MIAMI, April 25, 2013 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan"), an emerging leader in the advanced coatings and metal formulations markets, today announced the first test-run of its CermaClad™ high-intensity arc lamp ahead of the opening of its first clad pipe manufacturing plant on Friday, April 26, 2013 in Euclid, Ohio.
Please click the following link to view the clad pipe manufacturing process in the Euclid plant: http://youtu.be/ir_WW5qmzKU
"The completion of our first clad pipe manufacturing plant is just one of the several important milestones we are completing this year. It will enable the validation of our economic and production models that are the basis of the growth projected by the Abakan team for metallurgically clad pipe. Although the Ohio plant is smallest in terms of production capacity compared to planned clad pipe manufacturing facilities in other parts of the world, this plant is extremely critical as the pathfinder for full qualification and market entry of 12 meter CermaClad™ seamless clad pipes. Client approval through this facility will allow us to enter the multi-billion dollar global market for clad pipe. We believe that our corrosion resistant clad pipes will offer the most economical and environmentally sound alternative for the development of sour oil and gas reserves, including, pre-salt developments in Brazil and West Africa, deep water projects in the Gulf of Mexico, and the massive gas projects in SE Asia." stated Robert Miller, CEO.
The Euclid, Ohio plant is a 1-line CermaClad™ corrosion-resistant clad pipe manufacturing facility that has the capacity to produce up to $60 million of clad pipe for use in upstream oil and gas production. This plant is the first production facility worldwide that will use MesoCoat's CermaClad™ high-speed large-area fusion cladding technology that produces a high quality product 40X faster than weld overlay processes, and at significantly lower capital and fixed costs compared to other production alternatives.
MesoCoat Inc.'s CEO, Andrew Sherman stated: "Our new facility enables us to demonstrate continuous, automated production of 12 meter pipe segments, and is a major milestone towards realizing our mission to offer cost effective life of asset protection in an effort to reduce the estimated $2.2 trillion wasted worldwide as a result of preventable corrosion and wear."
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 have been honored by The Wall Street Journal for being #1 in 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 and has received numerous other trade, industry and technology awards including 5 R&D 100 Awards and a Technology Innovation Award from 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 the United States, and intends to expand global operations in South America, Canada, Middle East, and Asia-Pacific.
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.
CONTACT: Abakan Inc. Robert Miller, Chief Executive Officer Phone: +1-786-206-5368 Email: email@example.com www.abakaninc.com Investor Relations Mike Bowdoin RedChip Companies for Abakan Inc. 407-644-4256 ext. 110 firstname.lastname@example.org Media Inquiries Tomi Maxted Antenna Group for Abakan Inc. 201-465-8024 email@example.com