Trans-Pacific Aerospace Announces NAVAIR Test Approval; Adds Jason Arnold and Clairmont Griffith to
Trans-Pacific Aerospace Announces NAVAIR Test Approval; Adds Jason Arnold and Clairmont Griffith to Board of Directors
SAN MARINO, Calif.--(BUSINESS WIRE)-- Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) reported today that the U.S. Navy has completed tests of spherical bearings made by its China subsidiary under SAE Aerospace Standard 81820.
"Our bearings have passed all of the dynamic testing and the Navy has given our bearings verbal approval contingent upon a facility inspection and approval of packaging," said Bill McKay, Trans-Pacific Aerospace CEO. "Once that's completed, our factory in Guangzhou will become the first and only manufacturer in China qualified to produce SAE-AS81820 aerospace quality bearings. "Qualification is a difficult achievement to obtain and this approval is a testament to the skill and dedication of our engineering and manufacturing personnel. We do not see the remaining contingencies of packaging and facility inspection as significant hurdles to overcome, but merely procedural requirements. We are confident in our abilities to satisfy these requirements."
Bearings made by Godfrey Guangzhou Aerospace Bearings, a wholly owned foreign enterprise of Godfrey (China) Limited, Trans-Pacific Aerospace Company's 25%-owned subsidiary, demonstrated performance beyond technical specifications.
NAVAIR, the U.S. Navy qualification agency for SAE aerospace parts, conducted certification procedures that included dynamic tests for radial static limit load, axial static limit load, oscillation under radial load, no load rotational breakaway torque, fluid contamination, sub zero temperature, bond integrity and peel strength.
China is the world's largest aviation market outside of the United States, with forecasters like Boeing predicting it will need 5,260 new airplanes over the next 20 years. Bearings, such as those manufactured by Trans-Pacific Aerospace's China factory, are used throughout each aircraft.
Separately, Jason Arnold and Clairmont Griffith were named to Trans-Pacific Aerospace's board of directors.
Arnold has nearly 25 years of experience in the aerospace industry, regularly conducting business with such companies as Airbus, Boeing, Bombardier and Embraer. Griffith is an entrepreneur, and is currently chief of perioperative services and chairman of the department of anesthesiology at Howard University Hospital. He is also a professor at Howard University College of Medicine.
About Trans-Pacific Aerospace (TPAC)
Trans-Pacific Aerospace is in the business of designing, engineering and manufacturing self-lubricating spherical bearings for commercial aircraft, with planned product extensions using similar proprietary technology into maritime, power plant and space applications. To date, Trans-Pacific Aerospace's operations have focused on assisting its 25%-owned Chinese subsidiary, Godfrey (China) Limited, in the development of its production facility in Guangzhou, China and the design and engineering of Godfrey's initial product line of spherical bearings. Godfrey has a special operating license granted by China's Ministry of Science and Technology. Godfrey has completed prototype manufacturing and testing in China and the United States and is pursuing SAE parts qualification of its facility in Guangzhou, China.
Information About Forward-Looking Statements
This press release contains forward-looking statements concerning Trans-Pacific Aerospace within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding Trans-Pacific Aerospace's expectations for the certification of Godfrey's Guangzhou, China production facility; the commencement of manufacturing of Godfrey's initial product line of spherical bearings; continued growth of the market for component parts of commercial aircraft; and the potential sale of Godfrey's bearing products. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks related to delays or failure of certifying Godfrey's Guangzhou China manufacturing facility; Godfrey's inability to obtain the capital or human resources necessary to commence manufacturing of its bearing products; the inability to successfully market Godfrey's bearing products to the commercial aerospace industry; and the ability of Trans-Pacific Aerospace and Godfrey to acquire additional capital as and when needed, and those other risks set forth in Trans-Pacific Aerospace's annual report on Form 10-K for the year ended October 31, 2011 filed with the SEC on February 13, 2012 and subsequently filed quarterly reports on Form 10-Q. Trans-Pacific Aerospace cautions readers not to place undue reliance on any forward-looking statements. Trans-Pacific Aerospace does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
KEYWORDS: United States Asia Pacific North America China California
The article Trans-Pacific Aerospace Announces NAVAIR Test Approval; Adds Jason Arnold and Clairmont Griffith to Board of Directors originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.