MIAMI, March 13, 2014 (GLOBE NEWSWIRE) -- Abakan Inc. (OTCQB:ABKI) ("Abakan") announces that its 72% owned subsidiary, MesoCoat, Inc. ("MesoCoat") has received the highly prestigious National Association of Corrosion Engineers (NACE) Materials Performance (MP) Corrosion Innovation of the Year Award in the Coatings and Linings category. The award was conferred upon MesoCoat's CermaClad™ high-speed, large-area, metal cladding technology that extends the useful life of metal assets while significantly reducing associated maintenance and downtime costs. CermaClad™ technology utilizes a high-intensity arc lamp to rapidly fuse protective, proprietary cladding materials onto the internal surface of steel pipe and tube.
Abakan CEO, Robert Miller, stated, "Our goal is to improve the useful life of metals beyond current cladding technology standards. It's common knowledge that corrosion is the number one limiting factor in the life of metals. CermaClad™ anti-corrosion and anti-wear cladding technology represents a revolutionary advancement in corrosion prevention and mitigation technologies because it can produce an exceptional product at a lower cost and a fraction of the manufacturing time of competing technologies. In short, it is a significantly better, cheaper and faster alternative to current industry standards."
NACE International serves approximately 30,000 members in 116 countries. It is recognized globally as the premier authority for corrosion control solutions and has become the leader in developing corrosion prevention and control standards, certification and education. Honoring the most important innovations impacting corrosion control today, the Corrosion Innovation of the Year awards showcase progressive technological developments in all aspects of corrosion prevention and mitigation and recognize the innovators who have created revolutionary solutions to combat corrosion and protect vital assets from its damaging effects.
MP magazine invited those involved in the corrosion control industry (individuals, companies, organizations, and governments) to submit nominations for the awards, resulting in a total of 34 nominations from 7 countries. A panel of leading corrosion experts rated the corrosion-control innovations and the top 10 innovations were announced March 10th at CORROSION 2014 - NACE International's annual corrosion conference and exposition. CermaClad™ received the highest ranking.
"It is extremely motivating for our team to see the world's preeminent corrosion association honoring CermaClad™ technology as the top anti-corrosion coatings technology available today," continued Mr. Miller. "This award, along with several others received for CermaClad™, coupled with the support we've received from many Oil and Gas majors and some of the world's largest offshore pipe manufacturers provide further validation for the enormous potential of our technology. We're thrilled to be recognized with this highly-esteemed award."
At U.S. $2.2 trillion, the annual cost of corrosion worldwide is over 3% of the world's GDP, not to mention the estimated 1.8 tons of CO2 emitted by each ton of steel produced. "Since the mid-20th century, there has been almost no innovation in metal cladding. The limitations of current technologies led MesoCoat to develop a solution to address this large and growing market. Imagine the possibilities of steel assets that last 3 to 6 times longer than what are available today. It will lead to a paradigm shift in metal asset protection and life extension and make a significant impact in almost every industry," concluded Mr. Miller.
About NACE International
Founded in 1943, NACE International serves approximately 30,000 members in 130 countries. Recognized worldwide as the largest professional association dedicated to protecting people, assets, and the environment from the impact of corrosion, the Association offers technical training and certification programs, conferences, industry standards, reports, publications, and software to prevent and mitigate corrosion.
About Materials Performance
Published monthly, Materials Performance is the world's largest circulation journal dedicated exclusively to corrosion prevention and control.
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. 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 in South America, Canada and Indo-China.
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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