Bill McKay, CEO of TPAC stated: "We are happy to r

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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."

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