Trans-Pacific Aerospace Company, Inc. (“TPAC” or “Company”) (OTCBB:
TPAC), is pleased to disclose the nature of the purchase order mentioned
in a May 1, 2014 press release. The order is between TPAC and The Timken
Company (NYSE: TKR), one of the most respected bearing manufacturers in
the world.
The Timken Company (“Timken”) has placed the order, which is still valid
and open, so as to examine products produced by TPAC with the mutual
goal of Timken and TPAC entering into a long-term relationship through
which Timken would globally market the products produced by TPAC under
the Timken brand.
Bill McKay, the CEO of TPAC stated: “We are very proud of our
accomplishment regarding both our qualification work and how it has
manifested itself in the order. It shows that the barriers to entry for
these products are exceedingly high and is a testament to the value of
our qualification approval and our hard work. While we have a lot of
work ahead in both producing these parts and establishing a long term
relationship with Timken, we relish the opportunity to perform at our
best. Timken is an outstanding brand in the industry and therefore it is
incumbent upon TPAC to produce products that are worthy to be marketed
under this outstanding brand name. We are more than up to the challenge.
“This order took a long time to start because we were expecting to form
a joint venture with AVIC Harbin Bearings (“Harbin”) through which we
would produce these parts. Both Timken and TPAC agreed that under the
circumstances it was best to produce the parts in Harbin so that they
would be representative of long-term production parts. Unfortunately we
could not get Harbin to make a decision regarding a joint venture so we
were forced to abandon that project. We are now in a position to handle
the order on our own and have already started to generate components for
the order. We are very grateful for the patience and professionalism
exhibited by Timken, while we attempted to reach a deal with Harbin. We
are confident that we will supply excellent parts through which we can
establish a long term relationship with Timken regarding airframe
bearings and enhance the superior Timken brand name.”
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.
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