SAN MARINO, Calif., Jan. 11, 2017 /PRNewswire/ -- Trans-Pacific Aerospace Company, Inc. ("TPAC" or "Company"
(TPAC), announces that it has recently signed a letter of intent with a well-known North American Aerospace manufacturing company ("NAACO"
, through which TPAC will acquire a meaningful ownership interest in NAACO. NAACO produces products for most major prime contractors including Boeing, Lockheed Martin and Northrop Grumman. Boeing business accounts for approximately 20% of NAACO annual revenue. Presently, NAACO has annual revenue of $12 million, with a backlog to support $15 million annually and projections to do $20 million annually by 2018.
Bill McKay, CEO of TPAC stated: "We have been in discussions with NAACO for more than one year and our efforts are paying off. We are in the non-disclosure/due diligence phase and therefore we will not disclose the true name of NAACO. NAACO has an excellent reputation and management team. We are confident that by working together with NAACO and cultivating our connections in the aerospace industry, we can greatly assist NAACO in expanding its revenue through additional contracts. We are optimistic that in the future there will be an opportunity to increase our ownership percentage in NAACO and to produce bearings at their US facility. We believe that our combined synergies will greatly enhance future opportunities for both companies. We also foresee an opportunity to sub-contract work to our partners in China. This as a great start to 2017 and we anticipate closing the transaction during the first half of 2017, subject to due diligence."
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.
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