Trans-Pacific Aerospace Company, Inc. Announces Common Share Reduction
BUSINESS WIRE 9:15 AM ET 6/22/2015
DONGGUAN, China--(BUSINESS WIRE)-- Trans-Pacific Aerospace Company, Inc.(TPAC) , is pleased to announce that it is reducing the number of outstanding common shares by a total of 778,952,234 common shares. These common shares will be removed from the outstanding shares of the Company effective immediately.
Bill McKay, CEO of TPAC stated: “We made a commitment to shareholders to reduce the number of common shares and we are living up to our commitment. We have a long-term plan for TPAC and this is just another part of the plan. Our Business Plan, posted on our web site www.tpacbearings.com outlines our future objectives. While we may not meet all of those objectives, we will nevertheless work diligently to do so. We are grateful for the support shown by existing shareholders and hope that these shareholders and new shareholders understand our commitment to achieving our goals and enhancing shareholder value.”
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 the world to manufacture self-lubricating spherical bearings in China that have been qualified by NAVAIR under SAE-AS81820 and 81934.
