TechPrecision Corporation China-Based Subsidiary Goes Live; Ships First Solar Equipment Order Manufactured in Asia
Initial Purchase Order Reflects Asia Demand and Provides Local Machining and Distribution for Asia Region
WESTMINSTER, Mass. - TechPrecision Corporation (OTC Bulletin Board: TPCS) ("TechPrecision", or "the Company"), a leading manufacturer of large-scale, high-precision metal machining, fabrications and assemblies with customers in the alternative energy, medical, nuclear, defense, aerospace and other commercial industries, today announced that on February 1, 2011, after completing inspection, the Company's new Wuxi Critical Mechanical Components Co., Ltd. subsidiary shipped its first solar equipment.
Wuxi Critical Mechanical Components (WCMC) is meeting the immediate demand for local manufacture and machining of components for a large customer in the Solar Energy industry and growing demand from current and potential customers in the region. TechPrecision formed WCMC in October 2010 as a wholly foreign owned enterprise (WFOE) in consultation with a current TechPrecision customer based on the significant growth in demand for Solar Energy components in Asia and especially China. Currently, 90% of the world's poly and mono silicon panels are scheduled to be built in China and similar demand for local manufacture of nuclear plants exists in China. WCMC enables TechPrecision to position its supply chain management closer to its customers, reducing trans-ocean shipment costs and accelerating lead times.
"This first shipment from our China subsidiary marks a milestone in TechPrecision's global manufacturing expansion and demonstrates the strong long-term prospects for our place in the green energy vertical," commented James Molinaro, CEO of TechPrecision Corporation. "Our ability to quickly establish our new China operation and deliver product was a key milestone to achieve. We expect to significantly increase our global business as a result of this capability."
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), 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 www.techprecision.com. Information on the Company's website or any other website does not constitute a part of this press release.
SOURCE TechPrecision Corporation
Web Site: www.techprecision.com
