(EDGEWOOD, N.Y., Dec 13, 2005) -- CPI Aerostructures, Inc. ("CPI Aero") (AMEX: CVU) today announced that the U.S. Air Force has released a $1.5 million order under CPI Aero's C-5 TOP contract. The order includes a variety of panels, spoilers, fairings and floor boards.
In May 2004, CPI Aero was awarded a C-5 TOP (wing tips, others and panels) contract by the U. S. Air Force. The contract is valued at up to $215 million over the seven year life of the program. Orders under this program have totaled $6.8 million to date.
Edward J. Fred, CPI Aero's President & CEO stated, "We view this order as a positive sign for us. Even though the defense department budget has not been finalized for 2006, the fleet's need for these parts was great enough that the order was placed in advance of the budget's completion. We anticipate that when the budget is finalized, we will receive further orders under this contract."
CPI Aero 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 Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet and the MH-60S mine countermeasure helicopter.
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-KSB for the year ended December 31, 2004 and Form 10-Q for the quarters ended March 31, 2005, June 30, 2005 and September 30, 2005.
Vincent Palazzolo, 631-586-5200
Investor Relations Counsel:
The Equity Group Inc.
Linda Latman, 212-836-9609
Andreas Marathovouniotis, 212-836-9611