TPAC NEWS Trans-Pacific Aerospace Company, Inc. Qualifies for $2.2 Million Development Grant from China
Trans-Pac Aerospace (OTCBB:TPAC)
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Today : Wednesday 19 January 2011
Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) announced today that its China enterprise has confirmed its eligibility to receive a 15 million yuan ($2.2 million) business development grant from China.
"We're delighted and appreciative that the Ministry of Science and Technology thinks so highly of us," said Bill McKay, Trans-Pacific Aerospace CEO. “Our company is now recognized as a domestic China bearing manufacturer and a high value company in Guangzhou’s Technology Development Zone. As soon as we finish our test parts and get certified by the U.S. Navy, we’ll continue discussions on the grant.”
Should Trans-Pacific Aerospace receive the $2.2 million grant, it will be permitted to use the funds for business development, including but not limited to new product R&D, the purchase of machinery and equipment, and building a global sales pipeline. The expectation is for grant funds to be paid out in the fourth quarter of 2011.
Trans-Pacific Aerospace Company's self-lubricating spherical bearings can be used in both new commercial aircraft built by Airbus and Boeing, as well as spares for the existing fleet. Boeing forecasts that airlines will need 30,900 new jets between now and 2029, at a cost of $3.6 trillion.
Trans-Pacific Aerospace is currently in the process of qualifying its Guangzhou China manufacturing facility and is producing test parts which will be subsequently submitted to the U.S. Navy for certificati
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