Exhibit 99.1
Techprecision Corporation
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January , 2007
Techprecision LLC
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Attention: ▇▇. ▇▇▇▇▇▇ ▇. ▇▇▇▇
Re: Management Agreement Gentlemen:
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This letter will confirm that the management agreement (the "Management
Agreement") dated February 25, 2006, by and between Techprecision Corporation
(the "Company") and Techprecision LLC (the "LLC") is terminated on and as of
December 31, 2006, and, neither party shall have any obligation to the other
subsequent to December 31, 2006, except that (i) the obligations of the parties
pursuant to Sections 6, 7, 8 and 9 and, to the extent related to such sections,
Section 10 of the Management Agreement shall continue in full force and effect
as set forth in the Management Agreement, subject to the last sentence of this
letter, (ii) the Company has made a payment of $16,666,67 on or about January
15, 2007, and (iii) the Company will make eight monthly payments in the amount
of $9,166.67 to TechPrecision LLC on the 15th day of each month commencing
February 15, 2007 and ending on September 15, 2007. For purposes of Section 7.1
of the Management Agreement, the restrictions shall continue until September 30,
2008.
Please confirm your agreement with the foregoing.
Very truly yours,
TECHPRECISION CORPORATION
AGREED TO:
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TECHPRECISION LLC ▇▇▇▇ ▇▇▇▇▇▇▇, CFO
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇, Manager
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