CPI Receives $3.2 M in Delivery Orders from Boeing
Year-To-Date Awards Reach $29 Million
(Edgewood, N.Y., July 30, 2008) -- CPI Aerostructures, Inc. ("CPI Aero(R)") (AMEX: CVU) announced today that it has been awarded $3.2 million in delivery orders to provide various assemblies to the Boeing Integrated Defense Systems unit of The Boeing Company ("Boeing") in support of its recent $2 billion award to produce up to 242 enhanced wings for the A-10 "Thunderbolt" attack jet. This order is pursuant to the long-term requirements contract that CPI Aero announced earlier this month.
Edward J. Fred, CPI Aero's CEO and President, stated, "These are the initial delivery orders from Boeing, and we anticipate receiving substantially larger orders in the very near future. As stated in the previous release, this is a very exciting time for CPI Aero. To be a subcontractor to the premier aerospace and defense company in the world, and to provide parts for an aircraft that has been such an important part of CPI's history, is very satisfying. We look forward to working with Boeing for many years to come, and providing the high quality parts for which CPI Aero is known."
Mr. Fred continued, "This award brings the total new year-to-date awards to $29 million, compared to $16 million for the same period last year. $24.7 million of this year's total is subcontract awards from major aerospace companies, compared to $11.6 million of subcontract awards for the same period last year. This 113% increase in subcontract awards demonstrates our continued efforts to diversify our customer base and increase the amount of work performed in our capacity as a subcontractor to major prime contractors."
Source : CPI Aerostructures Inc.
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