SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. ("TPAC") (OTCQB:TPAC) is pleased to provide an update to its affairs. Bill McKay, the CEO of TPAC reports that: "We continue to make progress with our potential joint venture partner in negotiating and agreeing upon all issues. We are excited about the prospects of a long-term and most productive relationship. Nevertheless, we continue to explore other potential partnership opportunities in order to protect our interests and the interests of our shareholders. Additionally, we have entered into discussions and are moving forward to become an approved supplier to one of the largest aerospace companies in China. This approval process, while challenging is something with which we are familiar and confident we can accomplish. Furthermore, we are in the process of developing prototype parts for another major Chinese aerospace company, which could lead to significant orders. We will work steadily on all fronts and anticipate the completion of these projects within the near future. We will continue to explore all opportunities in both China and the US. Finally, we have shipped our first orders for parts. They have been shipped ahead of schedule to customers who were very happy with both the quality of the product and the very short lead times. "The company is also making efforts to pay off its convertible debt prior to it coming due. We have successfully accomplished this goal with two of our most recent obligations and we will continue our efforts to make this a priority in the future for other convertible debt."
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.