First Shipment of New NRC-Approved Isotope Transports Casks to a Commercial Customer
CENTER VALLEY, Pa. - TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision" or "the Company"), an industry leading manufacturer providing engineering, precision large-scale machined, fabricated metal and electrical components for complete tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace and other commercial industries, today announced the first shipment of completed, NRC-approved, AOS-100A Isotope Transport Cask. TechPrecision's Ranor subsidiary completed and shipped the cask to a commercial customer of Alpha-Omega Services, Inc. ("Alpha-Omega Services" or "AOS") as part of a previously announced order.
These units were recently approved by the NRC (Nuclear Regulatory Commission). TechPrecision's Ranor division passed the NRC manufacturing process and quality audit for the cask production in March of 2012.
"This shipment marks a milestone for TechPrecision's Ranor subsidiary, for Alpha-Omega Services, and for the nuclear industry," said Mr. James Molinaro, CEO of TechPrecision Corporation. "This isotope transport cask enables safe transport of isotopes, and represents the first new cask to be approved by the NRC in decades. Today, thousands of hospitals use isotopes for radiotherapy, and will need these types of casks to transport the isotopes in accordance with the current NRC requirements. This represents a significant growth opportunity both for our partner, Alpha-Omega Services, and for Ranor."
"After seven years and $8 million, this is a monumental day for all of my employees and our current and future customers," said Mr. Troy Hedger, president, Alpha-Omega Services, Inc. "My sincere thank you goes out to each one for their patience and continued belief in this product. AOS, TechPrecision and Ranor, over the past 13 months, have worked aggressively to complete the manufacturing of this first cask and in the process have uncovered ways to shorten the time from order to completion. When fully implemented this will be beneficial for the next five casks which are to be delivered over the next few months and is an important factor for those commercial US-based orders we anticipate to be placed now that the cask is a real choice for those who will be required to replace their cask fleets."
The management of Alpha-Omega Services and TechPrecision/Ranor believe tremendous opportunity exists for the Isotope Transport Casks. A recent article titled "Smaller U.S. Isotope Companies May Be the Big Winners in the Medical Isotope Shortage," published in the Market Playground (January 7, 2013), stated "in the US and Europe alone, 28 million medical procedures use radioactive isotopes and the numbers are expected to increase 10% annually. Over 10,000 hospitals worldwide use radioisotopes."
About TechPrecision Corporation
TechPrecision Corporation, through its wholly owned subsidiaries, Ranor, Inc., and Wuxi Critical Mechanical Components Co., Ltd., globally manufactures large-scale, metal fabricated and machined precision components and equipment. These products are used in a variety of markets including: alternative energy (Solar and Wind), cleantech, medical, nuclear, defense, industrial, and aerospace to name a few. TechPrecision's goal is to be an end-to-end global service provider to its customers by furnishing customized and integrated "turn-key" solutions for completed products requiring custom fabrication and machining, assembly, inspection 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.
Mr. Richard F. Fitzgerald
Chief Financial Officer
Web Site: http://www.techprecision.com