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Anybody know how Bill's wife fits into all of this or her compensation?
In the second quarter of 2013, we agreed to issue 4,800,000 shares of our common stock to three shareholders of our subsidiary, Godfrey (China) Limited (“Godfrey”), in exchange for their transfer to us of a total of 30% of the outstanding capital stock of Godfrey. One of the parties was Harbin Aerospace Company, LLC, our largest shareholder which is controlled by the wife of our chief executive officer, William R. McKay. Harbin transferred to us five percent of the capital stock of Godfrey in exchange for our issuance of 800,000 common shares. Upon the closing of the transactions, we increased our ownership of Godfrey from 25% to 55%.
http://ih.advfn.com/p.php?pid=nmona&article=67364879
The owner of the Dolphins has the business school at University of Michigan renamed after him, maybe he's given those players some lessons.lol
https://en.wikipedia.org/wiki/Stephen_M._Ross
Yes and Avic (Harbin Bearing co) is state owned so one would think they would get bearing contracts in China over American owned TPAC.
Sure, but it would seem like a huge pain for a manuf to comply to those regulations that it just wouldn't be worth it. They would have to build a whole new supplier base. IMO
I would say if China wants planes they wouldn't force Manfu to put all Chinese parts on a plane.
How many manuf would agree to that? The auto industry told suppliers they wanted them to have domestic (N. America) factories, so the foreign suppliers have built in N. America. it's more for proximity of parts than anything else, it takes about 3-4 weeks shipping from Asia and Europe.
And Boeing is going to get them from Mineba, you think a 24% tax in China is going to end a trusted supplier relationship from the largest bearing supplier in the world.
ok just keep pumping and letting everyone know to LOAD LOAD LOAD, and we'll never see 12s & 11s again, no wait 10s & 9s ...7s & 6s ...5s & 4s. You'll probably be able to get 3s next week. it was supposed to run after the share reduction, how did that go?
lol, you guarantee that. this is a flippers dream
They were supposed to have 200 mill revs at the end of 2010, supposed to have revs 4 qtr of 2014, now it 4 qtr 2015. 2014 they were going after the American market to import low costing parts, now its the Chinese Market. At this point it looks like he just trying to find anyone to buy his parts. This company is broke and hasn't had revs in 5 years, no customer based... that is why it is where it is.
And yet they fail to sell any bearings even with certs and manufacturing capabilities for over a year.
https://www.otcdynamics.com/tpac-trans-pacific-aerospace-company-inc-promotional-campaign-starting-mar-16-2015-504-pm-cst/
http://www.journaltranscript.com/2015/03/trans-pacific-aerospace-company-inc-otcmktstpac-target-of-devastating-dilution/
March 26, 2015 Business No Comments 169 views
William McKay, the CEO of Trans-Pacific Aerospace Company Inc (OTCMKTS:TPAC) updated on company’s developments few months ago. In a press release, the CEO said that the discussions with TPAC’s probable joint venture partner have been going well. The management team is taking all measures it can to pay off the outstanding Notes before the due date. He stated that the company successfully finished the shipment of its first order.
The performance
Trans-Pacific Aerospace filed the 10-Q for the quarter ended January 31, 2015. When the CEO said that the company has completed its first shipment many people believed that it is the first step towards revenue generation process. However, the report tells a different story. It states that the company didn’t started revenue generating operations and also do not expect to begin it until 4Q2015.
The financials
As per the report, Trans-Pacific Aerospace Company Inc (OTCMKTS:TPAC) had cash of $36,000. The current assets stood at $40,000 whereas the current liabilities came at $912,000. The quarterly net loss was $1.5 million. Also, the report didn’t mention anything related to joint venture. The company has been serious problems on the debt front. During FY2014, the company entered into a number of convertible note deals in the aggregate principal amount of $325,000. All of the debt can be converted into TPAC’s common stock at discounts ranging from 40%-50%.
The concerns
Instead of offering the outstanding ones with cash, Trans-Pacific Aerospace issued $67,500 worth of new notes few weeks after McKay’s press release. The company’s authorized share count increased from 500 million to 1.5 billion in a matter of just two weeks. The dilution is quite catastrophic. In last quarter, Trans-Pacific Aerospace converted $46,000 worth of notes into 37.3 million shares. It indicates that the average conversion rate declined to $0.0012. Again, in between January 31 2015 and March 4, the count surged from 218 million to 497 million.
