Trans-Pacific Aerospace Company Inc (OTCMKTS:TPAC) is scheduled to hold a shareholder conference call on June 10. The call will be chaired by TPAC CEO, Bill McKay and would be aimed at updating the shareholders on the company’s current progress. Additionally, TPAC has stated that the call would be unscripted and will include a Q&A session.
TPAC manufactures aerospace component parts for commercial and general aviation, using its proprietary bearing technologies. The company has its main facility in China and controls a large market of self-lubricating bearings that serve a wide variety of application for the aviation industry. However, having control over a large market of a very unique product has not helped TPAC perform very well in the stock market. Unfortunately, the company has suffered repeatedly from dilution. In fact, just in the past few months the number of authorized shares has jumped from 150 million to 4.5 billion.
Much of this dilution has come from convertible debts, which has been drastically affecting stock performance. Fortunately, the CEO of TPAC just might have realized the problems that his company has been facing due to dilution and has decided to act. His company recently declared that it has repaid its convertible debt to KBM Worldwide. The CEO also announced that he aims to stop the flood of conversions.
However, this news is accompanied by a lack of trust from investors. Mr. McKay had recently released two PR’s publicizing that the company has acquired two large orders for bearing. Unfortunately, the company has not reported any revenues since its inception. The situation has been quite alarming for investors and although the PR’s tend to lure some new shareholders, their validity certainly does not do a very good job to keep the investors interested in the stock.
Trans-Pacific Aerospace Company Inc (OTCMKTS:TPAC) registered a whopping rise of 40% during the June 8 session. The stock saw 497.55 million shares being traded during the session to close at a share price of $0.0007.