Godfrey (Guangzhou) Bearing Company is the China based manufacturing company which Trans-Pacific Aerospace has equity ownership through its ownership in Godfrey (China). Godfrey (Guangzhou) is a Wholly Owned Foreign Entity owned 100% by Godfrey (China) of which Trans-Pacific Aerospace has a 25% interest.
Bill McKay, Trans-Pacific Aerospace CEO, commented, “we believe the license is a precursor to Godfrey (Guangzhou) receiving a high technology venture award certificate that could potentially give them a two-year tax exemption in China, as well as a potential business development grant.”
"We're delighted and appreciative that the Ministry of Science and Technology thinks so highly of Godfrey (Guangzhou) Bearing Company," said Bill McKay, Trans-Pacific Aerospace CEO. "Getting the special operating license is an indication that China believes our project has significant value and long-term benefits for its commercial aerospace industry. The license gives Godfrey (Guangzhou) Bearing Company recognition as a domestic bearing manufacturer and allows them to officially move into Guangzhou's Technological Development Zone, an area reserved for high value companies as determined by the government."Trans-Pacific Aerospace Company plans to use its proprietary aerospace bearing technologies to manufacture and sell component parts for both new commercial aircraft and spares for the existing commercial fleet, initially through a joint venture in China. The component parts are referred to as self-lubricating spherical bearings, and they help with several flight critical tasks including aircraft flight controls and landing gears. Information About Forward-Looking Statements This press release contains or incorporates by reference “forward-looking statements” including certain information with respect to plans and strategies of Trans-Pacific Aerospace Company, Inc. For this purpose, any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words “believes,” “suggests,” “anticipates,” “plans,” “expects,” and similar expressions are intended to identify forward-looking statements. There are a number of events or actual results of Trans-Pacific Aerospace Company, Inc. operations that could differ materially from those indicated by such forward-looking statements.