And those were not custom pasts, they were parts that were in the warehouse made under the SAE-AS81820 cert, and he gave them away for testing...I'm a bit confused on that one. I could see protoypes and maybe custom bearings, letting them test a small order but parts just sitting in a warehouse??
TPAC has received an order from a US customer, which shows that the US market is accepting of the Company’s parts, which are qualified to the stringent requirements of SAE-AS81820 and SAE-AS81934. TPAC is the only manufacturer in China to obtain these approvals.
http://www.businesswire.com/news/home/20140327005989/en/Trans-Pacific-Aerospace-Announces-Sale-Spherical-Bearings#.VYrZtBtViko
Also what's the point in being certified if all your customer have to test your parts. I know they are different designs and applications, but you would think there would be some sort of industry standard parts they would or could be making.
Yep, and from a 2014 March or it says they have the as8*** cert and the ability to produce parts and have yet to have a paying customer in over a year. The prs seem recycled.
Still nothing but fluff, show me the 8-k for share reduction and insider buying. Last stock I went long the CEO was on fox news serval times and a columnist for Forbes he would say how great the company was doing and great things going on alk the while diluting the pi $$ out of the shares. Heck, one of my old owners was in/on CNN talking about machinist making $100,000 a year. At the end of the day this means very little to a financialy struggling company
What factory? I saw a open space and 3 cnc lathes, that's not a factory , I know machinist with that in their pole barns.
Something is coming all right.lol This company is broke, in debt with no customers base... 1 million in adm fees in 6 months and a ceo pumping his stock on twitter with a huge increase in the OS & AS in the last couple of months. Where's the SEC 8-K for the share reduction...I guess we should just take his word for it.
So according to this PR they've had the SAE-AS81820 Cert and also another cert SAE-AS81934 and have had the production capabitlty for over a year (March 2014) So, where are the po's? They had 1 last year from an American Company and no follow up orders. Is 1 po a year going to keep this company going? Optimism doesn't pay the bills.
http://www.businesswire.com/news/home/20140327005989/en/Trans-Pacific-Aerospace-Announces-Sale-Spherical-Bearings#.VYkv3xtViko
March 27, 2014 11:47 AM Eastern Daylight Time
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 its first purchase order of the Company’s spherical bearings.
“We have a very short lead time on the order, as compared to industry standards and are confident that we will deliver superior quality parts well within the committed lead time”
TPAC has received an order from a US customer, which shows that the US market is accepting of the Company’s parts, which are qualified to the stringent requirements of SAE-AS81820 and SAE-AS81934. TPAC is the only manufacturer in China to obtain these approvals.
“We have a very short lead time on the order, as compared to industry standards and are confident that we will deliver superior quality parts well within the committed lead time,” said Bill McKay, Chairman and CEO of TPAC. “The order shows confidence in our manufacturing processes and the performance of our products. The significance of the first order cannot be overstated. TPAC is committed to exceeding customer expectations in every aspect of its business and we look at this order as the first of many to come. The Company has additional quotes outstanding, some with major industry players. While there is no guarantee, we are nevertheless optimistic that our team’s marketing expertise and strategic contacts will result in additional orders from both US and Chinese customers.”
According to Boeing, “China continues to lead the Asia Pacific region in new deliveries. Over the next 20 years, Chinese airlines will need nearly 6,000 new airplanes, valued at $780 billion, accounting for more than 40 percent of forecast deliveries to the Asia Pacific region.” TPAC is positioned to take advantage of offset agreements between China and major airframe manufacturers due to its China location.
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 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 obtained SAE parts qualification of its facility in Guangzhou, 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.
Contacts
RB Milestone Group, LLC
Trevor M. Brucato
Director
1-212-661-7771
tbrucato@rbmilestone.com
or
Trans-Pacific Aerospace Company, Inc.
Bill McKay
Chairman & Chief Executive Officer
1-626-755-1211
bmckay@tpacbearings.com
And of the 3 SAE-AS81820, SAE-AS81934 and SAE-As81935 only the AS81820 was approved. As a machinist if only 1/3 of my parts were approved... i'd be out of a job.
No. the facilites were open for production, I guess you can read it what ever way you want also:
has opened a production facility, with assembly machinery and equipment in place, in China. The facility is located in Zhongshan, Guangdong.
