Raytheon Intelligence & Space Awards Multi-Million Dollar Contract Modification to CPI Aerostructures to Produce Pod Prototypes

Rhea-AI Summary

CPI Aerostructures, Inc. (NYSE: CVU) announced an increase in the value of its contract with Raytheon Intelligence & Space, raising it from approximately $2.3 million to about $8.0 million. This modification enhances the work scope and increases the quantity of pod structures to be produced. CPI Aero manufactures structural assemblies for various aircraft and is a supplier for the U.S. Department of Defense, primarily the Air Force. The company is included in the Russell Microcap® Index.

Positive

• Contract value increased from $2.3 million to approximately $8.0 million.
• Expanded work scope and increased production quantity.

Negative

• None.

EDGEWOOD, N.Y., Oct. 27, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced today that Raytheon Intelligence & Space, a Raytheon Technologies business, has increased the value of a previously awarded contract with CPI Aero to produce pod structures. In 2019, CPI Aero announced it was selected by Raytheon Intelligence & Space for a contract to produce a pod structure for an undisclosed application with an estimated value of approximately $2.3 million. With this modification, the work scope has been modified and the quantity to be produced has been increased. The value of the contract is now expected to be approximately $8.0 million. No other details will be provided.

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 new contract value announced by CPI Aero for CVU?

The new contract value is approximately $8.0 million.

What was the original contract value before the increase for CVU?

The original contract value was approximately $2.3 million.

What type of structures is CPI Aero producing for Raytheon?

CPI Aero is producing pod structures.

What company is CPI Aero working with for the increased contract?

CPI Aero is working with Raytheon Intelligence & Space.

In which index is CPI Aero included?

CPI Aero is included in the Russell Microcap® Index.