SOURCE: Abakan Inc

May 28, 2015 08:00 ET

Abakan Announces Interim CFO

MIAMI, FL--(Marketwired - May 28, 2015) - Abakan Inc. (OTCQB: ABKI) ("Abakan"), an emerging leader in the advanced coatings and metal formulations markets, reports that Costas M. Takkas, its CFO has been detained in Switzerland, based on an indictment issued by the U.S. District Court, Eastern District of New York charging him with certain activities unrelated to his position with Abakan. Based on this development, Abakan has suspended Mr. Takkas from undertaking any further responsibilities as its CFO. Robert Miller, Abakan's CEO will now also act as interim CFO.

The Company will remain loyal to operating under the highest standards of ethics and integrity.

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. The Abakan group of companies has 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 introduced its PComP™ W for metal asset protection and life extension to the oil and gas and mining industries, and is currently focused 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 United States and in Canada.

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.

Abakan Inc. is on Facebook
Abakan Inc. is on Twitter

Contact Information