“The opening of the Zhongshan facility is a successful first step in accelerating our development programs to meet anticipated demand from China’s expanding domestic airlines,” said Bill McKay, Trans-Pacific’s CEO. McKay added, “[Our] engineering and production crew are working to get us into and through the qualification phase as quickly as possible.”
We currently anticipate entering the qualification phase in the second quarter of calendar 2010 and obtaining qualification in the third quarter of calendar 2010. Our current schedule would enable us to commence commercial deliveries in late calendar 2010 or early 2011,
Please enlighten me. I'm just wondering why when they have had the manufacturing capabilities to produce bearings they have not in 5 years. They were waiting approval? With all the industry insiders on the board you would think it would be a little faster than that. How does he plan on competing with Minebea, seems like they have the Asian bearing market pretty much locked up, Tpac cannot compete with the scale of that company to supply a fleet of ships. This company has done nothing in 5 years except go thru $1 million in the last 6 months in admin fees.
http://minebea.co.jp/english/product/bearing/index.html
http://qpldocs.dla.mil/search/parts.aspx?qpl=2354¶m=QPL-AS81820&type=256
Here's a pr from 5 years ago... sounds like the same old song and dance.
http://www.sec.gov/Archives/edgar/data/1422295/000114420410019694/v180854_ex99-1.htm
Trans-Pacific Aerospace Company, Inc. Affiliate Opens Production Facility in China; Accelerates Development Programs, as China Expands Fleet
SAN JUAN CAPISTRANO, CA—April 13, 2010 -- Trans-Pacific Aerospace Company, Inc. (OTC BB: TPAC.OB) announced today that Godfrey (China) Ltd. (of which Trans-Pacific owns 25%) has opened a production facility, with assembly machinery and equipment in place, in China. The facility is located in Zhongshan, Guangdong.
“The opening of the Zhongshan facility is a successful first step in accelerating our development programs to meet anticipated demand from China’s expanding domestic airlines,” said Bill McKay, Trans-Pacific’s CEO. McKay added, “[Our] engineering and production crew are working to get us into and through the qualification phase as quickly as possible.”
The Zhongshan facility, located in close proximity to Hong Kong and Guangzhou would be the first facility in China qualified for the production of SAE-AS81820, SAE-AS81934 and SAE-As81935 spherical bearings, bushings and rod end bearings, components used extensively in commercial aircraft. McKay stated, “Once qualified, we will be placed on the Qualified Producers List, allowing all Chinese and international airframe manufacturers, sub-tier suppliers, MRO facilities, airlines and distributors to purchase our parts. We expect that the Zhongshan facility will provide our customers with competitive prices and deliveries and superior products.”
“We currently anticipate entering the qualification phase in the second quarter of calendar 2010 and obtaining qualification in the third quarter of calendar 2010. Our current schedule would enable us to commence commercial deliveries in late calendar 2010 or early 2011,” said McKay, “and we continue to develop supply chain ties within China to provide us delivery of superior quality components, manufactured to exacting standards, using US manufactured raw material and produced within very short lead times.”
Trans-Pacific Aerospace Company plans to use its proprietary aerospace bearing technologies to manufacture and sell component parts for both new commercial aircraft and spares for the existing commercial fleet, initially through a joint venture in China. 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.
http://1051782.en.makepolo.com/products/AS81820-Lined-Bore-Series%5CNarrow-AS81820-Lined-p54904013.html
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They have been at this for 5 years! This is sounding more and more like a desperate attempt for one last shot to get this thing off the ground, why all the twitter activity all the sudden from the CEO, the 50 thousand new followers, I'd be pumping my company too if I put in 5 years and all that was to show for it was debt.
This is not an awesome 10Q:
Results of Operations
Three Months Ended January 31, 2015 and 2014
We have not commenced revenue producing operations and do not expect to until the fourth quarter of 2015, at the earliest, at which time we expect to commence the distribution of Godfrey’s line of spherical bearings. During the six months ended April 30, 2015, we incurred $2,825,803 of operating expenses compared to $1,944,573 during the six months ended April 30, 2014. Our operating expenses consist primarily of professional fees, consulting fees, and other general and administrative expenses. The increase in operating expenses for the six months ended April 30, 2015 compared to the same period in fiscal 2014 was primarily resulted from issuance of options for common stock to board of directors. We expect our operating expenses will significantly increase at such time as we commence the distribution of Godfrey’s spherical bearings.
