TechPrecision Corporation Receives Nuclear Order for $860,000 Ranor Division Order to Ship by Year-End 2013
CENTER VALLEY, P.a., Feb. 26, 2013 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or "the Company"), an industry leading manufacturer providing engineering, precision large-scale machined, fabricated metal and electrical components or complete tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has received an order, valued at approximately $860,000, to produce nuclear components for a customer in South Korea.
TechPrecision's Ranor division is one of the few N-Stamp precision manufacturing companies certified to machine, fabricate and test large scale nuclear assemblies. The order is scheduled to be delivered to the customer in South Korea in Q3 FY2014 (December of 2013).
"This order demonstrates our accelerating traction in the global nuclear industry and the success of our diversification strategy," said Mr. James Molinaro, CEO of TechPrecision Corporation. "Ranor is well recognized in the industry for understanding the extreme environments and demands placed on high-precision nuclear products as we have been fabricating critical, large-scale components that cover the complete life cycle of nuclear power for well over 50 years. Ranor is one of the few N-Stamp certified precision manufacturing companies in North America, creating a significant competitive advantage."
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.
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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 risk that the amendment is not executed or not executed on terms described above, the Company's ability to remain in compliance with the covenants under its credit facility, the Company's ability to file its Quarterly Report on Form 10-Q no later than the 5th day following its prescribed due date, 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