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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  TechPrecision Corporation    TPCS

TECHPRECISION CORPORATION

(TPCS)
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TECHPRECISION CORP : Termination of a Material Definitive Agreement (form 8-K)

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01/23/2020 | 05:17pm EDT

Item 1.02. Termination of a Material Definitive Agreement.

On January 16, 2020, TechPrecision Corporation (the "Company"), through its wholly owned subsidiary Ranor, Inc. ("Ranor"), repaid in full Ranor's indebtedness under Schedule No. 002, dated October 4, 2016 ("Schedule 002"), to the Master Loan and Security Agreement No. 4180 ("MSLA"), dated Aril 26, 2016, between Ranor and People's Capital and Leasing Corp. ("People's"). Under Schedule 002 to the MSLA, Ranor had borrowed an initial principal amount of $365,852, secured by certain machinery and equipment. The loan was required to be repaid in monthly installments of principal and interest of $7,399 over 60 months. Upon the payment of approximately $147,000, which amount included a 1% prepayment penalty of approximately $1,400, all commitments under Schedule 002 to the MSLA were terminated, and People's discharged and released all guarantees and liens existing in connection with such loan, thereby terminating such loan agreement schedule.

On January 17, 2020, the Company, through Ranor, repaid in full Ranor's indebtedness under Schedule 001 to the MSLA. Under Schedule 0001 to the MSLA, Ranor had borrowed an initial principal amount of $3,011,648, secured by certain machinery and equipment. The loan was required to be repaid in 60 monthly installments of $60,921 each, inclusive of interest at a fixed rate of 7.90% per annum. Upon the payment of approximately $936,000, which amount included a 1% prepayment penalty of approximately $9,200, all commitments under Schedule 001 to the MSLA were terminated, and People's discharged and released all guarantees and liens existing in connection with such loan, thereby terminating such loan agreement schedule. As all previously outstanding obligations under the MSLA have been satisfied in full, Ranor is no longer bound by any material terms of the MSLA.

Other than in respect of the MSLA and Schedule 001 and Schedule 002 thereunder, and the related security documents, there was no material relationship between Ranor or the Company, on the one hand, and People's on the other hand.

© Edgar Online, source Glimpses


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Financials (USD)
Sales 2020 16,0 M - -
Net income 2020 -0,34 M - -
Net Debt 2020 1,64 M - -
P/E ratio 2020 -109x
Yield 2020 -
Capitalization 34,1 M 34,1 M -
EV / Sales 2019 1,91x
EV / Sales 2020 2,42x
Nbr of Employees 94
Free-Float 87,4%
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Managers
NameTitle
Alexander Shen Chief Executive Officer
Richard S. McGowan Non-Executive Chairman
Thomas C. Sammons Chief Financial Officer
Andrew A. Levy Independent Director
Robert A. Crisafulli Independent Director
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