Air Industries Group Receives Two Contracts Totaling $5.2 Million for US Navy E-2D Aircraft and F-35 Joint Strike Fighter Components
July 11 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 two new contracts valued at a
total of $5.2 million to produce components for the U.S. Navy E-2D
aircraft and F-35 Joint Strike Fighter.
The first order is valued at $2.0 million for E-2D arresting
gear components. The order originates from a long-time customer of
Air Industries Group, which has manufactured these flight safety
components for many years. Deliveries under this new order are
expected to begin in 2025.
The second order is valued at $3.2 million for F-35 arresting
gear components for the CV and CTOL versions of the aircraft. This
order is from a new, non-U.S. customer for Air Industries Group.
Deliveries under this order are expected to begin in the fourth
quarter of 2023.
Mr. Lou Melluzzo, CEO of Air Industries, commented: “We are very
pleased to have received two sizeable orders for mission-critical
components. The E-2D aircraft is essential to controlling the
airspace above U.S. Navy carrier battlegroups. Air Industries has
supported the E-2D for many years and is proud to continue to do
so.
“The new order for the F-35 aircraft is particularly gratifying
as it is from a non-U.S. customer. Our business development
strategy has focused on broadening our customer base and expanding
our geographic reach. This contract from a European manufacturer is
a positive step in both regards.”
REMINDER: Investor Conference
Call
Management will host a conference call to
review the Company’s results for the first quarter of 2023 on
Wednesday, July 12, 2023 at 4:15 PM Eastern Time
Conference Call Toll-Free Number
877-524-8416
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/20230711232834/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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