TechPrecision Corporation Receives Purchase Order from New Defense Customer Ranor Division Order for $400,000
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.
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SOURCE TechPrecision Corporation