SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (“TPAC” or “Company”) (OTCBB: TPAC), is pleased to announce that it is starting full production at facilities in Dongguan, China. The Company has received financing from Dr. Daniel Desta and Dr. Clairmont Griffith. Both men have been involved in TPAC for some time.
The financing will allow TPAC to form TPAC China, a Hong Kong company, which will own 100 percent of the manufacturing company in China, TPAC Aerospace Limited. Dr. Desta and Dr. Griffith are founders and owners of TPAC China, along with TPAC and Bill McKay. TPAC China will manage all operations in China and in addition to bearings, intends to expand into multiple product lines relating to aerospace.
Dr. Griffith, co-founder of TPAC and member of the TPAC board of directors, stated: “TPAC has three phases for success. The first phase was the qualification approval of our products by NAVAIR. The second phase was obtaining funding for full-scale production and the third phase is obtaining purchase orders. This funding allows us to accomplish our objective of full-scale production, which in turn gives us the ability to obtain purchase orders and produce large volumes of parts. We are presently reviewing products for potential long-term orders. While it has been a long process to reach this point, we feel it has been worth the wait and the challenge. We have an outstanding product and an accomplished team that we are confident will lead us to rapid development and growth in the aerospace industry.”
Dr. Desta, owner and CEO of Lear Anesthesia Services, stated: “Dr. Griffith and I have been extremely supportive of TPAC both financially and more importantly from an advisory perspective. We believe in TPAC and our plan. By becoming founders and owners of TPAC China, we are further demonstrating our commitment to TPAC and our plan. We have seen the development and growth and are confident that this important step will lead to an extraordinary future for the Company. The timing is right for us to take this next step.”
Bill McKay, CEO of TPAC, stated: “TPAC could not be happier than with these partners. These gentlemen have been and will continue to be instrumental to the success of TPAC. Their sage advice has been critical to our progress and we welcome them as partners in TPAC China and will value their future contributions. Their insight will help TPAC evolve into a significant player in the global aerospace industry. The fact that they are making this contribution is a testament to their belief in the future success of TPAC and we greatly appreciate this show of confidence on their part.”
TPAC uses its proprietary aerospace bearing technologies at its facility in China to manufacture and sell component parts for both new commercial and general aviation aircraft and for 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. TPAC is the first and only manufacturer in China to qualify under SAE-AS81820 and 81934.
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.