- About Us
- Career Center
- Nano-Social Network
- Nano Consulting
- My Account
Abakan Inc. (OTCBB: ABKI) is pleased to announce that it has entered into an investment agreement with MesoCoat, Inc., an Ohio based advanced nanocomposite ceramic-metallic (cermet) coatings company ("MesoCoat") and Powdermet, Inc., its majority shareholder.
MesoCoat is building a diversified, patented product platform that consists of environmentally friendly coating compositions and breakthrough methods of applying coatings to large surface areas. MesoCoat was formed in 2007 to develop and commercialize its line of proprietary nanocomposite coating materials, and its fusion application technologies licensed from Oak Ridge National Laboratories. Initially, MesoCoat is focusing on obtaining product certification to introduce its PComP™ nanocomposite cermet chrome replacement materials in the aerospace and oilfield service industries and MesoCoat's CermaClad™ nanostructured metallurgically-bonded claddings into the oil and gas pipeline market. In the longer term, MesoCoat will introduce CermaClad™ into broader infrastructure and heavy industrial markets. MesoCoat's products address both the needs of OEM manufacturers and facility owner-operators, as well as maintenance and repair organizations (MROs) in the infrastructure, transportation, oil and gas, construction, mining, utilities, and agricultural markets.
MesoCoat's suite of nano-enabled coating technologies offers vast performance, economic, and environmental advantages over today's market-leading cladding and coating solutions to combat wear and corrosion in the world's toughest environments.
MesoCoat's patented PComP™ nanocomposite cermet materials offer the combined advantages of higher performance, and greater toughness and durability at a lower installed cost than competing and emerging alternatives, and are also substantially less toxic than other options. MesoCoat's patent pending CermaClad™ large area coatings and claddings provide metallurgically bonded coatings that can be applied at a fraction of the cost of the roll-bonded or weld clad products that they replace.
The investment agreement requires a series of investments over time the first of which has caused Abakan to acquire a non-controlling interest in MesoCoat. Additional investment amounts will increase Abakan's holdings to a controlling interest. MesoCoat has previously benefited from investment by JumpStart Ventures, a Cleveland-based non-profit venture development organization.
The first investment amount will be paid from Abakan's recently completed private placement of 4.6 million units at $0.50 per unit. Each unit is comprised of one (1) share of common stock and one half (˝) share purchase warrant that entitles the holder to purchase one (1) additional common share in exchange for one (1) share purchase warrant for a period of two (2) years at a purchase price of $0.75 per share.
Robert Miller, Abakan's chief executive officer, stated that "MesoCoat's suite of products represent the rare combination of a technology that is cheaper to utilize, is longer lasting and environmentally superior to the products that it will replace. We are confident that these technologies will transform the economics of multiple industries while offering substantial social benefit."
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 8-K. Abakan's public filings may be viewed at www.sec.gov
About MesoCoat Inc
MesoCoat, Inc. is a new start-up company that is currently involved in the development of coatings for applications ranging from high-end aerospace applications to coatings for infrastructure such as roads and bridges.
MesoCoat, Inc. is a subsidiary of Powdermet, Inc. of Euclid, OH, another small business, and was founded to concentrate on the coatings industry as well as the development of new coating techniques. As such, MesoCoat benefits from the previous experience of Powdermet working on such contracts as a Phase II SBIR award from the Army to develop a thermally insulating, wear resistant coating for diesel engine applications. Working with Caterpillar, Inc. of Peoria, IL, Powdermet developed and characterized a series of thermal spray coatings that provided high wear resistance and were thermally insulating. The success of this program led the trial release of a line of cermet thermal spray powders to market and eventually to the patented “duplex” thermal spray powder concept. Additionally, this project and the subsequent trial release resulted in the identification of solutions to key cost drivers that are required to facilitate a market-changing product release.
MesoCoat, Inc. was formed as Powdermet Coating Technologies in 2007, to address coating application issues, and to commercialize nanocomposite cermet coatings formulations, and HDIR coating application technology originally developed within the Oak Ridge National Laboratories (at the Infrared Processing Center).
For more information, please click here
Copyright © MesoCoat IncIf you have a comment, please Contact us.
Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.
|Related News Press|
News and information
Chemical cages: New technique advances synthetic biology February 10th, 2016
Making sense of metallic glass February 9th, 2016
Chemical cages: New technique advances synthetic biology February 10th, 2016
Superconductivity: Footballs with no resistance - Indications of light-induced lossless electricity transmission in fullerenes contribute to the search for superconducting materials for practical applications February 9th, 2016
Silicon-based metamaterials could bring photonic circuits February 1st, 2016
Therapeutic Solutions International Licenses Dexosome Clinical Stage Cancer Immunotherapy Product From Gustave Roussy European Cancer Centre: FDA Cleared Immuno-Oncology Technology to Resume Clinical Development for Solid Tumor Patients January 27th, 2016
Herbal Extracts Applied to Synthesize Titanium Dioxide Nanoparticles January 28th, 2016
FLEXcon shares insights on developments and safety guidelines in nanotechnology: FLEXcon hosted New England Nanotechnology Association event, discussing latest industry activities and innovations January 25th, 2016
Highly efficient heavy metal ions filter January 25th, 2016
Canadian physicists discover new properties of superconductivity February 8th, 2016
Host-guest nanowires for efficient water splitting and solar energy storage February 7th, 2016
Scientists build a neural network using plastic memristors: A group of Russian and Italian scientists have created a neural network based on polymeric memristors -- devices that can potentially be used to build fundamentally new computers January 28th, 2016
NBC LEARN DEBUTS SIX-PART VIDEO SERIES, “NANOTECHNOLOGY: SUPER SMALL SCIENCE” Produced by NBC Learn in partnership with the National Science Foundation, and narrated by NBC News/MSNBC’s Kate Snow, series highlights leading research in nanotechnology January 25th, 2016
Deep Space Industries teams with UTIAS Space Flight Laboratory to demonstrate autonomous spacecraft maneuvering: SFL and DSI demonstrate enabling technology for low-cost asteroid missions and constellations January 25th, 2016
Nature Materials: Smallest lattice structure worldwide: 3-D lattice with glassy carbon struts and braces of less than 200 nm in diameter has higher specific strength than most solids February 3rd, 2016
Teijin to Participate in Nano Tech 2016 January 21st, 2016
Corrosion-Fighter Tesla NanoCoatings Pioneers 2x1 Wet-on-Wet Process January 20th, 2016