TechPrecision Corporation Extends Revolving Line of Credit Agreement with Berkshire Bank

TechPrecision Corporation (NASDAQ:TPCS) recently announced that its wholly owned subsidiary, Ranor, Inc., and certain affiliates have extended a revolving line of credit with Berkshire Bank. The company entered into a Tenth Amendment to Amended and Restated Loan Agreement and Sixth Amendment to Second Amended and Restated Promissory Note with Berkshire Bank on December 19, 2024.

This Amendment extends the maturity date of the Revolver Loan from January 15, 2025, to April 30, 2025. This agreement marks a significant step in the ongoing financial operations of TechPrecision Corporation and its subsidiaries.

In addition to the loan extension, the Company reported changes in its Board of Directors following its 2024 Annual Meeting. Three new directors were elected to the Board: John A. Moore, General Victor E. Renuart Jr., and Robert D. Straus. The Board appointed General Victor E. Renuart Jr. as Chair and Robert D. Straus as Vice-Chair of the Board. The Board has also organized its committees as follows:

– Audit Committee: Walter M. Schenker (Chair), Andrew A. Levy, and John A. Moore
– Compensation Committee: John A. Moore (Chair), Andrew A. Levy, and Robert D. Straus
– Nominating and Governance Committee: Robert D. Straus (Chair), General Victor E. Renuart Jr., and Walter M. Schenker

The recent developments also include the issuance of a press release on December 26, 2024, regarding the changes in the Board of Directors. The Company emphasized that the press release and the related information are not to be considered as “filed” under the Securities Exchange Act of 1934 unless specified otherwise.

TechPrecision Corporation continues to focus on its operations through its subsidiaries, Ranor, Inc., and Stadco. Ranor provides custom solutions for precision finished welded and machined components up to 100 tons, while Stadco specializes in mission-critical components for military aircraft, helicopter, and space programs.

The company’s commitment to quality and compliance is evident through its adherence to ISO certifications, defense sector revenue concentration, and ITAR compliance. TechPrecision Corporation aims to leverage its expertise in precision manufacturing and custom solutions to deliver value to its customers in the defense and aerospace industries.

Investors are advised to consider the forward-looking statements provided by the Company while evaluating the financial outlook and operational plans. TechPrecision Corporation remains dedicated to upholding industry standards, providing innovative solutions, and navigating potential challenges in the evolving market landscape.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TechPrecision’s 8K filing here.

TechPrecision Company Profile

TechPrecision Corporation, together with its subsidiaries, manufactures and sells precision, fabricated, and machined metal structural components and systems in the United States. The company operates through two segments, Ranor and Stadco. It provides custom components for ships, submarines, military helicopters, aerospace equipment, components for nuclear power plants, and components for medical systems.