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Abakan Inc.'s management is pleased to announce that the U.S. Army has recognized MesoCoat, Inc., an Abakan portfolio company, as one of the most successful companies in the Small Business Innovation Research (SBIR) program.
SBIR was established by Congress to provide small businesses and research institutions with opportunities to participate in government sponsored research and development. Success within the SBIR program is measured over three highly competitive phases selecting the best companies and teams developing and commercializing cutting edge technologies. MesoCoat has been singled out among SBIR awardees as an SBIR success story for its progress in attracting funding and customers from the private sector and non-SBIR government sources to transition its PComP(TM) nanocomposite cermet coating technology into viable commercial products and savings for the U.S. Department of Defense (DoD).
The U.S. Military spends an estimated $40 billion each year to address wear and corrosion issues associated with military equipment. Consequently, the U.S. Army, along with other branches of the U.S. military, is constantly searching for investment opportunities in the best new material science solutions. "Our investment in MesoCoat is further validated by the U.S. Army report which expressed considerable interest in the PComP(TM) nano-composite spray powder product line," according to Robert Miller, Abakan's CEO. "The Department of Defense could represent a multibillion dollar market for the application of MesoCoat products."
"Coating solutions provided by MesoCoat's technology would
directly reduce the cost of corrosion. MesoCoat's PComP(TM)
technology can enhance wear and corrosion resistance, along with
reducing spallation in a variety of applications including
aircraft materials, landing gears, rail guns, bearings, military
vehicles, and ship structures. The nanocomposite materials will
replace chrome plating for repairing F-22, F-15, F-16, and F-35
aircraft since DoD has restricted use of chrome plating and no
acceptable substitute exists for joint fighters. Funds from a DoD
program to develop thermal barrier and chrome replacement coatings
have assisted MesoCoat with the development of environmentally
safe, superior performance coatings that would eliminate the use
of toxic and carcinogenic compounds and processes currently being
used for coating many metal structures."
Source: US ARMY SBIR
The PComP(TM) nano-composite cermet thermal spray coating product line is intended to replace chrome plating for repairing and extending the service life of F-22, F-15, F-16 and F-35 aircraft and other DoD systems as the use of chrome plating has been restricted. MesoCoat is currently working with the Air Forces' Propulsion Environmental Working Group, General Dynamics, and others to speed transition of the DoD to the higher performance, higher productivity PComP(TM) alternative. Andrew Sherman, MesoCoat's CEO stated that "The Department of Defense and commercial industry now have a replacement for hexavalent chromium that is affordable, very environmentally friendly, and superior to the materials it replaces."
Concern over the use of hazardous materials has led to legislation related to the use of certain toxic materials, including chrome plating. The hexavalent chrome replacement market by itself represents a $3 billion plus market opportunity for firms armed with acceptable alternatives. According to Curtis Glasgow, GM of MesoCoat's PComP(TM) product line, "Companies not only have to be able to engineer new materials with appropriate properties that meet testing criteria to replace hexavalent chrome, they also have to be able to apply that material to part surfaces. We have spent the last year building and refining that capability to deliver a superior yet cost-effective product to the market place."
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.
Abakan Inc. is a publicly traded company (symbol ABKI) 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, is 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.
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