SAN MARINO, Calif., Nov. 16, 2016 /PRNewswire/ -- Trans-Pacific Aerospace Company, Inc. ("TPAC" or "Company") (OTC-PINK: TPAC), wishes to report on its Export/Import Business.
The Company received revenue from Woodward Global, Ltd., ("Woodward"), under the Consulting Agreement ("Agreement") executed between Woodward and the Company, in September, 2016. Revenue received by TPAC is in advance of the due date stated in the Agreement. Woodward has contracts in excess of $20 million, for which TPAC is providing logistics services. Additionally, Woodward has Letters of Intent for gold and crude oil in excess of $1billion, for which TPAC would receive 22% of the profits.
Bill McKay, CEO of TPAC stated: "We are happy to receive an early payment by Woodward. This represents our efforts in assisting Woodward in its operations and revenue recognition. We anticipate continued early payments under the $2 million base contract, for services rendered. Once in China, I should be able to expedite a number of multi-million dollar contracts, including agreements for crude oil, gold, food products and machine tools, thereby substantially increasing our revenue stream. We are seeing a steady increase in potential contracts coming out of China. Additionally, with the new U.S. Administration, we expect growth in Defense spending, which will lead to increased demands for bearings. Bearings are not subject to "Buy American" provisions, so we anticipate competing in this market."
McKay further stated: "TPAC has provided Woodward with assistance with negotiations and strategy and we expect that TPAC's continuing efforts will lead to increased productivity and revenue. TPAC's presence in and understanding of China greatly helps us in negotiations. We are encouraged by this early payment and view it as a sign of long-term success."
This press release contains or incorporates by reference "forward-looking statements" including certain information with respect to plans and strategies of TPAC. Any statements contained herein or incorporated herein by references that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes," "suggests," "anticipates," "plans," "expects," and similar expressions are intended to identify forward-looking statements. There are a number of events or actual results of TPAC operations that could differ materially from those indicated by such forward looking statements.
SOURCE Trans-Pacific Aerospace Company, Inc.