The construction of the Brazil facility represents the first step in Abakan's plan to build corrosion-resistant clad pipe manufacturing facilities globally, to meet the rising global demand for corrosion-resistant clad pipe, plates and components used in extracting sour oil and gas resources. Due to the potential that any one of a dozen oil majors or their contractors could tie up the entire production capacity of the Brazilian facility, Abakan plans to establish similar 4- to 8-line facilities in Indonesia, the Middle East and North America.
Cone and its parent, Moura Dubeux Engineering, are the largest and most experienced administrators of property and industrial zones in the region, which house many international corporations operating in Brazil's northeast region. The Suape EPZ is located 21 kilometers from Recife's international airport, 20 kilometers from the Port of Suape and less than 10 kilometers from a large Petrobras oil refinery and petrochemical refinery and other potentially strategic industries for Abakan.
About Abakan Inc.
Abakan develops, manufactures, and markets advanced nanocomposite 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; long-life nanocomposite anti-corrosion and-wear coating materials; and high-strength, lightweight metal composites. Abakan's products have demonstrated longer life, higher productivity and extremely high strength-to-weight ratios compared to competing technologies. The Abakan group of companies have been honored by The Wall Street Journal for being #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 and has received numerous other trade, industry and technology awards including 5 R&D 100 Awards and a Technology Innovation Award from 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 metal coatings 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, mining, and chemical industries. Abakan currently operates from multiple locations in United States and Canada, and intends to expand global operations in South America, Canada, Middle East, and Asia-Pacific.The Abakan, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=14954 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 on Facebook Abakan Inc. is on Twitter
CONTACT: Abakan Inc. Robert Miller, Chief Executive Officer Phone: +1-786-206-5368 Email: email@example.com www.abakaninc.com Investor Relations Mike Bowdoin RedChip Companies for Abakan Inc. 407-644-4256 ext. 110 firstname.lastname@example.org Media Inquiries Jerry Schranz Antenna Group for Abakan Inc. 201-465-8020 email@example.com
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