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CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Provide for an Additional Term Loan

Dépèche transmise le 12 mars 2012 par Business Wire

CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Provide for an Additional Term Loan

CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Provide for an Additional Term Loan

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero”) (NYSE Amex: CVU) announced today that it has entered into an eighth amendment to its credit agreement with Sovereign Bank, N.A., providing CPI Aero with an additional term loan in the principal amount of $4,500,000 to be amortized over five years. The term loan is for the purpose of purchasing tooling and equipment. Further information concerning the amendment can be found in CPI Aero’s Current Report on Form 8-K filed on March 12, 2012.

About CPI Aero

CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, and the E-3 Sentry AWACS jet. 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, 2010 and its Form 10-Qs for the quarterly periods ended March 31, 201, June 30, 2011 and September 30, 2011.

CPI Aero is a registered trademark of CPI Aerostructures, Inc.

Business Wire

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