TechPrecision Corporation's Ranor Subsidiary Receives $8.1 Million Purchase Order for Sapphire Chambers
CENTER VALLEY, Pa., Nov. 14, 2013 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or "the Company"), an industry leading global manufacturer of precision, large-scale fabricated and machined metal components and tested systems with customers in the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has executed a purchase agreement with an existing customer, to produce sapphire chambers at its Ranor facility in Massachusetts.
The $8.1 million agreement calls for a fixed number of Sapphire chambers to be delivered by the end of May, 2014. These chambers are expected to be used in a new manufacturing facility TechPrecision's customer is opening as part of a collaboration with Apple, Inc. That plant, located in the Phoenix (Ariz.) suburb of Mesa, will provide material for iPhone components, including cameras and fingerprint reading sensors.
"This purchase agreement provides us the opportunity to produce chambers we have experience manufacturing, for a customer we know well," commented Bob Francis, President and General Manager of TechPrecision's Ranor Division. "TechPrecision has already produced more than 1,100 high temperature vacuum chambers for the solar and sapphire markets. This production volume order will help utilize existing capacity at Ranor, providing revenue and profit margin as other projects in our pipeline move toward volume production levels."
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), 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 recurring operating losses and the availability of appropriate financing facilities impacting our ability to continue as a going concern, our ability to change the composition of our revenues and effectively reduce operating expenses, 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