MIAMI — (BUSINESS WIRE) — August 9, 2012 — Abakan Inc. (OTCQB: ABKI) (“Abakan”) today announced the appointment of Jeffrey Webb as an independent member of the Board of Directors. He is expected to serve as a member of the Nominating and Corporate Governance Committee, Compliance and Ethics Committee, Compensation Committee and Audit Committee.
Jeffrey Deon Webb brings to Abakan Inc. over 22 years of business experience. Mr. Webb is the Business Development Manager and a Director of Fidelity (Cayman) Ltd., one of the largest banks in the Cayman Islands. He was educated at Tampa College having studied Business and Finance. Mr. Webb has had an extensive career in developing, managing and directing investment banking, corporate finance and risk management, providing leadership and advisement on multiple committees. We are confident that Mr. Webb's business acumen and independence fills the void that has been left by the recent passing of our previous Director Theodore Sarniak III and we welcome him to the Board of Directors and his input in that independent capacity.
Abakan’s CEO, Robert Miller, stated, “Not only is Jeffrey more than capable through his business expertise to assist us with our fiduciary duties, he also brings a wealth of international experience as we move forward with our commercial development.”
About Abakan Inc.
Abakan, Inc. is a publicly listed company that provides critical financial, management and intellectual support to innovative companies and technologies for realizing their true market potential. Abakan invests in companies that have developed transformational technologies on the cusp of commercialization. Abakan is the largest shareholder in MesoCoat and Powdermet, each of which is a nanotechnology material science company involved in technology development and commercialization. MesoCoat is focused on metal asset protection and life extension by providing advanced wear and corrosion solutions, while Powdermet is focused on metal formulations as well as advanced energy management solutions. MesoCoat was recently recognized by Forbes as one of ‘ The Most Promising American Companies’ and was the highest ranked material science and nanotechnology company. MesoCoat is also the recipient of four prestigious R&D 100 awards, a Technology Innovation Program Award (TIP) for 100 year life coatings by the National Institute of Standards and Technology (NIST), two NorTech Innovation Awards for breakthrough materials and surface engineering solutions, and several other federal and state grants and awards. Powdermet is a nationally recognized nanotechnology and advanced materials research and development organization that has won approximately 100 federal and state awards, along with being a recipient of several technology innovation awards like R&D 100 and NorTech Innovation Award.
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.