EDGEWOOD, N.Y., Nov. 16, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) announced today that Raytheon Intelligence & Space authorized CPI Aero to begin manufacture of pod structures and air management system components for the initial production phase of the Next Generation Jammer Mid-Band (NGJ-MB) program. The binding notification provides approximately $10.3 million in funding to begin work and establishes a maximum value of $20.6 million for a contract that is expected to be finalized before the end of 2021. Deliveries of these new pods and air management system components are expected to occur from late 2022 through 2023.
Raytheon Intelligence & Space is designing and manufacturing NGJ-MB, a high-capacity, self-powered airborne electronic attack weapon system for the EA-18G Growler. It is designed to protect air forces by denying, degrading and disrupting threat radars and communication devices. There are two NGJ-MB pods per EA-18G aircraft. In June 2021, the NGJ-MB program achieved Milestone C and the Navy authorized Raytheon Intelligence & Space to enter the production phase. The NGJ-MB program of record consists of 135 shipsets for the U.S. Navy (with one shipset equaling two pods). Fourteen shipsets are also planned for delivery to the Royal Australian Air Force. The orders announced today support the first eight aircraft to receive the NGJ-MB system.
“CPI Aero has been a key supplier to Raytheon Intelligence & Space on this program since 2016, and we are proud to play an important role in getting this critical electronic warfare capability into the fleet,” stated Douglas J. McCrosson, president and CEO of CPI Aero. “The NGJ-MB is one of our most significant programs and has already generated more than $80 million in funded awards since its inception. As we begin the production of an expected 300-plus pod structures and air management systems over the course of the next decade, the NGJ-MB is on track to become the most valuable program in our 40-year history.”
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 ended 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
www.lhai.com
