TechPrecision Corporation Receives Additional $1.5 Million Order for Renewable Energy Equipment
Ongoing Issues in Japan Creating Increased Demand for TechPrecision's Global Manufacturing Operations
CENTER VALLEY, Pa., April 12, 2011 /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 that it has received an order with a value of approximately $1.5 million from an existing customer for advanced vacuum chambers used in the renewable energy market. These components will be manufactured by TechPrecision's U.S. based subsidiary, Ranor, Inc., and its China-based subsidiary, Wuxi Critical Mechanical Components Co., Ltd. The order is expected to ship by the end of second quarter of calendar 2011.
"One of the many consequences of the unfortunate and devastating events in Japan has been an increased global interest in the renewable energy industry," commented James Molinaro , CEO of TechPrecision Corporation. "The combined capabilities of our Wuxi Critical Mechanical Components Co., Ltd., and Ranor operations position us well to respond to the increasing short- and long-term production requirements of our customers. Recent analyst reports and global energy policy make it clear that the trend of increased renewable energy use will continue."
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components Co., Ltd., is an industry leading, global manufacturer of precision, large-scale fabricated and machined metal components and systems. These products are used in a variety of markets including: renewable energy (solar and wind), medical, nuclear, defense, industrial, and aerospace. TechPrecision's mission is to be the leading end-to-end global service provider to its markets by furnishing custom, fully integrated "turn-key" solutions for complete products that require custom fabrication, precision machining, assembly, integration, inspection, non-destructive evaluation 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
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