1
During the six months ended April 30, 2015 and 2014, we incurred a net loss from operations of $3,075,621 and $2,019,188, respectively. The increase was primarily resulted from issuance of common stock options to board of directors.
For the six months ended April 30, 2015 and October 31, 2014, as a result of the increased ownership to 55% in Godfrey, we recorded non-controlling interest of $568,588 and $489,407, respectively. The net loss attributable to the Company was $2,996,440 and $1,826,745 for the six months ended April 30, 2015 and 2014, respectively.
who? they have been at this for 5 years where are the results? some prototype bearings they are working on now?
Doesn't look too good, I'm out for now, may jump back in if the news comes next week. The owner I work for just bought a Ferrari to go with his Telsa, i think Bill has a way to go before his Factory allows him to do this, there is $ in machining parts, you just have to have the customers.
GLTA
Hearing rumors Microsoft may be interested in a take over of ADSK to cement Microsoft's position in the augmented reality space.
He's also one of the most toxic pump & dump guys out there. If he's in this I'm out, I'm in for the share reduction and buyback but, there is no telling if and how many shares his group front loaded to dump. His name mention with this is not good. I'll be watchin very close now to see how this plays out.
"In its class" could be misleading, there could be only a few bearings in that class. There are hundreds of bearings made in China even ones that are certified for aircrafts.
I'm a bit confused on this , how does tpac own Harbin Bearing Manufacturing Co., Ltd.? if someone could explain it would be great.
http://www.hrbchina.com/about.asp
Harbin Bearing Manufacturing Co., Ltd. (hereinafter referred to as HRB) is wholly-owned by Harbin Bearing Group Corporation(hereinafter referred to as HRB Group).
HRB is among the top 3 largest bearing production bases in China bearing industry.
HRB has over 3 thousand employees, and covers an area of about 960 thousand square meters. HRB possesses 46 hundred sets of major production equipment, and manufactures more than 7 thousand specifications of quality bearings, from inner diameter of 1 millimeter to outer diameter of 2000 millimeters, with various precision degrees, different special performance, and for diverse purposes. Moreover, HRB boasts the annual production capability of 80 million pieces of bearings, and the sales revenue of above1 billion yuan.
HRB supplies its products mainly for the businesses relating to precision machine tool, automobile, agricultural machinery, locomotive and rolling stock, motor and electric appliance, engineering machinery, mining machinery, petroleum and chemical engineering, aviation and spaceflight, national defense, and the like.
HRB has established a sound, scientific, and normative quality control system with the certificates of ISO9001-2008, TS16949-2009, AS9100, and ISO14001-2004. HRB has in a row obtained the honors, for example, of "Brand China", “Most Competitive Brand", and “Enterprise for Exemption from Export Inspection”.
HRB possesses a nation-level R&D center, and has completed many major scientific research projects at national level. More importantly, HRB has provided the bearings for the national projects, including the Shenzhou?,?,and ? manned spacecrafts, Changzheng? F carrier rocket, and Chang'e I and Chang'e ? satellites. With the authorization from the Ministry of Railways, HRB has developed and manufactured speed-up railway passenger car bearing. HRB has researched and put into production the YRT series of precision CNC machine tool spindle bearing, thus having filled up the gap in the production in China of this kind of bearing. HRB has made breakthroughs in many bearing technologies such as corrosion-resistance and rust-proof, high-speed and anti-attrition, and ultra-high and ultra-low temperature. HRB has gained Scientific Progress and Excellent Product Awards at the national, provincial and municipal levels respectively, for 5 types of bearings of over 600 specifications. Consequently, HRB has made significant contributions to both the equipment manufacturing sector and the national defense industry in China.
HRB is the holding company of (Sino-American joint venture) Harbin Automotive Bearing Co., Ltd., Harbin HRB precision bearing Manufacturing Co., Ltd., and Harbin Tailai Bearing Co., Ltd.. Moreover, HRB owns 3 joint stock companies: AVIC Harbin Bearing Co., Ltd., HRB spare-parts Co., Ltd., and Harbin Hagong Bearing Co., Ltd.. HRB Group is the Holding company of Dalian HRB Group Huanghai Bearing Co., Ltd.,
HRB Group Songbei Precision Bearing Co., Ltd., and HRB Group Hebei Bearing Forging Co., Ltd..
