WESTMINSTER, Mass., Feb. 2, 2011 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), a leading manufacturer of large-scale, high-precision metal machining, fabrications and assemblies with customers in the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, today announced that on February 1, 2011, after completing inspection, the Company's new Wuxi Critical Mechanical Components Co., Ltd. subsidiary shipped its first solar equipment.
Wuxi Critical Mechanical Components (WCMC) is meeting the immediate demand for local manufacture and machining of components for a large customer in the Solar Energy industry and growing demand from current and potential customers in the region. TechPrecision formed WCMC in October 2010 as a wholly foreign owned enterprise (WFOE) in consultation with a current TechPrecision customer based on the significant growth in demand for Solar Energy components in Asia and especially China. Currently, 90% of the world's poly and mono silicon panels are scheduled to be built in China and similar demand for local manufacture of nuclear plants exists in China. WCMC enables TechPrecision to position its supply chain management closer to its customers, reducing trans-ocean shipment costs and accelerating lead times.
"This first shipment from our China subsidiary marks a milestone in TechPrecision's global manufacturing expansion and demonstrates the strong long-term prospects for our place in the green energy vertical," commented James Molinaro, CEO of TechPrecision Corporation. "Our ability to quickly establish our new China operation and deliver product was a key milestone to achieve. We expect to significantly increase our global business as a result of this capability."
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 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