it's a Techrolane based product.
Tecrolan creates a film inside the pore structure as well as a continuous micro-thin surface film. It is important to note that the film will not build up on itself so no tolerance changes will occur. This is especially important in treating hydraulics and pneumatics where tolerances are very close.
i have used it on revolvers and it works great! also works well for rust proofing high carbon steel knives.