Last $0.73 USD
Change Today -0.02 / -2.67%
Volume 1.5K
ABKI On Other Exchanges
As of 8:10 PM 07/28/14 All times are local (Market data is delayed by at least 15 minutes).

abakan inc (ABKI) Key Developments

Jeffrey Webb Resigns as Director of Abakan Inc

Effective May 6, 2014, the Board of Directors of Abakan Inc. accepted the resignation of Jeffrey Webb as a Director of the company.

Abakan, Inc. Appoints Ryan Owen to its Board of Directors

Abakan, Inc. has appointed Dr. Ryan Owen, PhD, to the company's Board of Directors. Dr. Owen has over 13 years of industry experience with BP, both domestically and internationally in upstream oil and gas, and has worked for Woods Mackenzie as a managing consultant. Most recently, Dr. Owen worked with an emerging oil and gas operator, Ping Petroleum, as Manager of Surface Developments.

Abakan, Inc. announced delayed 10-Q filing

On 04/09/2014, Abakan, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Abakan Inc. Announces Management Changes

Effective February 7, 2014, the board of directors of Abakan Inc. accepted the resignation of David Charbonneau as a chief financial officer and principal accounting officer of the company. Effective February 7, 2014, the board of directors appointed Costas Takkas as its chief financial officer and principal accounting officer. Mr. Takkas brings to his new positions management skills and an expert accounting background with over 30 years of accounting, management and consultancy experience. Mr. Takkas, a practicing Chartered Accountant has acted as a director and officer of numerous development-stage public companies involved with projects in the technology, mining, construction, gaming, drug development and medical equipment industries. Mr. Takkas is a member of the Institute of Chartered Accountants in England & Wales (ACA). Mr. Takkas is also the General Manager of AMP Distributors Inc. SEZC.

Abakan Inc. Announces Agreement to Develop Better Coatings for the Small Diameter Pipe Market

Abakan Inc. has signed an exclusive agreement with LIMO Lissotschenko Mikrooptik GmbH. The agreement is intended for the development of a laser based system for the production of wear and corrosion resistant cladding to supply the multi-billion dollar coating market for 3 to 8 inch diameter pipe used extensively in the oil and gas industry. LIMO will design and build the laser coating systems, while Abakan will design the auxiliary components to install and operate these systems. The cooperation will focus initially on the cladding of the smaller-diameter thick-walled pipes, which are in constant demand due to the mounting development of large-scale offshore oil and gas fields. The prospect of supplying the demand for small diameter clad pipe adds to Abakan's current focus on cladding large diameter (10 inches and up) pipe. LIMO has demonstrated laser-melting technology that can produce smooth and thin coatings which, for the first time in history, exhibits a verifiable metallurgical bond almost without any metallurgical substrate effects. The LIMO technology is based on optical systems, which facilitate industrial level productivity for the seamless treatment of the inner diameters of pipes. The utilization of this technology in small diameter offshore pipe and in other industrial applications would have an effective life more than sufficient for most products where cladding is used. Hundreds of test sample coatings already conducted by LIMO on behalf of an oil major evidence the effectiveness of its technology for cladding applications. The current process of relying on mechanically lined and clad plate-to-pipe solutions for clad pipes is not ideal for thick-walled pipes due to inspectability and quality concerns. Abakan believes that LIMO's laser based system will result in a product that offers the ideal solution for producing small diameter clad pipes. Abakan expects that its collaboration with LIMO could also develop a product that enables very thin corrosion- and wear-resistant cladding for pipes, plates, and components that would compete directly with paints and epoxies. The new product envisioned would offer a 3-5 times longer life than coatings that are currently available, at a cost that would be only marginally higher when compared to the cost of the epoxies now used over a variety of applications, in the oil and gas, petrochemical, shipbuilding, tooling and infrastructure industries.


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