Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) reported today that the U.S. Navy has begun testing spherical bearings from its China subsidiary under SAE Aerospace Standard 81820.
"We are delighted to see that testing has finally commenced, and are confident that the Navy will find the performance of our bearings to spec," said Bill McKay, Trans-Pacific Aerospace CEO.
"Should everything proceed as expected, it means we're roughly four weeks away from our Guangzhou facility becoming the first and only manufacturer in China qualified to produce SAE-AS81820 aerospace quality bearings," McKay added.
Bearings made by Godfrey Guangzhou Aerospace Bearings, the wholly owned foreign entity of Godfrey (China) Limited, Trans-Pacific Aerospace Company's 25%-owned subsidiary, were submitted to the U.S. Navy for official qualification testing in June after rigorous independent third-party testing. At that time, results demonstrated bearing performance beyond SAE specifications."Our sales team is ready to follow-through with pre-sale calls immediately upon qualification," said McKay. 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, 2009 filed with the SEC on February 12, 2010 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts