across the globe, by Pipeline Industries Guild as the Top Subsea Pipeline Technology, by Forbes as the #1 Most Promising Material Science Company in the United States, by American Metals Market with the Steel Excellence Award, by Inc. 500 as one of the Fastest Growing Manufacturing Company in the U.S., and has received numerous other trade, industry and technology awards including five R&D 100 Awards and a Technology Innovation Award from the National Institute of Standards and Technology. Over $50 million has been invested in product development and testing by federal agencies, national labs and our companies in order to deliver products that offer improved performance over the current state of art. Abakan has successfully introduced its metal coatings for metal asset protection and life extension in the oil and gas and mining industries, and is currently focusing on the scale-up and commercialization of its highly disruptive metal cladding products for the oil and gas, oil sands, mining and chemical industries. Abakan currently operates from multiple locations in United States and Canada, and intends to expand global operations in South America, Canada, the Middle East and the Asia-Pacific.
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.
CONTACT: Abakan Inc. Robert Miller, Chief Executive Officer Phone: 786-206-5368 Email: email@example.com www.abakaninc.com Investor Relations Steve Ferris (206) 919-6304 firstname.lastname@example.org Media Inquiries Tomi Maxted Antenna Group for Abakan Inc. 201-465-8024 email@example.com