MIAMI, Aug. 7, 2014 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan"), an emerging leader in the advanced coatings and metal formulations markets, today announced that it has completed initial field-testing, on full-sized production equipment, of its proprietary nanocomposite liquid metal corrosion-resistant coating, PComP™ M, with a leading steel producer. The company is also working with several of the world's largest steel companies to validate component life extension on zinc pot rolls used extensively in the continuous hot dip galvanizing process, as well as other components used in the handling and processing of molten metals.
"PComP M was developed to extend the useful life of zinc pot rolls and other components exposed to liquid metal," stated MesoCoat, Inc. CEO Stephen C. Goss. "PComP M has demonstrated vastly improved molten metal corrosion resistance, combined with increased durability and reliability in the rapidly changing temperature environment encountered in molten metal contact, as compared to conventional materials. Based on demonstrated useful life improvement obtained in laboratory tests, we believe PcomP M can provide significant cost savings to our industrial customers while generating a handsome new revenue stream. We expect to receive additional orders within the next 90 days."
"Our PComP M coating is comparable to Teflon™* for non-stick cookware," explained Mr. Goss. "We protect the base metal, including rolls used in galvanizing and aluminizing lines, die casting molds and in several other similar applications that involve molten metal. PComP M coatings ensure that the molten metal does not damage or degrade the rolls, molds, and other components that are exposed to liquid metals during the galvanizing and other molten metal handling process. Metals also do not adhere to the coated parts, reducing clean-up time. PcomP M significantly extends the useful life of these components leading to considerable cost savings through reduction of early replacement, refurbishment, recoating, and maintenance expenses. Extended component life also results in tremendous savings in energy consumption while reducing production losses."
"The economics are very simple," continued Mr. Goss. "In over 3,000 hours of simulated testing, PComP M coatings have extended useful component life by 6 to 10 times compared to the current state of the art coatings under similar test environments. For costs comparable to those of current coatings methods, even at only a two times increase in useful life, our PComP M coatings could save galvanizers millions of dollars every year."
"There are approximately 80 hot-dip coating (galvanizing and aluminizing) lines operational in the U.S, and about half of these lines use coated rolls, with an average of 6 pot rolls in each galvanizing line. Each pot roll lasts an average of 2-4 weeks in the challenging high-temperature molten metal environment before it needs to be replaced with a new or refurbished roll. Based on this data and the current cost of coating pot rolls, the overall market for pot roll coatings just for the galvanizing and aluminizing lines is more than $100 million annually in the U.S and approximately $500 million globally. Additionally, more than 15% of galvanizing lines in the U.S are located within 100 miles of Abakan's PComP™ thermal spray coating material production facility in Euclid, Ohio giving Abakan a tremendous advantage in the market, as the costs associated with shipping these 6 to 10 feet solid metal rolls is substantial. Additional markets in the die casting, steel smelting, and other molten metal handling applications offer significant further growth opportunities for these revolutionary nanocomposites," concluded Mr. Goss.
Please click here to view the thermal spray coating of zinc pot roll at Abakan's facility in Euclid, Ohio.
*Teflon® is a registered trademark of E. I. du Pont de Nemours and Company
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. 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, and mining industries. Abakan currently operates from multiple locations in United States, and intends to expand global operations in South America, Canada and Indo-China.
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.
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