Increases Funded Orders Under Previously Awarded Multi-year Contract to $8.2 million
EDGEWOOD, N.Y., Feb. 26, 2020 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today announced that it has been awarded a $4.5 million purchase order under a previously announced contract from the U. S. Air Force (the “Air Force”) to provide structural modification kits, program management, logistics, and other sustainment services in support of Phase 3 of the T-38C Pacer Classic III Fuselage Structural Modification Kit Integration program (“PCIII”) and the Talon Repair Inspection and Maintenance (“TRIM”) program. In July 2019, the Company announced the PCIII and TRIM contract valued at up to $65.7 million. The new purchase order brings the total funded value of the contract to $8.2 million.
The Northrop T-38 has been the principal supersonic jet trainer used by the Air Force for more than 50 years. PCIII and TRIM are expected to increase the structural service life of the aircraft to beyond 2030.
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, 2018, and Form 10-Q for the three-month periods ended March 31, 2019, June 30, 2019, and September 30, 2019.