Trans-Pacific Aerospace Company Receives Additional NAVAIR Approvals; Adds New Board Members to Godfrey China Subsidiary
SAN MARINO, Calif.--(BUSINESS WIRE)-- Trans-Pacific Aerospace Company, Inc. ("TPAC" or "Company") (OTCBB: TPAC) , which is in the business of designing, engineering and manufacturing self-lubricating spherical bearings for commercial aircraft, is pleased to announce today that its Chinese subsidiary, Godfrey Guangzhou Aerospace Bearings ("Godfrey"), has received additional SAE-AS81820 bearing and SAE-AS81935 bushing approvals from NAVAIR. This achievement is a milestone event for the Company and will allow it to offer a larger catalog of qualified products to an industry forecasted to triple in size over the next 20 years. Godfrey is the only manufacturer in China qualified to make bearings under SAE-AS81820 and SAE-AS81934 standards. This achievement allows TPAC to compete in a sector that yields revenues of US$200 million per annum, thus widening the Company's growth potential and competitive landscape.
"We are now in a position to offer potential customers a wide range of products with a complete catalog of parts," said Bill McKay, Trans-Pacific Aerospace CEO. "We have initiated new customer contact in the United States and China and we are seeing positive feedback."
The Company also announced today that it has appointed new members to the board of directors of Godfrey China, its Hong Kong subsidiary. New members to the Godfrey China board are Greg Archer, Jason Arnold, Kevin Gould, Clairmont Griffith and Ray Kwong, who are also board members of TPAC.
"The addition of these members to the board of Godfrey China assures that the interests of Trans-Pacific Aerospace will be reflected in the decision-making process at Godfrey Guangzhou," noted McKay. China is the world's fastest growing aviation market, with most recent Boeing forecasts noting it will need 5,980 new planes over the next 20 years. Every commercial aircraft made by manufacturers such as Airbus and Boeing uses over 3,000 SAE-AS81820 and SAE-AS81934 parts.
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 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 obtained 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 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 inability 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, 2012 filed with the SEC on February 14, 2013 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.
Trans-Pacific Aerospace Company, Inc.
William McKay, Chief Executive Officer
RB Milestone Group, LLC
Trevor M. Brucato, Director
KEYWORDS: United States Asia Pacific North America China California
The article Trans-Pacific Aerospace Company Receives Additional NAVAIR Approvals; Adds New Board Members to Godfrey China Subsidiary 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.