CPI Aerostructures Receives $3.2 Million Order From Boeing Under A-10 ATTACK Re-Wing Contract
27 Julho 2022 - 9:00AM
CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (OTC Expert
Market: CVUA) announced today the receipt of purchase orders
totaling approximately $3.2 million from Boeing (NYSE: BA) for
structural assemblies for the A-10 Thunderbolt II under a
previously announced Indefinite Delivery/Indefinite Quantity (IDIQ)
contract with a maximum ceiling value of $48 million. Under the
terms of the IDIQ, CPI Aero will manufacture major structural
subassemblies of the A-10 aircraft’s wing. Including these new
orders, CPI Aero has now received approximately $23.4 million in
funding from Boeing for the production of A-10 re-wing structural
assemblies and associated program start-up costs. The program is in
production at CPI Aero and the IDIQ has an order period through
August 2026.
On August 21, 2019, Boeing announced an award
from the United States Air Force (USAF) with a maximum contract
value of $999 million to manage the production of up to 112 new
wing sets and spares kits for A-10 aircraft.
Dorith Hakim, president and CEO of CPI Aero
stated, “The A-10 is a time-tested, battle-proven weapon system and
CPI Aero is proud to be part of the ATTACK Re-wing Program. CPI
Aero’s statement of work includes Assembly & Integration of the
Main Landing Gear Pods which demonstrates CPI Aero’s specific
strengths in Supply Chain and Program Management, and the
manufacture of complex, mixed-commodity Aerostructures.”
About CPI AeroCPI 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 Aero 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.
Forward-looking StatementsThis
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/A for the
period ended December 31, 2020 and subsequent Quarterly Reports on
Form 10-Q. 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 CounselLHA Investor
RelationsJody Burfening(212)
838-3777cpiaero@lhai.comwww.lhai.com |
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CPI Aerostructures, Inc.Andrew L. DavisChief
Financial Officer(631)586-5200www.cpiaero.com |
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