CENTER VALLEY, Pa., Nov. 14, 2011 /PRNewswire/ -- TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), an industry leading manufacturer of precision, large-scale fabricated and machined metal components and systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced that its Ranor subsidiary has received an order from one of the largest Sapphire producers in the U.S. to deliver an initial chamber unit to qualify production in the December 2011 - January 2012 timeframe. Based upon successful qualification, volume production orders are expected to be received and shipments expected for fiscal Q1 2013. This is the third Sapphire customer TechPrecision has added since July 2011, and the first for its Ranor subsidiary.
Sapphire LEDs are used to produce high-efficiency light bulbs and are increasingly used by television manufacturers as backlights. Large countries, including China, are mandating the use of LED and fluorescent bulbs to reduce energy demands, and TechPrecision is rapidly expanding its presence in the market for the manufacturing of chambers required to produce Sapphire LEDs.
"TechPrecision has the ability to manufacture proprietary chambers for the Sapphire industry, which is a rapidly growing addressable market for us with strong long-term prospects," commented James Molinaro, CEO of TechPrecision Corporation. "Our Ranor division has the reputation and certifications necessary to provide high-quality and cost effective production of chambers. We look forward to completing initial articles in the next few months, with the goal of beginning volume production in the first quarter of fiscal 2013. At projected volume, this customer has the potential to fill approximately one-half the capacity which was created when we shifted certain production work from Ranor to our Asia-based WCMC subsidiary. The addition of our third Sapphire customer demonstrates our ability to meet the exacting requirements of Sapphire customers."
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components Co., Ltd., is an industry leading, global manufacturer of precision, large-scale fabricated and machined metal components and systems. These products are used in a variety of markets including: renewable energy (solar and wind), medical, nuclear, defense, industrial, and aerospace. TechPrecision's mission is to be the leading end-to-end global service provider to its markets by furnishing custom, fully integrated "turn-key" solutions for complete products that require custom fabrication, precision machining, assembly, integration, inspection, non-destructive evaluation 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