MIAMI, Oct. 16, 2012 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan" or the "Company") is delighted to announce that the Wall Street Journal released today results of its global 2012 Technology Innovation Awards, with MesoCoat winning top prize for Manufacturing Technology. The original article can be found here.
MesoCoat's CermaClad technology was selected because it sets a new, hard-to-meet benchmark in productivity, performance, and cost in the metal coating and cladding industry, offering up to two orders of magnitude improvement over current state-of-the-art cladding technologies. The primary application of Abakan's CermaClad technology is cladding pipes used in extreme applications such as the production and transportation of corrosive oil; transportation of highly abrasive oil sand and mining slurries; transportation of other corrosive and abrasive oil, gas, chemicals, and acids; pressure vessels, reactors, and tanks used in nuclear, desalination, oil and gas, chemical, and other industries; as well as several other applications where the operating environments are extreme and challenging.
"We are very pleased to be recognized by The Wall Street Journal as the top global innovator in manufacturing for 2012. This, of course, follows our being ranked by Forbes as the number-one most promising material science company in the U.S. in 2011," stated Robert Miller, CEO of Abakan. "Our CermaClad technology provides a faster, better, and more cost-effective way to apply protective coatings on metals that enable the metal assets to last up to 10 times longer than their current design life."
Abakan intends to establish large four-line clad pipe manufacturing facilities in the U.S., Brazil, Canada, the Middle East, and Asia that can each produce approximately 100 kilometers of corrosion- and wear-resistant clad pipes. The Company is currently completing the construction and installation of its first clad pipe manufacturing facility in Ohio, which, once operational in the first quarter of 2013, is anticipated to be the largest such facility in the U.S., with an annual production capacity of 25-30 kilometers of clad pipe.
"Our CermaClad, high-speed, large-area metal cladding technology has the potential to cause a paradigm shift in the industry," continued Mr. Miller. "Our goal is to make metal assets last up to 10 times longer, reducing the huge environmental footprint that is left behind when these metals do not last their design life. There are 2.4 tonnes of CO2 emission for every tonne of steel that is manufactured; imagine the positive environmental impact we can make by making this steel last up to 10 times longer."
About Abakan Inc.
Abakan Inc. (ABKI) is the parent company of MesoCoat Inc, and invests in additional companies that have developed transformational technologies on the cusp of commercialization. Abakan is the largest shareholder in MesoCoat Inc, and has a significant position in Powdermet Inc., each of which is a nanotechnology material science company involved in technology development and commercialization. MesoCoat is focused on metal asset protection and life extension by providing advanced wear and corrosion solutions, while Powdermet is focused on metal formulations as well as advanced energy management solutions. MesoCoat was recently recognized by Forbes as one of 'The Most Promising American Companies' and was the highest ranked material science and nanotechnology company. MesoCoat's technologies have been recipient of four 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), two NorTech Innovation Awards for breakthrough materials and surface engineering solutions, and several other federal and state grants and awards. Powdermet is a nationally recognized nanotechnology and advanced materials research and development organization that has won approximately 100 federal and state awards, along with several technology innovation awards like R&D 100 and the NorTech Innovation Award.
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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.