Nanotechnology Now

Our NanoNews Digest Sponsors
Heifer International

Wikipedia Affiliate Button

Home > Press > Abakan to Acquire Interest in Powdermet and its Advanced Material Technologies

Abstract:
Abakan Inc.'s (OTCQB: ABKIE) management is pleased to announce that it has entered into a stock purchase agreement to acquire a 41% interest in Powdermet, Inc.

Abakan to Acquire Interest in Powdermet and its Advanced Material Technologies

Miami, FL | Posted on September 11th, 2010

An initial payment of $500,000 has been paid with a closing for the remaining purchase price anticipated on or before September 30. The acquisition is expected to bring substantial value to Abakan's existing investment portfolio.

Powdermet, formed in 1996 and the winner of over 80 government-sponsored Phase 1, 2 and 3 grant programs, is currently transitioning from an engineered nano-powder R&D lab into a commercial sector company. According to Andrew Sherman, President and CEO of Powdermet, "We have been partnering with defense agencies for the last several years building some very advanced breakthrough material technologies. Having already worked closely with the Abakan team from their investment in MesoCoat, I recognize their capability to facilitate our commercialization strategy for Powdermet.".

According to Robert Miller, CEO of Abakan, "We have been so impressed by the innovative technology platforms now being commercialized at MesoCoat that when presented an opportunity to invest in their parent company, we welcomed the chance to participate. Powdermet has some of the most innovative products we have seen in our quest to invest in new surface modification technology companies. As an added benefit, Abakan increases its interest in the fast growing MesoCoat and will hold a direct and indirect 61% ownership position."

As Brian Doud, Engineering Manager of Powdermet pointed out, "Powdermet's breakout product platform of advanced materials solutions derived from our nano-engineered agglomerate technology include SComP™ and MComP™ energy absorbing ultra-lightweight syntactic- and nano-composite metals. These technologies will make quite an impact in the crash and ballistic/IED energy management markets with a 50% weight reduction and the ability to dissipate 500% more impact energy when compared to current aluminum alloys and foamed metals sold in the market."

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.

####

About Abakan
Abakan Inc. is a publicly traded company (symbol ABKIE) which invests in and manages companies that have developed transformational surface modification solutions and technologies. Miami based, they are now the single largest shareholder in MesoCoat, an Ohio based nanotechnology materials science company fast becoming a world leader in metal protection and repair through their revolutionary “long life” coating and “high speed” cladding technologies. MesoCoat’s solutions have already been the recipient of three prestigious R&D 100 awards, a Technology Innovation Program Award (TIP) for 100 year life coatings by the National Institute of Standards and Technology (NIST), and the NorTech Innovation Award for high performance environmentally friendly coating materials.

For more information, please click here

Contacts:
Abakan Inc.
Robert Miller
Chief Executive Officer
Phone: (786) 206-5368

Copyright © Abakan

If 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.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Let the europium shine brighter January 21st, 2020

Nanotubes may give the world better batteries: Rice U. scientists' method quenches lithium metal dendrites in batteries that charge faster, last longer January 16th, 2020

Quantum physics: Controlled experiment observes self-organized criticality January 16th, 2020

Pretty with a twist: Complex porous, chiral nano-patterns arise from a simple linear building block January 16th, 2020

Announcements

Let the europium shine brighter January 21st, 2020

Quantum physics: Controlled experiment observes self-organized criticality January 16th, 2020

Pretty with a twist: Complex porous, chiral nano-patterns arise from a simple linear building block January 16th, 2020

Toward safer disposal of printed circuit boards January 16th, 2020

Military

Study finds billions of quantum entangled electrons in 'strange metal' Physicists provide direct evidence of entanglement's role in quantum criticality January 16th, 2020

Researchers gain control over internal structure of self-assembled composite materials January 16th, 2020

Nanomaterial fabric destroys nerve agents in battlefield-relevant conditions: Metal-organic framework-based composites don’t need liquid water to work January 14th, 2020

A new approach to making airplane parts, minus the massive infrastructure: Carbon nanotube film produces aerospace-grade composites with no need for huge ovens or autoclaves. January 13th, 2020

Financial Reports

Arrowhead Pharmaceuticals Reports Fiscal Year 2019 Results November 25th, 2019

Arrowhead Pharmaceuticals to Webcast Fiscal 2019 Year End Results November 11th, 2019

Nanogate: First Half of 2019 Marked by Market Development and Future-Oriented NXI Program September 26th, 2019

Arrowhead Pharmaceuticals to Webcast Fiscal 2019 Third Quarter Results July 25th, 2019

Acquisitions/Mergers/Splits

Combination of Nanometrics and Rudolph Technologies to Create Onto Innovation October 16th, 2019

GLOBALFOUNDRIES Acquires Smartcom’s PDK Engineering Team to Expand Worldwide Design Enablement Capacity: Acquisition strengthens overall process design capabilities and expands the company’s footprint in Europe October 11th, 2019

VIS To Acquire GLOBALFOUNDRIES’ Fab 3E In Singapore February 1st, 2019

180 Degree Capital Corp.’s Portfolio Company, TheStreet, Inc., Agrees to Sell Its Institutional Business Units to Euromoney Institutional Investor PLC for $87.3 Million December 6th, 2018

NanoNews-Digest
The latest news from around the world, FREE



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project