CPI Aerostructures Receives Additional Purchase Orders for T-38C Aircraft Modification Kits
CPI Aerostructures, Inc.
May. 16, 2018
EDGEWOOD, N.Y., May 16, 2018 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American:CVU) today announced that it has received purchase orders valued at approximately $4.4 million from the United States Air Force to provide structural modification kits for the T-38C Pacer Classic III aircraft structural modification program. With these purchase orders, the Company has to date received five orders totaling $18.1 million under a potential $49 million indefinite delivery/indefinite quantity (IDIQ) contract that CPI Aero won in February 2015 from the Air Force Life Cycle Management Center at Hill Air Force Base in Utah.
Under the IDIQ contract, CPI Aero provides structural components, program management, logistics, discrepancy reporting/resolution, and sub-contract management as part of a modification program designed to enhance T-38C operational capability while improving flight safety, reliability, and maintainability. The T-38C is a twin engine, two seat, supersonic jet trainer used by Air Education Training Command as an advanced trainer in Specialized Undergraduate Pilot Training.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2017 and Form 10-Q for the three-month periods ended March 31, 2018.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
Vincent Palazzolo Chief Financial Officer CPI Aero (631) 586-5200 www.cpiaero.com
Investor Relations Counsel:LHAJody Burfening/Sanjay M. Hurry (212) 838-3777 firstname.lastname@example.org www.lhai.com