EDGEWOOD, N.Y., Oct. 01, 2018 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero”) (NYSE American: CVU) announced today that it has received purchase orders from Sikorsky, a Lockheed Martin Company (NYSE: LMT), totaling approximately $8 million for Hover Infrared Suppression System (HIRSS) module assemblies for use as spares on older variants of the UH-60 Black Hawk helicopter.
The HIRSS is a defensive countermeasures system that is integral to the survival of the UH-60 Black Hawk by reducing the opportunity for an infrared-seeking threat system to acquire, lock onto, track, and destroy the helicopter.
“CPI Aero first manufactured HIRSS module assemblies for the Black Hawk as original equipment in 2006, and Sikorsky last placed a small order back in 2013 at the height of the sequestration era. These new orders indicate to us our Government’s commitment to providing support to aircraft in need of maintenance and repair, especially in light of the recent passage of the John S. McCain National Defense Authorization Act for Fiscal Year 2019 that increases funding to rebuild the military’s readiness and modernization efforts. Our decades long experience manufacturing new structure for aging aircraft positions us to benefit from an improving defense aftermarket environment as we look to build momentum heading into 2019,” stated Douglas McCrosson, president and CEO of CPI Aerostructures.
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 and June 30, 2018.
|Vincent Palazzolo||Investor Relations Counsel:|
|Chief Financial Officer||LHA|
|CPI Aero||Jody Burfening/Sanjay M. Hurry|
|(631) 586-5200||(212) 838-3777|