MesoCoat Secures Supply Contract for PComP Coating Materials
April 09, 2012
MIAMI, FLORIDA -- Abakan Inc. (OTCQB "ABKI") ("Abakan") is pleased to announce that its 71% controlled subsidiary, MesoCoat, has secured a supply contract for its PComP™ nanocomposite coating materials from a large industrial pump manufacturer and distributor in Canada. This supply contact further validates the superior value of MesoCoat’s PComP™ nanocomposite coatings in the $1+ billion North American tungsten carbide thermal spray powder coating market.
Robert Miller, CEO, Abakan Inc., stated: “MesoCoat received this contract after completing extensive field testing and qualification which confirmed the superior properties of our tungsten carbide (WC) based PComP nanocomposite cermet materials, compared to other commercially available coating materials. Several variants of our PComP coatings have been under lab and field testing with the largest oilfield, pump, mining equipment, and component manufacturers. The results have been excellent, and in some cases have shown up to 5X extended coating life. We have been anticipating great demand for these products given the excellent test results and its value proposition; and hence we had already begun scaling-up production of our PComP materials to meet this demand. In the very near future, we are confident of securing several other long term supply contracts that are currently in the pipeline.”
The PComP family of nanocomposite thermal spray powders offers unparalleled combinations of both toughness and hardness. This combination arises from a unique, patented coating microstructure that combines high hardness zones of a ductile metal in an optimum geometry. In our Nitride based powders, the nanocomposite core provides high wear resistance, low friction and light weight; and the binders provide corrosion resistance, toughness, ductility, resiliency, and improve deposition efficiency. These Nitride PComP’s have low density and are up to 60% lighter in weight than carbide coatings, offer 2X higher spray cell productivity, have shown to have 3-7X lower wear and corrosion rates, and are much easier to grind compared to commercially available carbide coatings. The tungsten carbide based PComP’s utilize the same patented core structure and binder architecture to produce coatings that provide over 2X better wear and abrasion resistance as well as significantly better spallation resistance than conventional tungsten carbide coatings of the same chemistry. These coatings also retain their superior corrosion resistance, toughness, ductility, and resiliency. The PComP family of coating materials has been designed as drop-in replacements for thermal spray powders and do not require modification of thermal spray equipment.
Andrew Sherman, CEO, MesoCoat Inc., stated: “MesoCoat is very glad to begin commercial sales of these breakthrough coating materials. We have a very unique method of manufacturing the PComP materials that allows us to make coatings that are both hard and tough; a characteristic that cannot be achieved by any other coating material. I am very confident that these materials have a huge market potential; and we are currently developing partnerships with some of the largest oilfield and mining equipment/component manufacturers, and large coating shops to generate significant revenues from our PComP product line.”
About Abakan Inc.:
Abakan, Inc. is a publicly listed acquisition 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.
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.