WESTMINSTER, Mass., Feb. 22, 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 an order valued at approximately $1.2 million for first articles of mono-crystalline chambers for a large mono-crystalline wafer producer and OEM. This represents the third new strategic tier-1 customer signed by TechPrecision during fiscal 2011.
In addition, the customer has provided TechPrecision with forecasts to produce more than 100 production units in calendar 2012, ramping to more than 200 production units in calendar 2013. The forecast anticipates a significant portion of this work to be produced by the Company's Wuxi Critical Mechanical Components Co., Ltd. (WCMC) subsidiary. As this customer ramps, the projected volume in two to three years has the potential to exceed the revenue of TechPrecision's largest current customer.
TechPrecision's Ranor and WCMC subsidiaries will be producing mono-crystalline chambers for this customer. Mono-crystalline solar wafers are used to produce the highest efficiency solar cells, thereby increasing the overall power of the solar panel. These high efficiency solar panels enable customers to meet energy requirements and optimize the amount of solar panels required.
"This order has the potential to be one of the most important achievements for the Company since I became CEO, and moves us closer to our goal of four new strategic tier-1 customers this fiscal year," commented James Molinaro, CEO of TechPrecision Corporation. "In addition to diversifying our customer base and increasing our penetration in the rapidly growing solar energy market, it provides the long-term opportunity, based on initial projections, to exceed the revenue from our largest current customer. More importantly, it helps us to increase the production out of our new WCMC subsidiary. First articles will be produced and shipped during calendar 2011, and we expect additional purchase orders covering production manufacturing in calendar 2012, with volumes ramping significantly over the ensuing two years."
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