MIAMI, Aug. 22, 2013 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan"), an emerging leader in the advanced coatings and metal formulations markets, today announced that its portfolio company, MesoCoat Inc., has been recognized by Inc. Magazine as one of the fastest-growing companies in the United States and has been ranked 15th in the top 100 fastest-growing manufacturing companies in the United States on the annual Inc. 500|5000 list.
"Our technologies, solutions and potential have been recognized by some of the world's most prestigious media organizations, including The Wall Street Journal, Forbes and now Inc. Magazine. This is our debut on the Inc. 500|5000 list of the nation's fastest growing companies, and we expect to be one of the top companies on this list within a couple of years. We have received a tremendous amount of recognition and support for our innovative technologies and are now entering a phase in which it is our turn to deliver on their promise and potential," stated Abakan CEO Robert Miller.
MesoCoat develops, manufactures and markets advanced nanocomposite materials and innovative fabricated metal products through its revolutionary "long life" PComP™ family of coatings, and its high-speed, large-area cladding technology, CermaClad™.
MesoCoat is now selling its PComP™ nanocomposite coating materials and thermal spray coating services, which extend the life of oilfield and industrial components by 3-80 times. In addition to the revolutionary performance and cost breakthroughs offered by PComP™, their ability to extend component life leads to significant reduction in losses related to downtime and maintenance. MesoCoat is currently undergoing a six fold production scale-up of its PComP™ materials and is setting up a thermal spray coating facility to serve the regional shale and oilfield equipment coating market.
MesoCoat is also qualifying clad metal products, CermaClad™, which is manufactured utilizing a high intensity plasma arc lamp to rapidly melt, fuse and metallurgically bond corrosion-resistant (CRA) and wear-resistant materials (WRA) to metal substrates, including pipes. CermaClad™ addresses the increasing demand-supply gap for corrosion resistant alloy (CRA) clad pipes, including the huge demand for large-diameter and thick-walled CRA clad pipes, which are extremely difficult to manufacture, inspect, reel and install using existing technologies.
CermaClad™ is expected to bring significant improvement in production times, quality, cost efficiencies and deepwater installation of clad pipes in the rapidly growing $4 billion metal cladding industry. MesoCoat recently commissioned its first clad pipe manufacturing facility in Ohio to accelerate the qualification of clad pipes for offshore applications and it intends to set up two large-scale clad pipe manufacturing facilities in 2014 to produce approximately 200 kilometers of 10-inch clad pipes annually.
The 2013 Inc. 500|5000 award is ranked according to percentage revenue growth for 2012 compared to 2009. To qualify, companies must have been founded and be generating revenue by March 31, 2009, and have revenue of no less than $2 million in 2012. Additionally, companies must be U.S.-based, privately held, for profit and independent. For complete results, visit www.inc.com/inc5000/list/.
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 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 Mike Bowdoin RedChip Companies for Abakan Inc. 407644-4256 ext. 110 firstname.lastname@example.org Media Inquiries Tomi Maxted Antenna Group for Abakan Inc. 201-465-8024 email@example.com