CENTER VALLEY, Pa., March 5, 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 a purchase order valued at $400,000 from a new defense customer. This order is for the engineering, fabrication and machining of multiple, first-article, precision assemblies for use on Navy surface ships.
The Ranor division of TechPrecision will immediately begin first article engineering, and plans to deliver the finished components in early Q2 FY2014. The purchase order has potential for significant follow-on production volume orders in FY2014, as these assemblies will be designed for both Naval and commercial vessels. Follow-on orders for finished components would then be delivered throughout fiscal years 2014-2018.
"We have always felt that the defense vertical had the potential to emerge as our largest market vertical, quite possibly exceeding the medical sector, and this contract increases that confidence level," said Mr. James Molinaro, CEO of TechPrecision Corporation. "This contract demonstrates the success of our business development, risk mitigation and diversification strategy. In addition, our Ranor division holds several advanced NAVSEA and MIL-STD quality certifications. This new customer therefore recognized our ability to deliver quality, precision assemblies which adhere to some of the most demanding specifications."
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 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