Air Industries Group Receives Order for Landing Gear Components for the US Air Force B1-B Bomber

Rhea-AI Summary

Air Industries Group (NYSE American: AIRI) has secured a $1.9 million contract for producing landing gear components for the U.S. Air Force’s B1-B, to be delivered in 2023. This order represents a significant achievement for the company as it taps into a platform not previously part of its portfolio. CEO Lou Melluzzo highlighted this win as part of the company's strategy to expand its product line, with over $25 million in new orders announced in January 2022 alone.

Positive

• Secured a $1.9 million contract for landing gear components for the B1-B aircraft.
• Achieved over $25 million in new orders or long-term agreements in January 2022.

Negative

• None.

BAY SHORE, N.Y.--(BUSINESS WIRE)-- Air Industries Group (NYSE American: AIRI), an integrated Tier 1 manufacturer of precision assemblies and components for mission-critical aerospace and defense applications, and a prime contractor to the U.S. Department of Defense, today announced that its Long Island-based subsidiary, Air Industries Machining Corp., has been awarded a contract to produce components for the landing gear of the US Air Force’s B1-B. The contract value is approximately $1.9 million with deliveries in 2023.

Mr. Lou Melluzzo, CEO of Air Industries, commented: “This order is an important achievement. It is from a long established customer but is for an aircraft platform that has not been in Air Industries portfolio for some time. One of our goals in 2022 is to expand our product line. This order furthers that goal. During the first month of 2022 we have received and announced new orders or long-term agreements totaling more than $25 million -- an excellent start to the year.”

ABOUT AIR INDUSTRIES GROUP

Air Industries Group (NYSE American: AIRI) is an integrated manufacturer of precision assemblies and components for leading aerospace and defense prime contractors and original equipment manufacturers. The Company is a Tier 1 supplier to aircraft Original Equipment Manufacturers, a Tier 2 subcontractor to major Tier 1 manufacturers, and a Prime Contractor to the U.S. Department of Defense, and is highly regarded for its expertise in designing and manufacturing parts and assemblies that are vital for flight safety and performance.

Additional information about the Company can be found in its filings with the SEC.

Forward Looking Statements

Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

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Air Industries Group

Investor Relations

Michael Recca - CFO

631.328.7079

ir@airindustriesgroup.com

Source: Air Industries Group

FAQ

What is the contract value Air Industries Group received in January 2022?

Air Industries Group secured a contract worth approximately $1.9 million.

Which aircraft's components will Air Industries Group produce under the new contract?

Air Industries Group will produce components for the landing gear of the U.S. Air Force’s B1-B aircraft.

How much did Air Industries Group announce in new orders in January 2022?

Air Industries Group announced more than $25 million in new orders in January 2022.

What is the significance of the new contract for Air Industries Group?

The contract is significant as it is for an aircraft platform not previously in Air Industries' portfolio, indicating a strategic expansion.