Abakan Lights-Up Its First Clad Pipe Manufacturing Facility in Ohio
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.
Abakan Inc. is on Facebook
Abakan Inc. is on Twitter
CONTACT: Abakan Inc.
Robert Miller, Chief Executive Officer
RedChip Companies for Abakan Inc.
407-644-4256 ext. 110
Antenna Group for Abakan Inc.
Abakan, Inc. Logo
Press spacebar to pause and continue. Press esc to stop.