CPI Aerostructures Awarded Follow-On Production Contract of Next Generation Jammer Mid-Band Program by Raytheon Technologies
- CPI Aerostructures has received authorization to begin manufacturing for the NGJ-MB program, indicating a positive business opportunity. The maximum value of the production order is $32.6 million, which could positively impact the company's revenue.
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Production Order for pods and components valued at up to
EDGEWOOD, N.Y., May 08, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced today that Raytheon Technologies authorized CPI Aero to begin manufacturing of pod structures and air management system components for the follow-on Low Rate Initial Production (LRIP) phase 3 of the Next Generation Jammer Mid-Band (NGJ-MB) program. The binding notification provides a maximum value of
Raytheon Technologies is designing and manufacturing NGJ-MB, a technologically superior, all-aspect, high-power offensive airborne electronic attack system able to achieve force-level spectrum superiority in modern Anti-Access/Area Denial environments. NGJ-MB enhances existing EA-18G and F/A-18E/F cooperation to increase kinetic engagement capacity. In June 2021, the NGJ-MB program reached Milestone C, indicating the system is ready for production. LRIP 1 was awarded July 2021, and an option for LRIP 2 was awarded December 2021. These awards enabled Raytheon Technologies to begin production on this critical capability to the U.S. Navy fleet and beyond. LRIP 3 includes the first four operational shipsets for the Royal Australian Air Force. There are two NGJ-MB pods per EA-18G aircraft.
In February of this year, CPI Aero delivered an LRIP 1 Production Pod, the first of 20 planned deliveries in 2023. The contract announced today supports the LRIP 3 production deliveries.
“As a result of our close collaboration, Raytheon Technologies has recognized CPI Aero with a Supplier Excellence Premier Award in the category of Partnership. We are proud to continue contributing our manufacturing and technical expertise to the NGJ-MB program, which will bring this much-needed electronic warfare capability to the fleet,” stated Dorith Hakim, president and CEO of CPI Aero.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022, and the Company’s subsequent filings with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
| Contacts: | |
| Investor Relations Counsel | CPI Aerostructures, Inc. |
| LHA Investor Relations | Andrew L. Davis |
| Jody Burfening | Chief Financial Officer |
| (212) 838-3777 | (631)586-5200 |
| cpiaero@lhai.com | www.cpiaero.com |
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