Abakan Inc. (OTCQB: ABKI) (“Abakan”), an emerging leader in the advanced coatings and metal formulations markets, announced today that it has appointed David Charbonneau as its new chief financial officer and Raymond Tellini to its board of directors.
Mr. Charbonneau has served as a member of the Corporation’s board of directors and as the head of Abakan’s audit, compensation, nominating and ethics committees since June of this year. The transition from his role on the board of directors to chief financial officer is part of a vigorous expansion of Abakan’s executive team. Mr. Charbonneau brings to his new position management skills and a solid accounting background with over two decades of accounting, management and consultancy experience. Prior to joining Abakan, Mr. Charbonneau served as the CFO of Diamond Engineered Space Inc., later sold to GE Capital, and Waco International Corporation, a subsidiary of an Australian public company. He has also held senior positions at several consulting firms and is a certified public accountant in Ohio.
Mr. Tellini is currently the managing member of Brennecke Partners LLC, a private investment firm located in New York that makes specialty finance and growth capital investments. He brings to Abakan’s board of directors independent management oversight with an expert accounting background garnered over two decades of accounting, management and investment experience. Mr. Tellini will also head Abakan’s audit committee and serve as a member of its compensation, nominating and ethics committees.
Robert Miller, Abakan’s chief executive officer welcomed Mr. Charbonneau and Mr. Tellini to Abakan’s management team commenting that, “The appointments come at an important time for us as we extend Abakan’s reach around the world to capitalize on the abundant opportunities for the commercial use of our advanced wear and corrosion solutions for metal asset protection. Mr. Charbonneau and Mr. Tellini will play an integral role in maintaining the company’s financial integrity and management oversight as we continue to expand globally.”
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, NASDAQ approval for listing of our common stock on the NASDAQ Capital Market, 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.