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Trans-Pacific Aerospace Company, Inc. Bearings Continue to Pass Independent Testing; McKay Named GM of Godfrey Guangzhou Aerospace Bearings

Dépèche transmise le 26 mai 2011 par Business Wire

SAN MARINO, Calif.--(BUSINESS WIRE)--Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC.OB) announced today that spherical bearings from its China subsidiary continue to pass independent laboratory testing under SAE Aerospace Standard 81820. The company also announced that Bill McKay has been named General Manager of Godfrey Guangzhou Aerospace Bearings, the bearing manufacturer in China and Godfrey (China) Limited’s wholly owned foreign entity (“WFOE”). Godfrey (China) Limited is Trans-Pacific Aerospace Company's 25%-owned subsidiary.

“We think that it's important that the WFOE be managed by someone with a strong background in and knowledge of this business and Bill is that person”

The bearings have now successfully passed axial load tests, bond integrity and peel strength tests, radial and axial play tests, conformity tests, radial static limit load tests, ultimate load tests, no-load rotational torque breakaway tests, dimensional tests and the first of six oscillation tests when exposed to fluid contaminants.

The company announced earlier this month that the bearings had passed 25,000 cycle testing at ambient temperature.

"We are very happy with bearing performance under some very harsh testing conditions,” said Bill McKay, Trans-Pacific Aerospace CEO. “The bearings are surpassing requirements by a healthy margin, and we are confident that they will not only pass the remaining fluid contaminant and temperature tests but that the U.S. Navy will have comparable results in their testing.”

Bearings made by Godfrey Guangzhou Aerospace Bearings, the wholly owned foreign entity of Godfrey (China) Limited will be submitted to the U.S. Navy for official qualification testing after the balance of independent testing. Should the bearings pass U.S. Navy qualification testing, the China facility will become the first approved manufacturer of SAE-AS81820 bearings in China.

Bill McKay was also named General Manager of the WFOE.

“We think that it's important that the WFOE be managed by someone with a strong background in and knowledge of this business and Bill is that person,” said Peter Liu, Chairman of Godfrey China. “He and his team worked very hard to produce these bearings and we're confident that he'll work hard to insure the continuing success of the project."

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 25%-owned 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 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 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 delays or failure of certifying Godfrey’s Guangzhou China manufacturing facility; 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 ability 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, 2009 filed with the SEC on February 12, 2010 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.