TechPrecision provides update on Votaw acquisiton

TechPrecision Corporation announced the expiration of the 45-day diligence period during which it could have terminated its previously disclosed Stock Purchase Agreement related to the acquisition of Votaw Precision Technologies. Accordingly, we are now committed to closing the Votaw acquisition and are taking this opportunity to expand upon our prior comments while being very aware, and making sure that our shareholders know, that at this point in the process we continue to be limited by the securities laws as to what topics we can discuss. Even prior to completing the acquisition of STADCO in August 2021, it was our intent to relocate STADCO, whether by finding a new location or acquiring a compatible company. We started actively looking in August of 2022, speaking with many companies in the area, and we continued to actively do so until September of 2023 when we signed a Letter of Intent with Votaw, which was our first choice. We believe Votaw is a powerful strategic choice for us, will fit very well with STADCO, and will raise our revenue to a level more consistent with that typically expected of a public company thereby lessening the effects that public company costs have on lower-revenue companies. The Board is unanimous in support of the acquisition and has a significant personal financial interest in its success as the Board beneficially owns an aggregate of over 15% of the outstanding stock in TechPrecision, as disclosed in TechPrecision’s August 3, 2023 Proxy Statement. For those shareholders who are unaware, the securities laws can be very limiting as to what can be publicly stated about future financing activities. Additionally, until the availability of more fulsome financial data from Votaw’s most recently completed fiscal year on October 31, 2023, we are unable to provide more information about Votaw’s financial condition and results of operations. We intend and expect to be able to provide additional information to the market and our shareholders very soon.