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$TKR mentioned in press release $TPAC
Trans-Pacific/Timken Purchase Order
9:15 AM ET 7/14/15 | BusinessWire
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.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20150714005574r1&sid=cmtx6&distro=nx&lang=en
View source version on businesswire.com: http://www.businesswire.com/news/home/20150714005574/en/
SOURCE: Trans-Pacific Aerospace Company, Inc.
Trans-Pacific Aerospace Company, Inc.
Bill McKay, CEO
626-755-1211
+86 189-3818-5787
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