CPI Aerostructures Selected for Multi-Year F-35 Lock Assemblies Contract by Lockheed Martin

EDGEWOOD, N.Y., Dec. 03, 2018 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero” or the “Company”) (NYSE American: CVU) announced today that it received a Master Requirements Contract (“MRC”) for the manufacture of lock assemblies for the arresting gear doors of the F-35A Conventional Takeoff and Landing (“CTOL”) variant aircraft.

In 2015, CPI Aero was awarded a multi-year contract from Lockheed Martin for these same lock assemblies. First delivery was in May 2017 and deliveries will continue under the first contract through 2019. Under the terms of the MRC, CPI Aero will provide four different lock assemblies.

The F-35 Lightning II is a family of single-seat, single-engine, all-weather stealth multirole fighters designed to perform ground attack, aerial reconnaissance, and air defense missions. The F-35 Lightning II aircraft has three main models; the F-35B Short Takeoff/Vertical Landing Variant, the F-35C Carrier Variant, and the F-35A CTOL variant that is designed to operate from conventional runways. The F-35A CTOL will be the most prevalent variant of the aircraft.

“This is a critical win for CPI Aero as it secures our presence on the F-35, the world’s premier fifth-generation fighter, as the program ramps up to full production,” stated Douglas McCrosson, president and CEO of CPI Aero. “We look forward to continuing our work on the F-35 and delivering on the high-quality work to which Lockheed Martin has become accustomed.”

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 year ended December 31, 2017, and Form 10-Q for the three-month periods ended March 31, 2018, June 30, 2018, and September 30, 2018. CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO. 

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