SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (“TPAC” or the “Company“) (OTCQB:TPAC), a manufacturer of spherical bearings for the commercial aerospace industry, through its China-based subsidiary, is pleased to announce its first purchase order of the Company’s spherical bearings.
TPAC has received an order from a US customer, which shows that the US market is accepting of the Company’s parts, which are qualified to the stringent requirements of SAE-AS81820 and SAE-AS81934. TPAC is the only manufacturer in China to obtain these approvals.
“We have a very short lead time on the order, as compared to industry standards and are confident that we will deliver superior quality parts well within the committed lead time,” said Bill McKay, Chairman and CEO of TPAC. “The order shows confidence in our manufacturing processes and the performance of our products. The significance of the first order cannot be overstated. TPAC is committed to exceeding customer expectations in every aspect of its business and we look at this order as the first of many to come. The Company has additional quotes outstanding, some with major industry players. While there is no guarantee, we are nevertheless optimistic that our team’s marketing expertise and strategic contacts will result in additional orders from both US and Chinese customers.”
According to Boeing, “China continues to lead the Asia Pacific region in new deliveries. Over the next 20 years, Chinese airlines will need nearly 6,000 new airplanes, valued at $780 billion, accounting for more than 40 percent of forecast deliveries to the Asia Pacific region.” TPAC is positioned to take advantage of offset agreements between China and major airframe manufacturers due to its China location.
About Trans-Pacific Aerospace
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 (www.tpacbearings.com).
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, 2013 filed with the SEC on February 13, 2014 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.