Trans-Pacific Aerospace Company Inc (OTCMKTS:TPAC) reported that a convertible note held by KBM Worldwide has been paid off on May 28, 2015. It had been entitled for and was in the course of being converted. The CEO Bill McKay said that they are extremely delighted to have received the full support of KBM in retiring this debt. They are working meticulously to retire two other debts, but the one paid-off was the most vital in terms of the obligation. The CEO added that if they get successful in closing the two other convertible notes, the flood of conversions will stop. He also paid his gratitude towards shareholders for their continuous support.
Trans-Pacific Aerospace Company utilizes its proprietary aerospace bearing solutions at its facility based in China, to make and sell components for both existing and new commercial aircrafts. The component parts are stated as ‘self-lubricating spherical bearings’ that are useful in various flight-critical operations including landing gears and aircraft flight controls.
The company started its aircraft component operations back in February 2010. To date, the operations have been concentrated on the advancement of production facility in Guangzhou and the design and engineering of initial product line comprising spherical bearings. The production facility in Guangzhou is held and managed by 55%-owned subsidiary firm, Godfrey (China) Limited.
Trans-Pacific reported that NAVAIR of the U.S. Navy has concluded the qualification assessment of initial line of bearings. The management expects that they will need to generate at least $2 million of funds, in order to start international marketing and production. Trans-Pacific reported that they have not started revenue generating operations and do not expect to generate any revenue until 4Q2015.
Trans-Pacific Aerospace Company Inc (OTCMKTS:TPAC) had a very active day in the exchange but that would be hard to ascertain from the daily price change, which stands unchanged. The stock opened with a gap up at $0.005, followed by a rise to $0.006 but a late spike in the dying moments pulled it down to $0.004. In the last 6 months, the stock tested $0.0001 levels coming from the heights of $0.03 levels and that can easily be called a major change of values, necessitating log scale for analysis. The chart now shows the dominating channel and unless that is broken on the upside, the bulls can’t expect much.