EDGEWOOD, N.Y., Feb. 20, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) today announced that it has been awarded a multi-year contract by Lockheed Martin (LMT) to manufacture structural assemblies for the F-16V aircraft, the world’s most technologically advanced fourth generation fighter.
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-16V. The RI/DCC is a large structural sub-assembly that is installed on the tail section of the aircraft. Deliveries are expected to begin during the fourth quarter of 2019 and continue through 2024. An initial, multi-million dollar purchase order under the long term contract is anticipated within the next several weeks.
CPI Aero President and Chief Executive Officer Douglas McCrosson stated, “This new contract builds on our history on the F-16 as a supplier to the U.S. Air Force for legacy structural components and leverages our deep assembly expertise to expand our involvement with the F-16 program into new production models. It also further strengthens our long-standing relationship with Lockheed Martin that spans multiple platforms, including the world’s premier 5th generation fighter, the F-35, and numerous Sikorsky helicopters. We are pleased to secure content on the world’s foremost combat-proven 4th generation multi-role fighter aircraft and believe it will be an excellent selling aircraft given the international demand for this type of aircraft.”
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. 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 ended December 31, 2017, and Form 10-Q for the three-month period ended March 31, 2018, June 30, 2018, and September 30, 2018.
|Vincent Palazzolo||Investor Relations Counsel:|
|Chief Financial Officer||LHA|
|CPI Aero||Jody Burfening/Sanjay M. Hurry|
|(631) 586-5200||(212) 838-3777|