CPI Aerostructures Receives $1.7 Million Contract Extension From U.S Government for F-16 Wing Components

Rhea-AI Summary

CPI Aerostructures (CVU) announced the U.S. Government has exercised a one-year option to extend a Firm Fixed Price/Indefinite Delivery Indefinite Quantity contract with an estimated value of up to $1.7 million. This contract, which has been active for six years, has generated over $14 million in orders for structural wing components used in F-16 aircraft maintenance for the U.S. Government. CPI Aero, a key player in national security aerostructures, provides vital components and services primarily for the Department of Defense.

Positive

• Contract extension valued at up to $1.7 million.
• Over $14 million in orders received under the contract in the past six years.

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• None.

EDGEWOOD, N.Y., April 15, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced that the United States Government exercised an option to extend the term of a Firm Fixed Price/Indefinite Delivery Indefinite Quantity (FFP/IDIQ) prime contract the Company has with the Defense Logistics Agency for one year ending April 2022. The Government estimates the value of the contract extension to be valued at up to a maximum $1.7 million. Over the past six years, CPI Aero has received more than $14 million in orders under this contract for structural wing components used by the U.S. Government for global F-16 aircraft maintenance, repair and overhaul operations.

About CPI Aero

CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance and Electronic Warfare pod systems, primarily for 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, 2019 and Forms 10-Q for the three-month period ended March 31, 2020, June 30, 2020, and September 30, 2020.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

Contact:

Investor Relations Counsel
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com

FAQ

What is the contract value extension for CPI Aero (CVU) announced in April 2021?

The contract extension is valued at up to $1.7 million.

How much revenue has CPI Aero (CVU) generated from this contract over six years?

CPI Aero has received more than $14 million in orders under this contract.

What type of components does CPI Aero (CVU) provide for the U.S. Government?

CPI Aero provides structural wing components for F-16 aircraft maintenance.

What is the duration of the contract extension announced by CPI Aero (CVU)?

The contract extension is for one year, ending in April 2022.