CPI Aero Receives $8.7 Million Purchase Order From U.S. Air Force for T-38 Aircraft Modification Kits
February 16 2021 - 8:00AM
CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today
announced that it has been awarded a $8.7 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 $24.0 million and extends the currently
funded period of performance into 2024.
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 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, 2019 and Forms
10-Q for the three-month periods ended March 31, 2020, June 30,
2020, and September 30, 2020. CPI Aero® is a registered trademark
of CPI Aerostructures, Inc.
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
RelationsJody Burfening (212)
838-3777cpiaero@lhai.comwww.lhai.com
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