CPI Aero Receives Protest in Connection With F-16
Wing Components Contract
November 21, 2014
Edgewood, NY – CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that its status as a small business concern has been protested in connection with its previously announced receipt of a U.S. Government prime contract from the Defense Logistics Agency (DLA) to provide structural wing components and logistical support for F-16 aircraft maintenance, repair and overhaul operations. The Company has been notified by the U.S. Small Business Administration (SBA) that the SBA will be making a determination of the size status of the Company after the Company provides required information to the SBA. Because of the protest, the Company has received a stop-work order from the DLA. The Company is preparing its response to the SBA.
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. Among the key national security programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 BLACK HAWK® helicopter, the MH-53/CH-53 variant helicopters, the F-16 fighter aircraft, the MH-60S mine countermeasure helicopter, the AH-1Z ZULU attack helicopter, the DB-110 reconnaissance pod and the ALMDS mine detecting pod. In the commercial aviation market CPI Aero manufactures products for the Gulfstream G650 ultra-large cabin business jet, the HondaJet advanced light jet, the Embraer Phenom 300 business jet, the new Cessna Citation X+, and the S-92® helicopter. 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, 2013 and Form 10-Q for the quarters ended March 31, 2014, June 30, 2014, and September 30, 2014.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
Chief Financial Officer
Investor Relations Counsel:
Jody Burfening/Sanjay M. Hurry