CPI Aero Receives $3.1 Million Purchase Order from U.S. Air Force for T-38 Aircraft Modification Kits
June 28 2021 - 8:30AM
CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today
announced that it has been awarded a $3.1 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. This is the third time this year the Air Force
has ordered these kits and year-to-date the Company has received
firm orders totaling more than $16 million in orders. The total
funded value of the contract has now increased to $31.5 million.
The new order extends the currently funded period of performance
into 2025.
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 years ended December 31, 2019, and
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.
Investor Relations Counsel: LHA
Investor RelationsJody Burfening (212)
838-3777cpiaero@lhai.comwww.lhai.com
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