TechPrecision Announces Changes to the Board of Directors
Leonard Anthony Named Chairman of the Board; Rear Admiral Philip Dur Remains on Board
Robert G. Isaman Named to Board, Replacing Louis Winoski
CENTER VALLEY, Pa., Nov. 20, 2012 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or "the Company"), an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced proposed changes to the Company's board of directors. The revised slate will be voted upon by shareholders at the Company's annual meeting, scheduled for December 5, 2012.
Leonard M. Anthony, a current director, has agreed to become Chairman of the Board, effective January 1, 2012; succeeding Rear Admiral Philip A. Dur, Ph.D. Dr. Dur has agreed to remain on the board as an independent director and chair the compensation committee.
Mr. Anthony has more than 25 years of financial and operational management experience. He currently serves on the Board of Directors for MRC Global, where he is the Chair of its Audit Committee. Previously, Mr. Anthony served as President and Chief Executive Officer of WCI Steel, Inc., an integrated producer of custom steel products, as well as a member of the board of directors. Prior to this, Mr. Anthony was the Executive Vice President and Chief Financial Officer of Dresser-Rand Group Inc., a global supplier of rotating equipment solutions to the oil, gas, petrochemical and processing industries. Additionally, he has served as the Chief Financial Officer of International Steel Group Inc., and worked at Bethlehem Steel Corporation, where he held various managerial and leadership positions.
In addition, Louis A. Winoski has announced his retirement from the board. Robert G. Isaman, a veteran manufacturing executive, has agreed to join the board, replacing Mr. Winoski. Mr. Isaman will be a member of the audit committee.
Mr. Isaman is currently an operating partner of Kohlberg & Company, a leading U.S. private equity firm. Prior to joining Kohlberg, Mr. Isaman spent over 25 years in the manufacturing sector, including over 20 years at United Technologies Corporation, a $58.5 billion diversified global provider of technology products and services to the building systems and aerospace industries, where his last position was President, Fire Safety Americas, UTC Fire and Security. He held senior level positions at Otis Elevator, another UTC organization, as well as marketing and international operation positions in China, Asia Pacific and Russia with UTC. He was also chief executive officer of Stolle Machinery Company, LLC, a global technology and market leader in the metal/composite container-making equipment industry, and President, Terex Construction and Roadbuilding, Terex Corporation. Mr. Isaman has an MBA in International Business from The George Washington University, Washington, D.C., and a B.S. in Marketing from the University of Maryland, College Park, Md.
"I am excited to assume the important role of Chairman at such a promising time in TechPrecision's evolution," said Mr. Anthony. "TechPrecision has made tremendous progress in its long-term efforts to diversify its business, insulating the Company and its shareholders from fluctuations from any single customer, sector, or geographic economy. We expect this progress to help drive improved financial results and, ultimately, increased shareholder value, in the years to come."
"I wish to thank Rear Admiral Dur for his dedication and leadership over the past few years, and I am gratified he will stay on the board, " said Mr. James Molinaro, TechPrecision's Chief Executive Officer. "In addition, I wish to thank Lou Winoski for his hard work, both as interim CEO and as an active director. We wish him well in future endeavors. Attracting Mr. Isaman to the board is a tremendous achievement, and we will certainly benefit from his manufacturing expertise, corporate experience, and his rolodex of contacts. Mr. Isaman's leadership will be invaluable as the Company executes on its strategy."
"TechPrecision has a range of unique certifications and expertise, and I believe this represents a compelling opportunity to serve an increasingly broad and diverse set of customers," said Mr. Isaman. "I am excited to join the board at this time, and look forward to helping management create lasting shareholder value."
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components Co., Ltd., globally manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: alternative energy (Solar and Wind), cleantech, medical, nuclear, defense, industrial, and aerospace to name a few. TechPrecision's goal is to be an end-to-end global service provider to its customers by furnishing customized and integrated "turn-key" solutions for completed products requiring custom fabrication and machining, assembly, inspection and testing. To learn more about the Company, please visit the corporate website at http://www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes," expects" or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the Company's ability to generate business from long-term contracts rather than individual purchase orders, its dependence upon a limited number of customers, its ability to successfully bid on projects, and other risks discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
SOURCE TechPrecision Corporation