Trans-Pacific Aerospace Company Receives SAE AS81820, SAE AS81934 Certification; Becomes Only Qualified Manufacturer in China
SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) announced today that its China subsidiary has passed all qualification testing for SAE Aerospace Standard 81820 and has received formal written qualification approval from the U.S. Navy, becoming the first and only manufacturer in China qualified to make bearings under this standard and under SAE-AS81934.
Over 3,000 AS81820 and AS81934 parts are used in every commercial aircraft made by such manufacturers as Airbus and Boeing, and must be replaced regularly.
"We are delighted to be the only SAE-certified bearing manufacturer in China," said Bill McKay, Trans-Pacific Aerospace CEO. "We're now on the QPL supplier list which allows us to pursue long term competitive contracts not only for aircraft and sub-assemblies made in China by Airbus and Boeing, but throughout the world."
China is the world's largest aviation market outside of the United States, with Aviation Industry Corporation of China (AVIC), the country's dominant aerospace contractor, forecasting that China's commercial aircraft fleet will more than triple in size to 6,309 by 2031, from 1,755 aircraft at the end of 2011.
Godfrey Guangzhou Aerospace Bearings, a wholly owned foreign enterprise of Godfrey (China) Limited, Trans-Pacific Aerospace Company's subsidiary, is also qualified to manufacture SAE-AS81934 journal bearings.
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 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.
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 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, 2012 filed with the SEC on February 14, 2013 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.