EDGEWOOD, N.Y., Nov. 01, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced today that an undisclosed aerospace OEM has awarded CPI Aero a $1 million contract for complex welded fluid tank assemblies for an unspecified application. First deliveries will begin in mid-2022 and end in 2023.
“CPI has worked with the customer to mature the design and productionize the build, which involves complex fusion and resistance welding,” commented Douglas McCrosson, president and chief executive officer of CPI Aero. “In addition, we have made strategic investments in our welded products that have put us in position to capture new work such as these fluid tanks. These investments include added engineering and program management resources, the development of a well-trained and highly skilled precision welding workforce, increased welding capacity and throughput, and the establishment of internal non-destructive testing capabilities. We appreciate that our efforts are being recognized,” McCrosson continued.
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
