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Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) $0.31. Announced Thursday after market close that it has successfully achieved all fundamental milestones that will enable the company to begin the qualification process in June 2010.
"I am extremely pleased with the outcome of our trip to China," said Bill McKay, Trans-Pacific Aerospace CEO. "We have strong partners, tremendous local government support, and an excellent supply chain, as well as a facility in an ideal location close to the port, our suppliers and machine tool manufacturers."
Godfrey (China) Ltd., Trans-Pacific's partner (of which it owns 25%), facilitated formation of a Wholly Foreign Owned Enterprise (WFOE) which enables the company to do business domestically and export its goods globally. McKay commented, "Our company is one of just a handful of high-tech companies in Zhongshan, China, and the city's first aerospace company. Post-qualification, Trans-Pacific Aerospace would be the only company in China qualified to make SAE-AS81820, SAE-AS81934 and SAE-AS81935 spherical bearings, bushings and rod end bearings that are used throughout commercial aircraft produced by manufacturers like
Trans-Pacific Aerospace Company also announced today that it has successfully passed internal testing for liner bond integrity and peel strength, as outlined in SAE-AS81820. This SAE standard is the standard to which the Company intends to qualify its self-lubricating bearings to be produced in China.
Bill McKay commented, "We are very happy with the results of the prototype test. This success puts us on track for qualification and is a critical and necessary step in the qualification process. The success speaks to the quality of our tooling, bearing design and the bonding process being employed. It shows the skill of our qualification team in producing high quality bearings. In addition to the successful testing, all tooling for the qualification has been manufactured and approved by Trans-Pacific Aerospace Company. Furthermore, component designs have been turned into prototype parts and have been successfully manufactured. Our prototype parts look great, so full production of all SAE qualification test components has commenced and we expect them to be completed in time to meet our schedule for qualification production, testing and acceptance."
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.
What They Do: Trans-Pacific Aerospace (TPAC) deals in proprietary aerospace bearing technologies and is a manufacturer of spare parts for both new and existing commercial air fleets.
Blugrass Energy (OTCBB: BLUG) $0.41. Announced Thursday after market close the appointment of Mr. Mario Pinto to the company's Advisory Board. Mr. Pinto is the President and CEO of Dominion Tri-Mac, a privately owned oil and gas consulting company. Over the past 25 years Mr. Pinto has held many positions in the natural resource industry, ranging from an independent consultant to owner/partner in many natural resource projects. His extensive experience has been developed through his hands on involvement in a range of international oil and gas projects.
Mr. Pinto's experience includes senior management and consulting for public and private companies. His experience spans acquisitions, business integration, due diligence reviews, business development, strategic planning, marketing, sales and administration for Merck, Frost, Glaxo Industries, among others.
What They Do: Blugrass Energy, Inc. is a development stage oil and gas development and exploration company based in the United States
Advance Nanotech, Inc. (OTCBB: AVNA) $0.04. Announced Thursday after market close its financial results for the year ended December 31, 2009. The reported financial results represent a significant change in presentation and disclosure as a result of certain transactions undertaken, which is detailed in the Company's Form 10-K filed with the Securities and Exchange Commission on April 15, 2010.
Financial Presentation
As a result of the transactions undertaken by Owlstone Nanotech, Inc. ("Owlstone") in November and December 2009, Advance Nanotech now holds a non-controlling equity interest in Owlstone and thus can no longer present consolidated financial information of Owlstone. In November and December 2009, Owlstone sold shares of its common stock in private placements and converted its indebtedness into its common shares which reduced the Company's ownership interest in Owlstone to 37.81% (and further to 34.99% in January 2010). As such, the Company deconsolidated Owlstone as of October 2009, the date a controlling financial interest was lost. Operations and cash flow of Owlstone have been eliminated from the accounts of the Company's ongoing operations and major classes of assets and liabilities related thereto have been segregated as discontinued operations.
Advance Nanotech's financial statements now reflect its current business, which has no revenues or operations other than those attributed to its non-controlling ownership interest in Owlstone and expenditures associated with being a public company.
Results of Operations
It is important to note that the results as presented, especially the net income and net income from continuing operations, reflect significant gains resulting from the deconsolidation and fair value re-measurement of Owlstone and other derivative revaluations, and should not be construed as representative of Advance Nanotech's ongoing business.
For the twelve months of 2009, the Company had net income from continuing operations of $0.10 cents per share, compared with net income of $0.01 cents per share for the same twelve month period in 2008. The Company had a loss from operations of $1,068,972 for the year ended December 31, 2009, compared to $3,119,900 for the comparable period in 2008, representing a decrease of $2,050,928, or approximately 66%. The Company had net income from continuing operations of $6,072,908 for the year ended December 31, 2009, compared to net income from continuing operations of $407,587 for the comparable period in 2008, representing an increase of $5,665,321. Advance Nanotech had net income of $4,676,833 for the year ended December 31, 2009 compared to a net loss of $4,055,374 for the comparable period in 2008, representing an increase of $8,732,207. The increase in net income for 2009 is a result of the non-cash gain of $6,746,230 for the fair value re-measurement of Advance Nanotech's holdings of Owlstone and the non-cash gain of the warrant liability revaluation of $1,695,464 which is off-set by the losses from discontinued operations of $1,396,076.
What They Do: Advance Nanotech, Inc. owns a minority position in Owlstone Nanotech, Inc. ("Owlstone"). Owlstone is a pioneer in the commercialization of chemical detection products.
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