Trans-Pacific Aerospace Signs Letter of Intent with AVIC Harbin Bearing Company
Resource from: BUSINESS WIRE Likes:191
May 22,2014
SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (“TPAC” or the “Company“) (OTCQB:TPAC), a manufacturer of spherical bearings for the commercial aerospace industry through its China-based subsidiary, is pleased to announce that it has signed a Letter of Intent (“LOI”) with AVIC Harbin Bearing Corporation, Ltd. (“AVIC Harbin”) to form a joint venture (“JV”) to produce plain spherical bearings and to improve manufacturing methodology for all bearings. Additionally, TPAC will advise AVIC Harbin on management and operations.
“Company“) (OTCQB:TPAC), a manufacturer of spherical bearings for the commercial aerospace industry through its China-based subsidiary, is pleased to announce that it has signed a Letter of Intent (“LOI”
AVIC Harbin is the preeminent aerospace bearing manufacturer in China. With over 3 million square feet of manufacturing space under roof and state-of-the-art machinery and equipment, AVIC Harbin is in a position, through the JV with TPAC, to provide first in class quality bearings to the worldwide aerospace industry. AVIC Harbin is AS9100 approved and manufactures key components for the COMAC C919. Its parent, AVIC, has as its major OEM customers Boeing, Airbus, Embraer and Bombardier. TPAC anticipates its AVIC Harbin JV will enjoy the same customer base that currently exists with AVIC. AVIC has sales in excess of $45 billion USD annually, through its various divisions, including AVIC Harbin. TPAC and AVIC Harbin expect to finalize a JV agreement sometime during the third quarter of 2014 and immediately move forward with the qualification of the Harbin facility. TPAC anticipates revenue shortly after the finalization of the JV with potential first year revenue of $10 million USD+.
“We are thrilled with this LOI and anticipated joint venture,” said Trans-Pacific Aerospace’s CEO, Bill McKay. “This is a project that we have focused on for a long time, having first visited the Harbin facilities 20 years ago. AVIC Harbin is deeply committed to the aerospace industry and becoming a major player in the international aerospace bearing market. The anticipated JV has the capability and capacity to achieve this goal within a relatively short time period and the staffs at TPAC and AVIC Harbin are committed to this goal. All parties are excited to push this synergistic relationship forward.”
About Trans-Pacific Aerospace
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 to design and engineer 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 US Navy (SAE parts) qualification on its facility in Guangzhou and is currently the only manufacturer for commercial qualified spherical bearings in China (www.tpacbearings.com).
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, 2013 filed with the SEC on February 13, 2014 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.
(BUSINESS WIRE)
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1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
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