WESTMINSTER, Mass., March 15, 2011 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), a leading manufacturer of large-scale, high-precision machine metal fabrications with customers in the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, today announced that it has received three notable orders with a combined value of $1.25 million in a range of industries including defense, medical and commercial.
The orders include:
- A $450,000 purchase order from a defense-related customer, expected to ship by the fourth quarter of 2011;
- A $250,000 purchase order from a medical technology customer, which is expected to ship by the third quarter of 2011; and,
- $550,000 in combined purchase orders from a leading, multi-billion dollar performance materials company to manufacture production vessels for their largest selling product. This order is expected to ship by the end of the third quarter of 2011.
"Our focus on diversification and our key verticals has generated additional orders as we continue to expand our footprint and secure incremental business with several existing key customers," commented James Molinaro, CEO of TechPrecision Corporation. "These orders represent our increasingly successful strategy of developing high level supply chain relationships in the defense sector, critical follow-on orders with a medical device customer, and an order to deliver the first series of next generation production systems for a customer in our growing commercial vertical. We are pleased that our recent achievements are meeting our expectations for enhanced revenue generation within the wide range of market verticals represented by our customers."
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