-----In April,2010, HRB and Aviation Industry Corporation of China (AVIC) founded AVIC Harbin Bearing Co., Ltd., which in China is the largest manufacturer of aeroengine main shaft bearing.
-----In October, 2012, HRB and Garnet Industries LLC.(USA) established Harbin Automotive?Bearing Co., Ltd., which has since July 9, 2014 gone into production, and which manufacturers automotive bearings such as steering gear bearing, differential mechanism bearing, generator bearing, air conditioner bearing, and automotive wheel bearing of GEN 1,2, and 3 for saloon car.
HRB carries forward its Corporate Spirit, that is, Be Innovative, Pragmatic, and the First. Moreover, HRB performs its Mission to Apply Innovations, and Science and Technology in Making our Planet Run More Comfort and Efficient. Meanwhile, HRB endeavors to be a World-Class Supplier of High-End Bearing, and to build for itself a better future.
Why is it not good? You can buy 8 thousand followers for $5, he probably spent less than $50 to do this. I don't see any reason for it, but I don't see why it would be bad or even have an effect on the company.
You buy them.
$6000 a month for 15 hours a month, that's a heck of a commitment to a company.lol
10.9 21 axcg_s1-ex109.htm
Exhibit 10.9
Carey Advisors, LLC
60 Broadway, PH 12
Brooklyn, NY 11211
Telephone: 908 229-4933
Facsimile: 718 599-1641
www.chriscareyadvisors.com
August 26th, 2010
Christopher Carey
Chief Executive Officer
Eyes on the Go, Inc.
60 Broadway, PH12
Brooklyn, NY 11211
Dear Chris.
We have agreed that Eyes on the Go, Inc. does not have a need for a full time staff and that Chris Carey Advisors, LLC will provide part time resources to Eyes to fill certain positions until such time as the Board determines that they will fill these roles with full time employees.
Eyes can terminate this relationship with thirty (30) written notice, CCA will bill for the services of each individual as requested on a monthly basis.
Starting immediately, CCA will fill the following positions with the individuals under the rates as noted below. CCA will take responsibility and will cover all individual payroll taxes, any other state or local taxes as they apply, and other benefits,
Chief Executive Officer – Christopher Carey – $6,000 per month – committing a minimum of 15 hours per month
Vice President Operations – Mary Weaver Carey – $6,000 per month – committing a minimum of 30 hours per month
Chief Technology Officer – Blazej Kesy – $6.000 per month – committing a minimum of 40 hours per month.
Eyes will reimbursed CCA for all reasonable business related expenses including auto, gas, oil and repairs, business class air and other comparable travel, rooms and meals. and business entertainment.
Please designate your acceptance by signing below.
Sincerely,
/s/ Mary Weaver Carey
Mary Weaver Carey
ACCEPTED:
/s/ Christopher Carey 8/26/10
Christopher Carey Date
Chief Executive Officer, Eyes on the Go, Inc.
What happened to the SAE AS81934, SAE AS81935, SAE A581935 bearings, they were supposed to be the only company to make these in China and Bill stated a 200 million dollar revenue in 2010? Five years later here we are, they have been at this a while with little to show for it as of now.
So this company is going to become the go to in this industry soon? The other pats suppliers are just going to roll over and let this happen? You may want to send this post to them so they can let their employees know to start looking for other jobs.lol Bill already stated they cannot take on large orders because they don't want to miss dealines. This is a small growing company as of now , not a soon to be industry leader. This industry is very cut throat and has been dealing with overseas competition for a long time, there are also other airplane bearing companies in China that Bill will compete with as I pointed out. This will be a long tough road with no easy button to push. I've worked for 2 small owners , one started in his garage and one sold his house and moved his family into his shop, both built million dollar companies but not overnight and not without stuggle.
Yep, they are the next Lockheed Martin . It the same old song and dance on these companies. If he does what he says , money will be made, time will tell
I here too make $$ too , the pumper on this board have made this stock out to be the next coming and will be on the big boards soon. I'm just here to even it out and call it as it is ... a company that has yet to get out of trips, lock on profits and you'll have no worries.