CPI Aerostructures Receives $2.7M Order From Lockheed Martin for F-16V Structural Assemblies

Rhea-AI Summary

CPI Aerostructures, Inc. (CVUA) announced a new order from Lockheed Martin to manufacture structural assemblies for the F-16V fighter aircraft. This order funds additional Rudder Island and Drag Chute Canister assemblies, totaling $20.6 million authorized under a multi-year contract. Deliveries are expected to commence in Q4 2023 and continue through mid-2024. CEO Dorith Hakim expressed pride in being part of the F-16 Program, highlighting ongoing interest from Allied Nations.

Positive

• New order from Lockheed Martin worth $20.6 million enhances revenue.
• Continued contract for structural assemblies signifies strong demand for CPI Aero's products.
• Delivery timeline set from Q4 2023 to mid-2024 provides visibility for future earnings.

Negative

• None.

EDGEWOOD, N.Y., July 07, 2022 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (OTC Pink: CVUA) today announced that Lockheed Martin (NYSE: LMT) has placed an order against a previously announced multi-year contract to manufacture structural assemblies for the F-16V aircraft, the world’s most technologically advanced fourth generation fighter. This order funds additional quantities of Rudder Island and Drag Chute Canister (“RI/DCC”) assemblies for the F-16V. The RI/DCC is a large structural sub-assembly that is installed on the tail section of the aircraft. This order brings the total funding authorized to date on this multi-year contract to $20.6 million. Deliveries on this follow-on order are expected to begin during the fourth quarter of 2023 and continue through mid-2024.

“CPI Aero is proud to be part of the F-16 Program. There are over 25 Allied Partner Nation operating the F-16, and Lockheed Martin and the USAF continue to see interest in the F-16V from countries looking to operate it for the first time. We are excited to see Lockheed Martin demonstrate, with these additional orders, its continued confidence in CPI Aero to manufacture new structural assemblies that meet or exceed its exacting standards,” stated Dorith Hakim, CPI Aero’s CEO & President.

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 Aero 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.

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/A for the period ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q. 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 LHA Investor Relations Jody Burfening (212) 838-3777 cpiaero@lhai.com  www.lhai.com	CPI Aerostructures, Inc. Andrew L. Davis Chief Financial Officer (631)586-5200 www.cpiaero.com

Source: CPI Aerostructures, Inc.