Trans-Pacific Aerospace June Company Update
By Business Wire News
By Business Wire News
Trans-Pacific Aerospace Company, Inc. (“TPAC” or “Company”) (OTCBB: TPAC) is providing an update on the Company.
All convertible notes that were the subject of conversions through June, 2015 (“Notes”), including but not limited to all 2014 Notes in favor of Asher Enterprises/KBM Worldwide, have either been converted or repaid. It is the understanding of the Company that holders of shares relating to the Notes have sold those shares into the marketplace. The Company has one remaining outstanding convertible note due in August, 2015 and plans to pay off that note prior to conversion. The Company has the right to repay this Note.
The Company does not intend to increase the number of authorized shares of the Company and has no intention of doing a reverse split of the shares of the Company, unless such a reverse split would lead to a listing on Nasdaq. Additionally, the Company has no intention of taking on any more convertible debt at this time or in the future. Since at least 2011, neither the Company, nor any of its current directors, nor their respective spouses nor their children have ever sold unrestricted shares into the market.
The Company is in the process of remodeling its assembly facility, but is still presently ready for full scale production. Any renovation would not affect the delivery of products. Later in 2015 the Company anticipates attempting to qualify under SAE-AS81820 Type A, requiring performance for 100,000 cycles. Should the Company pass this qualification test, to the knowledge of the Company, it will be one of only three companies approved to this standard.
The Company uses the Social Media site Twitter to post information regarding the Company. The Twitter account is @tpacbearings. Additionally, the Company has information regarding the Company, including an updated Business Plan, on its web site, www.tpacbearings.com. The Company posts periodic updates on that web site.
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 and currently has in excess of 1,000 approved parts.
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.
Trans-Pacific Aerospace Company, Inc.
Bill McKay, CEO