EDGEWOOD, N.Y.--(BUSINESS WIRE)--Aug. 2, 2004--CPI Aerostructures, Inc. ("CPI") (AMEX: CVU) today announced it was selected by Vought Aircraft Industries, Inc. to supply a variety of parts for the C-5 Galaxy aircraft, including metal-bonded detail parts and subassemblies. On July 29, Vought announced that it was being awarded a contract by the U.S. Air Force for the manufacture of 128 wing and fuselage components for the C-5 Aircraft. Vought designated CPI as a critical subcontractor for 14 of these parts, potentially valued by CPI at $10 million over a seven-year period.
Edward J. Fred, CPI's President & CEO stated, "For CPI, the value of this award is much more than can be measured in dollars; for us it represents the beginning of a long desired association and working relationship with an industry leader, Vought, one of the most well-respected subcontractors of aircraft structure in the world."
In addition to the 14 CPI-designated parts, Vought is considering outsourcing the production of additional part numbers to CPI pending assessment of its manufacturing capability of certain part processes required under this contract.
About Vought Aircraft Industries, Inc.
Vought (www.voughtaircraft.com) is one of the world's largest independent suppliers of aerostructures. Headquartered in Dallas, the company designs and manufactures major airframe structures such as wings, fuselage subassemblies, empennages, nacelles and other components for prime manufacturers of aircraft. Vought has annual sales of approximately $1.2 billion and more than 6,000 employees in seven U.S. locations.
About CPI Aerostructures, Inc.
Founded in 1980, CPI is engaged in the contract production of structural aircraft parts principally for the U.S. Air Force and other branches of the armed forces. In conjunction with its assembly operations, CPI provides engineering, technical and program management services. Among the key programs that CPI supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet and the E-3 Sentry AWACS jet.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI's SEC reports, including CPI's Form 10-KSB for the year ended December 31, 2003 and the 10-QSB for the quarter ended March 31, 2004.
CPI Aerostructures, Inc.
Vince Palazzolo, 631-586-5200
Investor Relations Counsel:
The Equity Group Inc.
Sarah Torres, 212-836-9611
Linda Latman, 212-836-9609