TPCS News
TechPrecision Corporation Receives $2.3 Million in New Orders
2012-07-18 08:00 ET - News Release
$2.3 Million Sapphire Chambers Order Part of Ongoing Purchase Agreement
CENTER VALLEY, Pa. , July 18, 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 $2.3 million in orders from sapphire customer.
The new orders include:
- $2.3 million in purchase orders against the previously announced $9.5 million ongoing purchase agreement from an existing customer to produce sapphire chambers at its Wuxi Critical Mechanical Components Co., Ltd. (WCMC) facility in China .
- These units are in addition to $2.1 million in the previously announced backlog as of July 13, 2012 , against the same $9.5 million purchase agreement. As a result, the Company now has received $4.4 million in aggregate orders under this purchase agreement.
- Production chambers will be shipped in the second and third quarters of fiscal 2013.
"These orders validate the optimism we have for fiscal 2013 in the sapphire sector," said Mr. James Molinaro , CEO of TechPrecision Corporation. "Our backlog and customers have conveyed expectations of increased volume in a variety of verticals, including medical and nuclear. Our focus remains on adding a diverse mix of products to both our WCMC and Ranor facilities, better utilizing our capacity and leveraging the often unique expertise we have in a variety of industries. We are well-positioned to execute against this strategy, with a growing pipeline of increasingly diverse customers."
"The sapphire chambers are an excellent example of our strategy to supply a complete product solution versus a piece-part solution. We can provide a complete solution including large-scale, small-scale mechanical and electrical tested assemblies; providing a tremendous value to our customer in delivering a product solution."
"On the strength of our successful business development efforts, we are increasingly confident that fiscal 2013 will experience significant top and bottom-line growth for TechPrecision in each of five market sectors—Alternative Energy (primarily sapphire/LED), Medical, Defense/Aerospace, Nuclear and Commercial Industrial," concluded Mr. Molinaro. "Management's focus is now squarely on fulfillment."
