DONGGUAN, GUANGDONG, CHINA--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (“TPAC” or the “Company“) (OTCBB:TPAC) is pleased to announce a buy-back program for the repurchase of common shares presently in the public float. TPAC has effective as of today, repurchased and retired 500 million common shares under this program and intends to repurchase up to 1.8 billion total common shares.
Bill McKay, the CEO of TPAC stated: “Earlier this year we committed to our shareholders that we would repurchase shares of TPAC common stock, thereby reducing the float. This is one of several objectives that we have laid out for TPAC and we are very optimistic that in the coming weeks and months we will make good on other commitments made to our shareholders, including purchase orders and acquisitions. We will acquire as many common shares as possible, so as to obtain a more manageable share structure and float and thereby truly reflect the value of the Company. I would like to personally thank the shareholders who have shown remarkable patience and faith in TPAC and our objectives. We are optimistic that we will acquire more shares and when we do so, we will announce the retirement of large blocks through future press releases and/or Twitter posts. The Twitter account @TPACbearings is the official social media site for TPAC. ”
About Trans-Pacific Aerospace
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.
This press release contains or incorporates by reference "forward-looking statements" including certain information with respect to plans and strategies of TPAC. 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 TPAC operations that could differ materially from those indicated by such forward looking statements.