Abakan's CermaClad Clad Pipe Manufacturing Technology Wins the AMM Steel
Excellence Award of the Year
CermaClad High-Speed Large-Area Cladding Technology Wins the Best Process
Innovation of the Year at American Metals Market's Steel Excellence Award
MIAMI, June 24, 2013 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan"),
an emerging leader in the advanced coatings and metal formulations markets
based in Miami, today announced that its CermaClad™ high-speed large-area
metal cladding technology has received the Steel Excellence Award from
American Metal Market (AMM) under the 'Best Process Innovation category';
where other notable winners in other categories included the number one steel
manufacturer ArcelorMittal, Nucor Corporation, and AK Steel Holding
Abakan's CermaClad™ clad pipe manufacturing technology won this highly
prestigious award as it delivers up to two orders of magnitude higher
productivity, outstanding mechanical and metallurgical properties in the final
product, and a host of other high value benefits such as ease in inspection,
reeling, and installation of clad pipes. CermaClad™ technology uses a high
intensity plasma arc lamp to rapidly melt, fuse, and metallurgically bond
corrosion-resistant (CRA) and wear-resistant materials to metal substrates,
including pipes. The technology addresses the large and increasing
demand-supply gap for corrosion resistant alloy (CRA) clad pipes in general,
and more importantly, it addresses 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.
"This latest award further validates the significant impact that our
CermaClad^TM technology can have on improving production times, quality, cost
efficiencies, and deepwater installation of clad pipes, greatly benefiting the
rapidly growing $4 billion metal cladding industry," said Robert Miller, CEO
of Abakan. "The global oil and gas capital expenditure is increasing at the
rate of 15-20% a year, expected to be $1.2 trillion in 2013. The trend of
increasing capital expenditure is expected to continue for the foreseeable
future, especially driven by reserves that are more corrosive, hotter, deeper,
and farther away from the shore. Almost 40% of the $1.2 trillion capital
expenditure will be directed towards deepwater pipelines of which clad pipes
for risers and flowlines constitute a significant portion; and that makes our
CermaClad™ CRA clad pipe vital for production from these reserves."
This April, MesoCoat commissioned its first large-scale CermaClad^TM
manufacturing facility in Euclid, Ohio. This plant will serve as a critical
pathfinder for full qualification and market entry of 12-meter CermaClad^TM
seamless clad pipes. In addition to the Euclid plant, MesoCoat is currently
planning to build an additional four-line facility in Brazil.
In its fourth year, the American Metals Market (AMM) Awards for Steel
Excellence recognize processes, products and business developments that have
made a profound impact on the steel industry. Each year, an independent panel
of industry experts submits nominations, and this year there were a record
number of nominations for this highly prestigious award. AMM has provided
subscribers with the latest metal industry information, news and pricing since
1882 and is a sister publication to London-based Metal Bulletin and a
subsidiary of international publishing group Euromoney Institutional Investor.
About Abakan Inc.
Abakan develops, manufactures, and marketsadvanced nanocomposite
materials,innovative fabricated metal productsandhighly engineered metal
compositesfor applications in the oil and gas, petrochemical, mining,
aerospace and defense, energy, infrastructure and processing
industries.Abakan'stechnology portfolio currently includeshigh-speed,
large-area metal cladding technology;long-life nanocomposite anti-corrosion
and-wear coating materials; andhigh-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 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 Statesand has received
numerous other trade, industry and technology awards including5 R&D 100
Awardsand a Technology Innovation Awardfrom National Institute of Standards
and Technology. Over $50 million has been invested inproduct development and
testingby 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 itsmetal coatingsfor 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
itshighly-disruptive metal claddingproducts 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, Middle East, and 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.
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CONTACT: Abakan Inc.
Robert Miller, Chief Executive Officer
RedChip Companies for Abakan Inc.
407644-4256 ext. 110
Antenna Group for Abakan Inc.
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