Abakan
Inc. (OTCQB: ABKI)
(“Abakan”), an emerging leader in the advanced coatings and metal
formulations markets, today announced that it has secured a $3M
strategic investment from the world’s largest wear-resistant clad plate
manufacturer, UP Scientech Materials Corp. (“UP Scientech”). In addition
to the investment, UP Scientech have entered into an agreement to
develop, manufacture, and sell Abakan’s PComP thermal spray coating and
CermaClad clad metal products in Taiwan, China, Japan, and Korea on a
joint venture basis.
“UP Scientech is the largest global wear-resistant clad plate
manufacturer and offers Abakan not only global sales and marketing
channels but also significant financial commitments which will enable us
to accelerate the scale-up our development and production efforts. This
long-term strategic partnership validates anew the value proposition
that our technologies and products offer,” said Abakan CEO, Robert
Miller who also welcomes the CEO of UP Scientech, Mr. Kevin Chen, onto
Abakan’s Board of Directors.
Abakan and UP Scientech intend to collaborate on both technology
development and sales to complement each other’s capabilities. UP
Scientech would initiate our collaborative relationship by facilitating
sales of Abakan’s PComP thermal spray coating materials in Taiwan,
China, Japan, and Korea with the intention of setting-up PComP powder
production and coating facilities in Taiwan. UP Scientech and Abakan
also intend to collaborate on the development of CermaClad
wear-resistant clad plates, with intention of setting up the first
CermaClad clad plate manufacturing facility in Taiwan on a joint venture
basis.
“We see a lot of value in Abakan’s suite of technologies and products.
UP Scientech, as the world’s largest wear-plate manufacturer, is seeking
opportunities to diversify its offerings. Both CermaClad clad metal
product and PComP thermal spray powder fit our core business model. We
understand the wear and abrasion market very well, and are confident
that CermaClad wear-plates and PComP coatings will enable us to offer
significantly higher value to our customers,” said UP Scientech’s CEO,
Kevin Chen.
About UP Scientech:
UP Scientech is known worldwide as the most competitive company in the
world for wear resistant compound steel plate manufacturing. In
production capacity, UP Scientech is the largest manufacturer in the
world with more than 250,000 square meters of annual production of
compound steel plate. In hardfacing rebuilding services, the performance
of components hardfaced by UPW process (UP Welding) have enabled
significant cost savings and longer operation time, compared to new part
replacement in either cast or forged. Through its extensive commercial
network, UP Scientech has a global footprint with sales in more than 35
countries.
About Abakan Inc.
Abakan develops,
manufactures, and markets advanced
nano-composite materials, innovative
fabricated metal products and highly
engineered metal composites for applications in the oil and gas,
petrochemical, mining, aerospace and defense, energy, infrastructure and
processing industries. Abakan’s technology
portfolio currently includes high-speed,
large-area metal cladding technology and long-life
nano-composite anti-corrosion and wear coating materials. Abakan's
products have demonstrated longer life, higher productivity and
extremely high strength-to-weight ratios compared to competing
technologies. Abakan’s companies have been honored by The Wall Street
Journal as the #1
Manufacturing Innovation across the globe, by Pipeline Industries
Guild as the Top Subsea Pipeline Technology, by Forbes as the #1
Most Promising Material Science Company in the United States, by
American Metals Market with the Steel
Excellence Award, by Inc. 500 as one of the Fastest
Growing Manufacturing Company in the U.S., and has received numerous
other trade, industry and technology awards including five
R&D 100 Awards and a Technology
Innovation Award from the National Institute of Standards and
Technology. Over $50 million has been invested in product
development and testing by federal agencies, national labs and our
companies in order to deliver products that offer improved performance
over the current state of art. Abakan has successfully introduced its PComP W for
metal asset protection and life extension in the oil and gas and mining
industries, and is currently focusing on the scale-up and
commercialization of its highly
disruptive metal cladding products for the oil and gas, oil sands,
and mining industries. Abakan currently operates from multiple locations
in the United States, and intends to expand global operations to Canada,
South-east Asia, Mexico and South America.
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, Form 10-Q and 8-K. Abakan’s public filings may be
viewed at www.sec.gov.
www.suretyfingroup.com
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