TechShop Announces Positive Developments in Effort

SAN JOSE, Calif., July 07, 2017 (GLOBE NEWSWIRE) -- TechShop, Inc., the first and largest network of open-access makerspaces in the world, announced today positive developments in the effort to transfer TechShop Pittsburgh to a new owner and keep the location open beyond the previously announced closure date of September.

"We have been working closely with a number of Pittsburgh stakeholders and foundations eager to participate on some level in keeping TechShop Pittsburgh open for years to come as a licensed location," said TechShop CEO Dan Woods. "While we don't have any definitive deals in place yet, I'm happy to say that we're making excellent progress and that a committed consortium of nonprofit partners resolved to finding a long-term solution to keep TechShop in Pittsburgh is emerging."

TechShop had previously announced that it would be closing TechShop Pittsburgh to members on September 1st but that it hoped to open conversations with local foundations, universities or corporations who might be interested in becoming a licensee of its Pittsburgh location. If a new licensee could not be identified by June 30th, the company had said it would allocate the TechShop Pittsburgh equipment to its new Brooklyn facility, opening this fall.

Woods went on to say, "I’m also delighted to announce that we’ve reached an agreement on a short term lease extension with our landlord, Walnut Capital, who has been incredibly supportive throughout this process. This will extend member access to the shop through September, providing time for local stakeholders to iron out a deal."

Commenting on the developments, Pittsburgh Mayor William Peduto stated, "I'm proud to lend my support to the talented group of individuals and nonprofit organizations here in Pittsburgh collaborating to find a permanent solution to keeping TechShop resources available to all Pittsburghers. This effort is one more step toward cross pollinating the culture and economy of people who have been recently attracted to our city by our new and growing technology firms with that of the Pittsburghers who have made our city home for generations."

These positive developments were bolstered last week when Woods and TechShop CFO Mike Hilberman flew to Pittsburgh to participate in all-day meetings with local stakeholders.

"Given the current state of the conversations with the Pittsburgh community, we’ve decided to not allocate the Pittsburgh equipment to Brooklyn," said Woods. "We hope this decision will help build confidence and buy everyone some much needed time. While considerable work remains to be done, I’m cautiously optimistic that we will be able to work out a solution."

About TechShop, Inc. Founded in October 2006, TechShop is a membership-based, do-it-yourself (DIY) workshop and fabrication studio that provides access to a vibrant community of creative makers and more than $1 million worth of equipment, tools, and software. Based in San Jose, Calif., with locations nationwide, TechShop offers classes, workshops, instruction, and training for people of all ages and skill levels to build whatever they can dream. For information on memberships and course listings, visit www.techshop.com , email info@techshop.com or call 855-TECHSHOP. You can follow TechShop on Twitter at @TechShop and on Facebook as TechShop Incorporated .

TechShop currently offers a number of investment opportunities. For more information, or to RSVP for one of our upcoming live webinars, visit invest.techshop.com .

Michael Catterlin TechShop, Inc. pr@techshop.com (408) 673-8026