TechPrecision Receives $1.5 Million Order to Produce Nuclear Isotope Transport Casks
WESTMINSTER, Mass., Aug. 7, 2012 /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 it has received an order, valued at approximately $1.5 million, to produce nuclear isotope transport casks for Alpha Omega Services. These units were recently approved by the NRC (Nuclear Regulatory Commission), will be delivered during TechPrecision’s fourth fiscal quarter of 2013, the quarter ending March 31, 2013. TechPrecision’s Ranor division passed the NRC manufacturing process and quality audit for the cask production in March of 2012.
“We are very pleased to receive this order for the advanced isotope transport casks and thank Alpha Omega Services for their continued business with our Ranor division,” said Mr. James Molinaro, CEO of TechPrecision Corporation. “These isotope transport casks provide safe transport of isotopes and were approved by the NRC in February of 2012. Our Ranor division received its certification from the NRC in March of 2012, which speaks to our quality manufacturing capabilities for large-scale, manufacturing engineering, precision machining, fabrication and assembly/test processes. We look forward to additional growth opportunities with this product offering as the market discontinues the use of older casks that do not meet current NRC requirements.”
Troy Hedger, president, Alpha Omega Services commented, “We at Alpha Omega Services are very excited to have received approval from the NRC for our unique isotope cask design. Our partnership with TechPrecision and the Ranor division’s timely certification enables us to quickly deliver a quality product to serve this critical market. We expect continued demand for our casks for the foreseeable future due to the unique design of the casks to support multiple sizes and wet or dry loadable payloads.”
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.
Company Contact: Investor Relations Contact: Mr. Richard F. Fitzgerald Hayden IR Chief Financial Officer Brett Maas TechPrecision Corporation Phone: 646-536-7331 Tel: 1-610-246-2116 Email: email@example.com Email: Fitzgeraldr@techprecision.com
SOURCE TechPrecision Corporation