CPI Awarded $7.9 M to Provide Structural Kits for In-Production Aircraft
Year-to-Date Awards Total $23.5 Million Compared $8.6 Million in Same Period in 2007
(Edgewood, N.Y., July 10, 2008) -- CPI Aerostructures, Inc. ("CPI Aero(R)") (AMEX: CVU) today announced it has been selected by a leading global aerospace and defense company to provide structural kits that will be used on an in-production aircraft manufactured by that customer. CPI Aero's initial order was for $7.9 million, with deliveries scheduled to begin in late 2009. CPI Aero currently values the long-term agreement at approximately $98 million over an 8-year period, yet the agreement has the potential to be in excess of $150 million over the life of the aircraft program.
Edward J. Fred, CPI Aero's President & CEO stated, "This award is from a global aerospace leader we have worked with in the past. Due to the nature of this program, we have been instructed not to disclose the name of the customer, nor the description of the aircraft covered under this award. We are very proud that we earned the confidence and additional business of this customer, based upon our performance on previous contracts."
Mr. Fred continued, "With this award, CPI Aero's total year-to-date award amount is $23.5 million, compared to $8.6 million for the same period last year. $19.3 million of this year's total represents subcontract awards for both military and commercial aircraft from major aerospace companies, compared to $6.8 million of subcontract awards for the same period last year."
Source : CPI Aerostructures Inc.
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