CPI Announces 1st Delivery of F-35 Lock Assemblies

EDGEWOOD, NY --  CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) announced that on May 4, 2017 it made its first delivery to Lockheed Martin Company (NYSE: LMT) under a multi-year contract to manufacture lock assemblies for the F-35A Conventional Takeoff and Landing ('CTOL') variant aircraft.

In June 2015, CPI Aero announced a multi-million dollar contract with Lockheed Martin's Aeronautics division based in Fort Worth, TX to provide four different lock assemblies for the arresting gear door on 289 F-35A CTOL aircraft, with a single option for an additional 459 F-35A CTOL aircraft.

The F-35 Lightning II, a 5th generation fighter, combines advanced low observable stealth technology with fighter speed and agility, fully fused sensor information, network-enabled operations and advanced sustainment. Three distinct variants of the F-35 will be in service with the U.S. Air Force, the U.S. Navy, the U.S. Marine Corps, and a variety of fighters for at least 10 other countries.

Douglas McCrosson, President and CEO of CPI Aero, stated, "Our first delivery for the F-35 program is a significant achievement for CPI Aero. In addition to being responsible for manufacturing the locks, this milestone required CPI Aero, for the first time, to develop functional acceptance test procedures and design specialized testing equipment to validate that the lock assemblies meet the required performance characteristics. It's exciting for us to bring new value-added capabilities to our customers and we look forward to supporting the F-35 aircraft system as it continues on its path to full rate production."

Source: CPI Aerostructures, Inc.
Date: May 17, 2017