UK markets closed
  • FTSE 100

    7,017.47
    -135.96 (-1.90%)
     
  • FTSE 250

    22,324.19
    -210.91 (-0.94%)
     
  • AIM

    1,229.80
    -11.57 (-0.93%)
     
  • GBP/EUR

    1.1632
    -0.0057 (-0.49%)
     
  • GBP/USD

    1.3800
    -0.0125 (-0.89%)
     
  • BTC-GBP

    25,391.20
    -815.40 (-3.11%)
     
  • CMC Crypto 200

    888.52
    -51.42 (-5.47%)
     
  • S&P 500

    4,166.45
    -55.41 (-1.31%)
     
  • DOW

    33,290.08
    -533.32 (-1.58%)
     
  • CRUDE OIL

    71.50
    +0.46 (+0.65%)
     
  • GOLD FUTURES

    1,763.90
    -10.90 (-0.61%)
     
  • NIKKEI 225

    28,964.08
    -54.22 (-0.19%)
     
  • HANG SENG

    28,801.27
    +242.67 (+0.85%)
     
  • DAX

    15,448.04
    -279.66 (-1.78%)
     
  • CAC 40

    6,569.16
    -97.10 (-1.46%)
     

CPI Aero Receives $4.4 Million Purchase Order From U.S. Air Force for T-38 Aircraft Modification Kits

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
  • Oops!
    Something went wrong.
    Please try again later.

Increases Funded Orders Under Previously Awarded Multi-year Contract to $28.4 million

EDGEWOOD, N.Y., April 27, 2021 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) today announced that it has been awarded a $4.4 million purchase order under a previously announced contract from the U. S. Air Force (the “Air Force”) to provide structural modification kits, program management, logistics, and other sustainment services in support of Phase 3 of the T-38C Pacer Classic III Fuselage Structural Modification Kit Integration program (“PCIII”) and the Talon Repair Inspection and Maintenance (“TRIM”) program. In July 2019, the Company announced the PCIII and TRIM contract valued at up to $65.7 million. The new purchase order brings the total funded value of the contract to $28.4 million and extends the currently funded period of performance into late 2024.

The Northrop T-38 has been the principal supersonic jet trainer used by the Air Force for more than 50 years. PCIII and TRIM are expected to increase the structural service life of the aircraft to beyond 2030.

About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® Index.

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-K for the years ended December 31, 2019, and December 31, 2020.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

Investor Relations Counsel:
LHA Investor Relations
Jody Burfening
(212) 838-3777
cpiaero@lhai.com
www.lhai.com


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting