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Abakan Inc. (OTCQB ABKI) ("Abakan") today announced the appointment of David G. Charbonneau as an independent member of the Board of Directors. He is expected to serve as the Head of Abakan's Audit Committee and as a member of the recently formed Compensation, Nominating and Ethics Committees.
Mr. Charbonneau has over 25 years of experience providing accounting and management expertise to a range of different industries. David earned a Bachelor of Science in Business Administration from Ohio State University with a major in Accounting. He is a Certified Public Accountant in Ohio, inactive. Mr. Charbonneau started his accounting career as an auditor for Arthur Anderson & Co in Cleveland. His experience includes 5 years as Chief Financial Officer for Diamond Engineered Space Inc. Diamond was a national commercial modular builder and a subsidiary of a UK publically traded company. The company was sold to GE Capital in 1993. Afterward, Mr. Charbonneau became Chief Financial Officer and Director for Waco International Corporation until 1998. Waco was a scaffolding manufacturer and construction rental equipment company with multiple US locations, 600 employees and over $75 million in revenue. The company was owned by an Australian public company. He was instrumental in the development and implementation of a strategic plan to transition it from a distressed company into a growing and profitable entity.
David is an Associate Director for SS&G Parkland, in Cleveland, Ohio, a business consulting group. His concentration is on strategic planning, performance improvements and financial institutional relationships. Mr. Charbonneau is also the founder of CFO Consultants, Inc. He advises clients on strategic planning, budget preparation, sales and margin enhancement, overhead cost management, accounting and financial institution relationships.
Mr. Charbonneau stated that he is "looking forward to this excellent opportunity to serve on the Board of Directors as an independent voice in Abakan's journey forward."
Abakan's CEO, Robert Miller stated that: "we are pleased to welcome an individual of David's caliber to the Board. Our plans for growth over the next 3 years dictate that we need someone like David to help ensure that the various corporate governance protocols, incumbent on growing public companies, are vigorously followed."
The appointment of Mr. Charbonneau coincides with the resignation of Mr. Buschor as a member of Abakan's Board of Directors. Abakan thanks Mr. Buschor for his service on the Board of Directors and looks forward to continuing to work with Mr. Buschor in his capacity as VP of Marketing.
About Abakan Inc.
Abakan, Inc. is a publicly listed company that provides critical financial, management and intellectual support to innovative companies and technologies for realizing their true market potential. Abakan invests in companies that have developed transformational technologies on the cusp of commercialization. Abakan is the largest shareholder in MesoCoat and Powdermet, each of which is a nanotechnology material science company involved in technology development and commercialization. MesoCoat is focused on metal asset protection and life extension by providing advanced wear and corrosion solutions, while Powdermet is focused on metal formulations as well as advanced energy management solutions. MesoCoat was recently recognized by Forbes as one of ‘The Most Promising American Companies’ and was the highest ranked material science and nanotechnology company. MesoCoat is also the recipient of four 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), two NorTech Innovation Awards for breakthrough materials and surface engineering solutions, and several other federal and state grants and awards. Powdermet is a nationally recognized nanotechnology and advanced materials research and development organization that has won approximately 100 federal and state awards, along with being a recipient of several technology innovation awards like R&D 100 and NorTech Innovation Award.
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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Robert Miller, +1-786-206-5368
Chief Executive Officer
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