CPI Awarded $1M Order for Welded Fluid Tank Assemblies

Rhea-AI Summary

CPI Aerostructures, Inc. (CVU) announced a $1 million contract from an undisclosed aerospace OEM for complex welded fluid tank assemblies. Deliveries will begin in mid-2022 and conclude in 2023. CEO Douglas McCrosson noted that CPI has enhanced its capabilities, including engineering resources and a skilled welding workforce, to secure this project. CPI Aero manufactures structural assemblies for various aircraft and supports national security through contracts with the U.S. Department of Defense. The company is also part of the Russell Microcap Index.

Positive

• Awarded a $1 million contract for fluid tank assemblies.
• Strategic investments in engineering and welding capabilities.
• Established internal non-destructive testing capabilities.

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• None.

EDGEWOOD, N.Y., Nov. 01, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced today that an undisclosed aerospace OEM has awarded CPI Aero a $1 million contract for complex welded fluid tank assemblies for an unspecified application. First deliveries will begin in mid-2022 and end in 2023.

“CPI has worked with the customer to mature the design and productionize the build, which involves complex fusion and resistance welding,” commented Douglas McCrosson, president and chief executive officer of CPI Aero. “In addition, we have made strategic investments in our welded products that have put us in position to capture new work such as these fluid tanks. These investments include added engineering and program management resources, the development of a well-trained and highly skilled precision welding workforce, increased welding capacity and throughput, and the establishment of internal non-destructive testing capabilities. We appreciate that our efforts are being recognized,” McCrosson continued.

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 December 31, 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
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com

FAQ

What is the value of the contract awarded to CPI Aero?

CPI Aero was awarded a $1 million contract for complex welded fluid tank assemblies.

When will deliveries for the new contract start?

Deliveries for the new contract will begin in mid-2022 and end in 2023.

Who awarded the contract to CPI Aerostructures?

The contract was awarded by an undisclosed aerospace OEM.

What types of products does CPI Aero manufacture?

CPI Aero manufactures structural assemblies for fixed wing aircraft, helicopters, and other defense systems.

What markets does CPI Aero primarily serve?

CPI Aero primarily serves national security markets, including contracts with the U.S. Department of Defense.