EDGEWOOD, N.Y., Oct. 12, 2023 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has delivered its first B-52 Radar Rack Structure to Raytheon, an RTX business under an IDIQ contract signed in late 2021 with a ceiling value of $20 million. Under this first phase of the IDIQ contract, CPI Aero is building and delivering 9 development units and 2 spares, along with completing the tooling and other non-recurring engineering efforts. Deliveries of the remaining rack structures will continue into 2024.
In 2019, Boeing awarded Raytheon a contract for the radar in support of the U.S. Air Force’s B-52 Radar Modernization Program, a critical upgrade as the US Air Force plans to operate the B-52 bombers in frontline service through 2050 and beyond.
“This B-52 program is one of multiple new programs on-boarded at CPI Aero in 2022, including multiple airborne pod structures supporting critical Intelligence, Surveillance, and Reconnaissance missions,” said Dorith Hakim, president and CEO of CPI Aero. “CPI Aero is proud to support Raytheon on this important B-52 Radar Modernization Program. This first delivery demonstrates CPI Aero’s continued commitment to manufacturing excellence in our Aerosystems business unit, the fastest growing segment of our business.”
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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included or incorporated in this press release are forward-looking statements. Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements.
There are a number of important factors that could cause the Company’s actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2022 and the Company’s subsequent filings with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This document does not contain technology or technical data controlled under either the U.S. International Traffic in Arms Regulations or the U.S. Export Administration Regulations.
Contacts Investor Relations CounselCPI Aerostructures, Inc.LHA Investor RelationsAndrew L. DavisJody BurfeningChief Financial Officer(212) 838-3777(631)firstname.lastname@example.org
Source: CPI Aerostructures, Inc.