TechPrecision Corporation Receives $2.3 Million in New Orders

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."

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

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