(EDGEWOOD, N.Y., Sept. 27, 2006) -- CPI Aerostructures, Inc. (AMEX Symbol: CVU) today announced that the U.S. Air Force has released an order for four additional line items under CPI Aero's C-5 TOP contract. This order is comprised of four different panels, including three floor boards, and is valued at $583,000.
In May 2004, CPI Aero was awarded a C-5 TOP (wing tips, others and panels) contract by the U.S Air Force, which is valued at up to $215 million over the seven year life of the contract. Orders under this contract, including this $583,000 order, have totaled $13.5 million to date.
"This award was issued under the 'add-on' clause included in the original contract. This clause allows the Air Force to add additional C-5 structural assemblies to the contract, up to a cumulative maximum amount of 10% of the contract value," stated Edward J. Fred, CPI Aero's CEO & President. "We are pleased that new line items have been added and include the immediate funding of this requirement. This award is also notable because it brings our total year-to-date award amount to $16.7 million, surpassing the $16.6 million achieved for all of last year," concluded Mr. Fred.
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.