SAN JUAN CAPISTRANO, Calif., Sep 20, 2010 (BUSINESS WIRE) -- Trans-Pacific Aerospace Company, Inc.announced today that its manufacturing partner in China has been granted a special operating license.
Godfrey (Guangzhou) Bearing Company is the China based manufacturing company which Trans-Pacific Aerospace has equity ownership through its ownership in Godfrey (China). Godfrey (Guangzhou) is a Wholly Owned Foreign Entity owned 100% by Godfrey (China) of which Trans-Pacific Aerospace has a 25% interest.
Bill McKay, Trans-Pacific Aerospace CEO, commented, "we believe the license is a precursor to Godfrey (Guangzhou) receiving a high technology venture award certificate that could potentially give them a two-year tax exemption in China, as well as a potential business development grant."
"We're delighted and appreciative that the Ministry of Science and Technology thinks so highly of Godfrey (Guangzhou) Bearing Company," said Bill McKay, Trans-Pacific Aerospace CEO. "Getting the special operating license is an indication that China believes our project has significant value and long-term benefits for its commercial aerospace industry. The license gives Godfrey (Guangzhou) Bearing Company recognition as a domestic bearing manufacturer and allows them to officially move into Guangzhou's Technological Development Zone, an area reserved for high value companies as determined by the government."
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.
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