Trans-Pacific Aerospace Company, Inc. Qualifies for $2.2 Million Development Grant from China
SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) announced today that its China enterprise has confirmed its eligibility to receive a 15 million yuan ($2.2 million) business development grant from China.
"We're delighted and appreciative that the Ministry of Science and Technology thinks so highly of us," said Bill McKay, Trans-Pacific Aerospace CEO. “Our company is now recognized as a domestic China bearing manufacturer and a high value company in Guangzhou’s Technology Development Zone. As soon as we finish our test parts and get certified by the U.S. Navy, we’ll continue discussions on the grant.”
Should Trans-Pacific Aerospace receive the $2.2 million grant, it will be permitted to use the funds for business development, including but not limited to new product R&D, the purchase of machinery and equipment, and building a global sales pipeline. The expectation is for grant funds to be paid out in the fourth quarter of 2011.
Trans-Pacific Aerospace Company's self-lubricating spherical bearings can be used in both new commercial aircraft built by Airbus and Boeing, as well as spares for the existing fleet. Boeing forecasts that airlines will need 30,900 new jets between now and 2029, at a cost of $3.6 trillion.
Trans-Pacific Aerospace is currently in the process of qualifying its Guangzhou China manufacturing facility and is producing test parts which will be subsequently submitted to the U.S. Navy for certification.
About Trans-Pacific Aerospace (TPAC)
Trans-Pacific Aerospace designs, engineers and manufactures self-lubricating spherical bearings for commercial aircraft, with planned product extensions using similar proprietary technology into maritime, power plant and space applications. Through its ownership in Godfrey (China), Ltd., it 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 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.