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

CubeSat Structures Competition Opens Space Design to Students of the World December 16th, 2017

Record high photoconductivity for new metal-organic framework material December 15th, 2017

Error-free into the quantum computer age December 15th, 2017

Leti Will Demonstrate First 3D Anti-Crash Solution for Embedding in Drones: Fitted on a Mass-Market Microcontroller, 360Fusion Software Technology Detects any Dynamic Obstacle and Helps Guide Drones Away from Collisions December 15th, 2017

Announcements

CubeSat Structures Competition Opens Space Design to Students of the World December 16th, 2017

Record high photoconductivity for new metal-organic framework material December 15th, 2017

Error-free into the quantum computer age December 15th, 2017

Leti Will Demonstrate First 3D Anti-Crash Solution for Embedding in Drones: Fitted on a Mass-Market Microcontroller, 360Fusion Software Technology Detects any Dynamic Obstacle and Helps Guide Drones Away from Collisions December 15th, 2017

Military

Synthetic protein packages its own genetic material and evolves computationally designed protein assemblies are advancing research in synthetic life and in targeted drug delivery December 15th, 2017

Math gets real in strong, lightweight structures: Rice University researchers use 3-D printers to turn century-old theory into complex schwarzites November 16th, 2017

Promising sensors for submarines, mines and spacecraft: MSU scientists are developing nanostructured gas sensors that would work at room temperature November 10th, 2017

Leti Joins DARPA-Funded Project to Develop Implantable Device for Restoring Vision November 9th, 2017

Financial Reports

Nanometrics Announces Preliminary Results for the Third Quarter of 2017: Quarterly Results Impacted by Delays in Revenue Recognition on Multiple Systems into Japan October 12th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Third Quarter Results July 27th, 2017

Nanometrics to Announce Second Quarter Financial Results on August 1, 2017 July 14th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Acquisitions/Mergers/Splits

Bruker Announces Acquisition of Nanoindenting Leader Hysitron: Acquisition strengthens Bruker’s leading position in nanoanalysis and nanomechanical materials characterization January 24th, 2017

GLOBALFOUNDRIES Completes Acquisition of IBM Microelectronics Business: Transaction adds differentiating technologies, world-class technologists, and intellectual property July 1st, 2015

Entest BioMedical, Inc. in Discussions to Acquire Nanotechnology Delivery System for Cancer Therapy June 3rd, 2015

Evident Thermoelectrics Acquires GMZ Energy: Investment Accelerates Launch Of Evident's Thermoelectric Modules For Waste Heat May 20th, 2015

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



  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project