Air Industries Group Wins Two Long-Term Agreements for Flight Critical Components for Blackhawk Helicopters with Combined Value of $18.2 Million
January 19 2022 - 4:30PM
Business Wire
Air Industries Group (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
its Long Island-based subsidiary, Air Industries Machining Corp.,
has been awarded two separate Long-Term Agreements (LTAs) to
manufacture flight-critical assemblies for the Blackhawk
helicopter. The estimated value of the two LTAs will total
approximately $18.2 million over their five-year terms.
The agreements include a five-year LTA to manufacture the
primary flight control assembly for the Blackhawk helicopter, with
an estimated life-of-the-contract value of $9.9 million. The second
five-year LTA, to produce a flight critical component for the same
aircraft, has an estimated life-of-the-contract value of $8.3
million.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “We are
gratified to have won these two agreements to manufacture products
whose flawless operation is critical for flight safety. We are
proud to say that both components have been manufactured by Air
Industries for more than 20 years.”
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/20220119005984/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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