CPI Aerostructures Announces $17 Million Purchase Order from Boeing for A-10 Assemblies

EDGEWOOD, N.Y., Aug 30, 2010 (BUSINESS WIRE) -- CPI Aerostructures, Inc. ("CPI Aero(R)") /quotes/comstock/14*!cvu/quotes/nls/cvu (CVU 10.27, +0.32, +3.22%) today announced that it has received a new purchase order valued at $17 million from the Boeing Defense, Space & Security unit of The Boeing Company ("Boeing") for 49 ship sets of assemblies for the A-10 aircraft. This represents a follow-on order for CPI Aero's previously announced long-term requirements contract to support Boeing's A-10 Wing Replacement Program (WRP). The A-10 WRP contract between Boeing and CPI Aero is worth up to approximately $81 million for the production of a variety of structural assemblies for up to 242 enhanced wings. To date, CPI Aero has received $33 million of orders for the A-10 WRP program.

Edward J. Fred, CPI Aero's CEO and President, stated, "We are proud of our performance on this program and are excited about this follow-on order. As we continue to demonstrate our assembly capabilities to the Boeing A-10 Wing Replacement Team, we hope to be considered for additional opportunities for assemblies and systems integration on this platform."

Mr. Fred continued, "With this purchase order release, total year-to-date contract awards are approximately $50.5 million, compared to a total of $12.1 million of new contract awards during the same period last year."

CPI Aero is engaged in the contract production of structural and other aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Hawkeye surveillance plane, the UH-60 BLACK HAWK helicopter, the S-92(R) helicopter, the MH-60S mine countermeasure helicopter, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap(R) 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, 2009 and CPI Aero's Forms 10-Q for the quarters ended March 31, 2010 and June 30, 2010.

CPI Aero is a registered trademark of CPI Aerostructures, Inc.

SOURCE: CPI Aerostructures, Inc.