(EDGEWOOD, N.Y., Feb. 2, 2006) -- CPI Aerostructures, Inc. ("CPI Aero") (AMEX: CVU) today announced that the U.S. Air Force has released a $5.0 million order under CPI Aero's C-5 TOP contract. The order includes a variety of panels, fairings and wing tip frames.
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, including this $5.0 million order, to date have totaled $11.8 million.
Edward J. Fred, CPI Aero's President & CEO stated, "As anticipated, the $1.5 million TOP order, announced in December 2005, covered just a small portion of the C-5 fleet's needs. We are pleased by this quick follow on order and hope that we may receive additional orders under this contract this year, as more requirements arise."
Mr. Fred continued, "Because the C-5 TOP contract is an indefinite delivery, indefinite quantity contract, the Air Force has the authority to place multiple orders in a single year. We are hopeful that this will be the case."
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