CPI Aero Receives $4.5 Million Purchase Order From U.S. Air Force for T-38 Aircraft Modification Kits
February 26 2020 - 8:00AM
CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU)
today announced that it has been awarded a $4.5 million purchase
order under a previously announced contract from the U. S. Air
Force (the “Air Force”) to provide structural modification kits,
program management, logistics, and other sustainment services in
support of Phase 3 of the T-38C Pacer Classic III Fuselage
Structural Modification Kit Integration program (“PCIII”) and the
Talon Repair Inspection and Maintenance (“TRIM”) program. In July
2019, the Company announced the PCIII and TRIM contract valued at
up to $65.7 million. The new purchase order brings the total funded
value of the contract to $8.2 million.
The Northrop T-38 has been the principal
supersonic jet trainer used by the Air Force for more than 50
years. PCIII and TRIM are expected to increase the structural
service life of the aircraft to beyond 2030.
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 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, 2018, and Form
10-Q for the three-month periods ended March 31, 2019, June 30,
2019, and September 30, 2019.
CPI Aero® is a registered trademark of CPI
Aerostructures, Inc. For more information, visit www.cpiaero.com,
and follow us on Twitter @CPIAERO.
Investor Relations Counsel: LHA Investor
Relations Sanjay M. Hurry / Jody Burfening (212) 838-3777
cpiaero@lhai.com www.lhai.com
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