CPI Aerostructures Receives $3.6 Million Follow-on Orders for Welded Assemblies

Rhea-AI Summary

CPI Aerostructures, Inc. (CVU) has secured follow-on orders worth approximately $3.6 million for complex welded structural assemblies for a U.S. military helicopter. Deliveries are expected through mid-2024, reflecting the customer's ongoing confidence in CPI's capabilities in tight tolerance fusion welding and supply chain management. The president and CEO emphasized the company's commitment to the Defense Industrial Base and national security. CPI Aero manufactures assemblies for various aircraft and supplies both commercial and government markets, including being a prime contractor to the U.S. Department of Defense.

Positive

• Received follow-on orders valued at approximately $3.6 million.
• Deliveries expected through mid-2024, indicating sustained demand.
• Demonstrates continued customer confidence in CPI's capabilities.

Negative

• None.

EDGEWOOD, N.Y., April 19, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced that it has received follow-on orders for complex welded structural assemblies used on a U.S. military helicopter from a current customer valued at approximately $3.6 million. Deliveries are expected to occur through mid-2024.

“These follow-on orders demonstrate our customer's continued confidence in CPI’s ability to consistently perform complex, tight tolerance, fusion welding on critical structural assemblies while effectively managing our supply chain. We are proud to be a part of the Defense Industrial Base and the role we play in support of National Security,” stated Dorith Hakim, President and CEO of CPI Aero.

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.

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
www.lhai.com

FAQ

What are the recent orders received by CPI Aerostructures (CVU)?

CPI Aerostructures received follow-on orders worth approximately $3.6 million for complex welded structural assemblies for a U.S. military helicopter.

When are the deliveries expected for CPI Aero's recent orders?

Deliveries for the recent orders are expected to occur through mid-2024.

How much is the value of the recent orders announced by CVU?

The value of the recent orders announced by CPI Aerostructures is approximately $3.6 million.

Who is the customer for CPI Aero's recent orders?

The specific customer for CPI Aero's recent orders has not been disclosed, but it is a current customer in the U.S. military sector.