CPI Aero Receives and Rejects Claim to Terminate Agreement to Purchase Welding Metallurgy, Inc.
July 02 2018 - 6:03PM
CPI Aerostructures, Inc. (“CPI Aero®” or “the Company”) (NYSE
American:CVU) today announced that it received notice from Air
Industries Group (“Air Industries”) that claims to terminate the
Stock Purchase Agreement (the “Agreement”) to purchase all of the
shares of capital stock of Welding Metallurgy, Inc. (“WMI”), a
wholly owned subsidiary of Air Industries, dated March 21, 2018.
The Company disputes the purported termination. The Company
believes that Air Industries’ failure to provide full access to
WMI’s books and records, including inventory and accounting
records, and financial, operating, and other data, is a material
breach of the Agreement, and that Air Industries’ purported
termination of the Agreement is itself a material breach of the
Agreement. CPI Aero is considering all of its options against Air
Industries under the Agreement, at law and in equity.
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.
CPI Aero® is a registered trademark of CPI Aerostructures,
Inc. For more information, visit www.cpiaero.com, and
follow us on Twitter @CPIAERO.
Contact: |
|
|
|
Vincent Palazzolo |
Investor Relations
Counsel: |
Chief Financial
Officer |
LHA Investor
Relations |
CPI Aero |
Sanjay M. Hurry |
(631) 586-5200 |
(212) 838-3777 |
www.cpiaero.com |
cpiaero@lhai.com |
|
www.lhai.com |
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