abakan inc (ABKI) Key Developments
Abakan, Inc. Announces Resignation of Skoda Minotti as Independent Registered Public Accounting Firm
Jul 6 15
On June 22, 2015, Abakan Inc.’s independent registered public accounting firm Skoda Minotti resigned as its independent registered public accounting firm.
Abakan Inc. Receives Orders for Coating ‘Lances’
Jun 10 15
Abakan Inc. has received orders for coating ‘lances’ which are used heavily in iron ore production and anticipates trial orders for coating tuyeres, pumps, clad plates, turbines and other manufacturing components.
Abakan, Inc. Announces Executive Changes
Jun 2 15
Abakan Inc. reported that Costas M. Takkas, the company’s CFO has been detained in Switzerland, based on an indictment issued by the U.S. District Court, Eastern District of New York charging him with certain activities unrelated to his position with Abakan with effect from May 29, 2015. Based on this development, Abakan has suspended Mr. Takkas from undertaking any further responsibilities as its CFO. Meanwhile, Robert Miller, Abakan’s CEO will now also act as interim CFO.
Abakan Inc. Enters into a Settlement Agreement with Sonoro Invest S.A
May 22 15
Abakan Inc. announced that it has entered into a Settlement Agreement with Sonoro Invest S.A. in connection with a dispute regarding promissory notes for an aggregate principal amount of $2,105,000, which caused Sonoro to file a lawsuit against Abakan on October 1, 2014, in the United States District Court for the Southern District of Florida. The settlement with Sonoro provides that all existing promissory notes between the parties be cancelled and replaced with a new senior convertible promissory note in the amount of $2,915,000 with interest at 5% payable in full on February 29, 2016. Should Abakan prepay the new note, on or before July 31, 2015, the amount required to satisfy the note will decrease to $2,700,000, plus interest, without any penalty. While the note is outstanding it is convertible, at the sole option of Sonoro, into units of Abakan at $1.00 per unit, each unit consists of one share and 1/2 of a warrant, each full warrant entitles the holder to purchase an additional share of Abakan for $1.50. The Note ranks senior to any other indebtedness, except with respect to existing secured creditors including George Town Associates S.A. Nevertheless, the Sonoro settlement allows Abakan to enter into additional secured indebtedness on substantially the same terms as it has with George Town, for the purpose of satisfying amounts due to George Town, if such indebtedness is secured from certain lenders or from within a certain classification of lenders.
Abakan, Inc. announced delayed 10-Q filing
Apr 14 15
On 04/14/2015, Abakan, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.