TechPrecision Corporation Receives $1.1 Million Order for Proton Beam Therapy Equipment
Ranor Subsidiary Will Produce Various Components of Equipment for Existing Customer
CENTER VALLEY, Pa., Feb. 22, 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 its Ranor subsidiary has received orders totaling over $1.1 million for various components for an advanced proton beam cancer treatment equipment.
The orders, which include large-scale machining, fabrication and testing for this advanced form of radiation treatment equipment using superconducting technology, are expected to ship in the Q1/Q2 FY2013 timeframe. This technology is aimed at increasing physician and patient access to proton beam therapy by offering a smaller, cost-effective alternative that is designed to preserve all of the treatment benefits of traditional proton treatment systems while removing the obstacles of size, cost and complexity.
"We are very pleased to see the progress our customer has made with their advanced proton beam therapy equipment," stated James Molinaro, CEO of TechPrecision Corporation. "There is considerable optimism in the market as our customer works through the process of qualifying their first production unit in the field. We value our business relationship with this customer and our Ranor division will continue to deliver high-quality machining, fabrication, testing and manufacturing expertise for this very advanced and precise equipment. This has been a long-term, mutually beneficial partnership and we're gratified to be part of the team that is delivering such break-through technology as our customer transitions to the commercialization stage with the equipment."
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.
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