SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) announced today that its China subsidiary has completed a series of bearings that will give it SAE Aerospace Standard 81934 qualification upon approval by the U.S. Navy.
"These bearings were manufactured using the same techniques and procedures as the SAE-AS 81820 bearings that recently received verbal approval from NAVAIR," said Bill McKay, Trans-Pacific Aerospace CEO.
Godfrey Guangzhou Aerospace Bearings, a wholly owned foreign enterprise of Godfrey (China) Limited, Trans-Pacific Aerospace Company's 25%-owned subsidiary, is scheduled for a NAVAIR facility inspection early in 2013.
"With both SAE-AS81820 and SAE-AS81934 approval, Trans-Pacific Aerospace will be able to offer the commercial aerospace market a full spectrum of bearings," McKay added.
Aviation Industry Corporation of China (AVIC), the country's dominant aerospace contractor, forecasts China's commercial aircraft fleet size will more than triple to 6,309 by 2031, from 1,755 aircraft at the end of 2011. Bearings, such as those manufactured by Trans-Pacific Aerospace's China factory, are used throughout each aircraft.
In its China Market Outlook, AVIC also forecast that China's aviation market will grow steadily over the next 20 years, with passenger traffic rising an average of 8 percent a year and cargo to increase 9.5 percent annually.
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, 2011 filed with the SEC on February 13, 2012 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.