Court Rules Against Abakan and Appoints a Receiver for MesoCoat
(firmenpresse) - MIAMI, FL -- (Marketwired) -- 08/21/15 -- (OTCQB: ABKI) ("Abakan"), an emerging leader in the advanced coatings market, announces that on August 19, 2015 the United States District Court of the Southern District of New York granted a summary judgment motion in favor of George Town Associates, S.A. ("George Town") against Abakan and MesoCoat, Inc., its wholly owned subsidiary. The Court''s ruling focused on the contractual basis of the loan obligation, and declined to consider Abakan''s wider defenses that allege, among other things, that George Town and Abakan''s other lender, Sonoro Invest SA, are controlled by a single individual, who Abakan contends, was engaged in a scheme to defraud Abakan of its assets. The Court issued an order finding Abakan and MesoCoat liable for the full principal and interest due in the amount of $1,770,932. On August 19, 2015, the Court appointed a receiver over MesoCoat to administer payment of the judgment.
Abakan is seeking to refinance all of its outstanding debt, and if unsuccessful, will on appeal seek relief from the judgment and the order appointing a receiver. Should Abakan be unable to satisfy the judgment within 10 days of entry, it will utilize other legal options commonly implemented to protect companies from creditors.
The Court''s decision does not affect the Exchange Agreement announced on July 28, 2015, wherein Abakan increased ownership in its subsidiary, , to 100% in exchange for 20.5% of its minority ownership in (from 24.1% to 3.6%) in addition to land and equipment worth $550,000, extinguishing existing inter-company debt of $486,000, returning 400,000 of its outstanding common shares to authorized capital and $1,000,000 in cash, payable in installments.
Robert Miller, Abakan''s CEO, shared his own perspective on the result in Court. "While we are disappointed with the Court''s decision and its determination not to consider the crux of our defense, we remain positive as to our core business, particularly how the roll-out of our PComP product line is being received, and we are exploring all of the Company''s options."
develops, manufactures and markets , and for applications in the oil and gas, petrochemical, mining, aerospace and defense, energy, infrastructure and processing industries. technology portfolio currently includes , and . 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 ; by Pipeline Industries Guild as the Top Subsea Pipeline Technology; by Forbes as the ; by American Metals Market with the ; by Inc. 500 as one of the ; and has received numerous other trade, industry and technology awards including and a from the National Institute of Standards and Technology. Over $50 million has been invested in 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 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 products for the oil and gas, oil sands, and mining industries. Abakan currently operates from multiple locations in United States, and in Canada.
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 .
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Robert Miller
Chief Executive Officer
Phone: 786-206-5368
Email:
Surety Financial Group, LLC
Phone: 410-833-0078
Email:
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Datum: 21.08.2015 - 09:03 Uhr
Sprache: Deutsch
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