SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (TPAC), trading symbol OTCQB: TPAC, wishes to announce that a convertible note held by KBM Worldwide (formerly Asher) has been paid off. KBM Worldwide was repaid on May 28, 2015. The note had been eligible for and was in the process of being converted. TPAC CEO Bill McKay stated: “We are very happy to have received the full cooperation of KBM in retiring this obligation. We are working hard to retire two other obligations, but this was the most significant in terms of the amount owed. If we are successful in retiring the two other obligations, the flood of conversions will cease. In the meantime we would like to sincerely thank our shareholders for their patience and ongoing support.”
Trans-Pacific Aerospace Company uses its proprietary aerospace bearing technologies at its facility in China, to manufacture and sell component parts for both new commercial aircraft and spares for the existing commercial fleet. 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.