Air Industries Group Subsidiary Sterling Engineering Corp Receives Contracts for $3.0 Million for Turbine Engine and Helicopter Components
February 27 2023 - 8:30AM
Business Wire
Air Industries Group (the Company) (NYSE American: AIRI),
an integrated Tier 1 manufacturer of precision assemblies and
components for mission-critical aerospace and defense applications,
and a prime contractor to the U.S. Department of Defense, today
announced that it has been awarded new contracts worth $3.0 million
for turbine engine components.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “Our
Sterling Engineering subsidiary has received a new contract from a
long-established customer. The component is a Support Nozzle used
in high pressure turbine engines for onboard electric power
generation on large ships.
“Our Connecticut operation is starting to see a resurgence of
activity for both turbine engine work and rotorcraft
components.
“Earlier this month our Sterling subsidiary also received an
important order for a flight critical component for the CH-53K.
This marks the second order received on this major new helicopter
platform and it follows a previously announced $5.2 million
Long-Term Agreement for Chaff Pods for the CH-53K in late 2021. The
CH-53K is a sea-based, long range, heavy-lift helicopter providing
three times the lift capability of its predecessor.
“In recent months we have seen an increase in bookings of new
business for both our Long Island and Connecticut subsidiaries. For
the last three months ending January 31, 2023 our consolidated
monthly bookings represented a 168% increase over the monthly
average for the previous nine months. This is an encouraging
trend.”
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (NYSE American: AIRI) is an integrated
manufacturer of precision assemblies and components for leading
aerospace and defense prime contractors and original equipment
manufacturers. The Company is a Tier 1 supplier to aircraft
Original Equipment Manufacturers, a Tier 2 subcontractor to major
Tier 1 manufacturers, and a Prime Contractor to the U.S. Department
of Defense, and is highly regarded for its expertise in designing
and manufacturing parts and assemblies that are vital for flight
safety and performance.
Additional information about the Company can be found in its
filings with the SEC.
Forward Looking Statements
Certain matters discussed in this press release are
'forward-looking statements' intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. In particular, the Company's
statements regarding trends in the marketplace, future revenues,
earnings and Adjusted EBITDA, the ability to realize firm backlog
and projected backlog, cost cutting measures, potential future
results and acquisitions, are examples of such forward-looking
statements. The forward-looking statements are subject to numerous
risks and uncertainties, including, but not limited to, the timing
of projects due to variability in size, scope and duration, the
inherent discrepancy in actual results from estimates, projections
and forecasts made by management, regulatory delays, changes in
government funding and budgets, and other factors, including
general economic conditions, not within the Company's control. The
factors discussed herein and expressed from time to time in the
Company's filings with the Securities and Exchange Commission could
cause actual results and developments to be materially different
from those expressed in or implied by such statements. The
forward-looking statements are made only as of the date of this
press release and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20230227005127/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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