CENTER VALLEY, Pa., Feb. 15, 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 for complete tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced the first shipment of completed, NRC-approved, AOS-100A Isotope Transport Cask. TechPrecision's Ranor subsidiary completed and shipped the cask to a commercial customer of Alpha-Omega Services, Inc. ("Alpha-Omega Services" or "AOS") as part of a previously announced order.
These units were recently approved by the NRC (Nuclear Regulatory Commission). TechPrecision's Ranor division passed the NRC manufacturing process and quality audit for the cask production in March of 2012.
"This shipment marks a milestone for TechPrecision's Ranor subsidiary, for Alpha-Omega Services, and for the nuclear industry," said Mr. James Molinaro, CEO of TechPrecision Corporation. "This isotope transport cask enables safe transport of isotopes, and represents the first new cask to be approved by the NRC in decades. Today, thousands of hospitals use isotopes for radiotherapy, and will need these types of casks to transport the isotopes in accordance with the current NRC requirements. This represents a significant growth opportunity both for our partner, Alpha-Omega Services, and for Ranor."
"After seven years and $8 million, this is a monumental day for all of my employees and our current and future customers," said Mr. Troy Hedger, president, Alpha-Omega Services, Inc. "My sincere thank you goes out to each one for their patience and continued belief in this product. AOS, TechPrecision and Ranor, over the past 13 months, have worked aggressively to complete the manufacturing of this first cask and in the process have uncovered ways to shorten the time from order to completion. When fully implemented this will be beneficial for the next five casks which are to be delivered over the next few months and is an important factor for those commercial US-based orders we anticipate to be placed now that the cask is a real choice for those who will be required to replace their cask fleets."
The management of Alpha-Omega Services and TechPrecision/Ranor believe tremendous opportunity exists for the Isotope Transport Casks. A recent article titled "Smaller U.S. Isotope Companies May Be the Big Winners in the Medical Isotope Shortage," published in the Market Playground (January 7, 2013), stated "in the US and Europe alone, 28 million medical procedures use radioactive isotopes and the numbers are expected to increase 10% annually. Over 10,000 hospitals worldwide use radioisotopes."
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), cleantech, 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 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