TechPrecision Corp. (www.techprecision.com) – a leading provider of custom machined/fabricated high-precision metallic products targeting growth industries like nuclear, aerospace, defense, medical and alternative energy, reported reception of a multi-million dollar Letter of Intent (LOI) and Project Engineering purchase order yesterday (Thursday, Aug. 5) for several hundred thousand dollars from an emerging publicly traded Tier1 energy/industrial firm.
CEO of TPCS, James Molinaro, quickly pointed out how this agreement bolsters the Company’s already prolific position in the rapidly growing clean technology vertical, and adds yet another Tier-1 firm to the ever-expanding base of TPCS customers.
The Company has really proven its ability to strategically diversify its market base with the announcement of this agreement, gaining even more ground in this thriving energy market to enhance TPCS’s strong core markets.
Ranor Inc., TPCS’s main subsidiary, will be tasked with production of the process chambers for a planned point-of-use industrial gas generation system, thus building the brand through successful infrastructural deployment in what is a buzzing corner of the energy sector.
Molinaro noted that the initial purchase order is primarily for project engineering, and projected that – after shipment of production units within a year – things would really start to pick up, with “volumes anticipated in late 2011 or early 2012 after successful testing.”
Molinaro concluded by reaffirming TPCS’s commitment to living up to five decades of experience developing mission critical products for the aerospace and defense sectors by providing innovative solutions and unique technical expertise in metal fabrication, machining and assembly to the clean tech sector.
Subsidiary Ranor is one of only a handful of US facilities with ASME (American Society of Mechanical Engineers) authorization/certification for designing and constructing nuclear storage, transportation and general equipment.
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