abakan inc (ABKI) Key Developments
Abakan, Inc. announced delayed 10-Q filing
Apr 9 14
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
Feb 10 14
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
Dec 2 13
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.
Abakan, Inc. and Mesocoat, Inc. Enters into Loan and Exchange Agreement with Kyrtos Limited
Nov 8 13
On October 30, 2013, Abakan Inc. and its majority owned subsidiary MesoCoat, Inc. entered into a Loan and Exchange Agreement with Kyrtos Limited (Kyrtos). The terms of the Agreement provide that MesoCoat issue two secured promissory notes to Kyrtos in the aggregate amount of $769,000, in exchange for $580,000 plus accrued interest due from Abakan to an affiliate of Kyrtos, and $180,000 due from MesoCoat to Kyrtos. The Agreement also provides for additional loans from Kyrtos to MesoCoat over the next three months in the aggregate amount of $540,000. The secured promissory notes, regardless of issue date, accrue interest at 5% per annum and mature on April 29, 2014.
Abakan, Inc. announced delayed 10-Q filing
Oct 10 13
On 10/10/2013, Abakan, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.