CPI Aero Receives Second Multi-Year Contract and Funded Order for F-16 Aircraft Structures
- Receives Long Term Agreement not to exceed $34.4 million and Initial $10.4 Million Order -
EDGEWOOD, N.Y., Aug. 28, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has been awarded a second multi-year contract by Lockheed Martin (NYSE: LMT) to manufacture structural assemblies for the most advanced F-16 ever produced – the F-16 Block 70/72. Under the terms of the contract with Lockheed Martin, CPI Aero will provide Rudder Island and Drag Chute Canister (RI/DCC) assemblies for the F-16. The RI/DCC is a large structural sub-assembly installed under the vertical tail section of the aircraft. Deliveries are expected to begin in 2025 and continue through 2028.
“CPI Aero delivered its first RI/DCC assembly for the F-16 Block 70/72 in June 2021. This second follow-on multi-year contract demonstrates Lockheed Martin’s confidence in CPI to deliver critical aerostructure assemblies in support of the F-16, a 4th generation fighter aircraft that offers advanced capabilities to air forces around the world,” 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 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 |
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Investor Relations Counsel | CPI Aerostructures, Inc. |
LHA Investor Relations | Andrew L. Davis |
Jody Burfening | Chief Financial Officer |
(212) 838-3777 | (631)586-5200 |
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