MIAMI, Feb. 18, 2014 (GLOBE NEWSWIRE) -- Abakan Inc. ("Abakan") (OTCQB: ABKI) announced that on Wednesday, February 12, its subsidiary, MesoCoat, Inc., was awarded a $1.5 million loan from the Ohio Department of Development'sOhio Third Frontier Commission to scale up PComP™ production and expand PComP™ coating services.
Mr. Robert Miller, Abakan, Inc.'s CEO stated, "Our PComP™ current powder production expansion plan is ramping up annual production to 18 tons increasing sales to $240,000 per month. The $1.5 million loan will assist MesoCoat to increase the scale up of PComP™ production from 18 tons to 160 tons per year increasing projected powder sales revenues to $1,600,000 per month and thermal spray revenues of $1,000,000 per month, over the next few years. We anticipate that the PComP™ production ramp up will result in an average annual growth rate of approximately 75% over three years from our fiscal year end May 2015 to May 2018."
Mr. Miller further stated, "PComP™ nanocomposite powder coatings have shown impressive results in the three major aspects of performance, time, and value proposition of cost versus life. Our PComP™ powders have consistently demonstrated 3 to 8 times longer life for treated components, at lower life-cycle costs, which lead to reductions in downtime and losses. We believe that this is the right time to step-up our efforts towards driving rapid adoption of these breakthrough coatings."
MesoCoat's PComP™ product lines (cermets fabricated into a hierarchical structure, using a patented process to engineer particle sizes down to the nano-scale) serve the thermal spray coating industry, which is currently a $10 billion industry globally, catering to the oil and gas, mining, aerospace and defense, automotive, infrastructure, heavy equipment, chemical, and processing industries. The PComP™ family of coatings is positioned to replace the very expensive tungsten carbide coatings and toxic electrolytic chrome plating.
PComP™ nanocomposite metal-ceramic coatings offer the wear and corrosion resistance of ceramic materials, such as diamond or glass, but with the toughness and resilience of metals. These nanocomposite coatings impart wear and corrosion resistance to metal surfaces and reduce friction in sliding wear applications. The PComP™ cermet coatings are easy to apply and machine to tight tolerances for dimensional restoration of worn industrial components. The PComP™ family of coating materials has been designed to act as a drop-in replacement for competing thermal spray materials that can be used in existing application systems based on a unique, patented coating microstructure that combines the high hardness zones of a ductile metal in an optimal geometry. PComP™ coatings are up to 70% lighter than tungsten carbide (WC) coatings, and up to 40% lighter than the hard chrome alternative due to the use of light and low-cost, nitride-based reinforcements.
About Ohio Third Frontier
A major component of the Office of Technology Investments, the Ohio Third Frontier is an internationally recognized technology-based economic development initiative that provides funding to Ohio technology-based companies, universities, nonprofit research institutions, and other organizations to pursue cutting-edge technology and create new technology-based products, companies, industries, and jobs.
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 technology&u=http%3A%2F%2Fwww.abakaninc.com%2Fport_metalcladding.html" rel="nofollow" target="_blank">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 into Asia, Canada and South America.
Interested parties are invited to view our website at www.abakaninc.com.
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,Form 10-Q and 8-K. Abakan's public filings may be viewed at www.sec.gov.
CONTACT: Surety Financial Group, LLC
Source: Abakan, Inc.