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CPI Aerostructures Announces $17.7 Million Contract Award from Sikorsky Aircraft

Dépèche transmise le 2 février 2011 par Business Wire

CPI Aerostructures Announces $17.7 Million Contract Award from Sikorsky Aircraft

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Amex: CVU) announced today that it has entered into a long term contract for a period of five years covering $17.7 million in structural assemblies and kits to be supplied to Sikorsky Aircraft Corp. for its S-92® civil helicopter program. Sikorsky is a subsidiary of United Technologies Corp. (NYSE: UTX).

“This $17.7 million award is the largest contract CPI Aero has ever received from Sikorsky and validates the importance of our recent recognition as a UTC/Sikorsky Gold Supplier.”

The contract includes seventeen different deliverable items including door assemblies, cover assemblies, and various installation kits that contain detail parts and installation hardware used by Sikorsky to complete the final assembly of the S-92 helicopter. Each of the deliverable items are currently produced by CPI Aero for Sikorsky under separate purchase orders and were incorporated into this new five year contract to cover Sikorksy’s anticipated requirements for these items through 2016.

The S-92 helicopter is a technologically advanced aircraft in Sikorsky's civil product line. The S-92 fleet spans several countries, and performs a number of missions, including Offshore Oil, Corporate VIP, Head of State and Search and Rescue.

“We are very proud that Sikorsky, one of the world’s leading helicopter manufacturers, has once again selected us to provide important assemblies for its production requirements,” stated Edward J. Fred, CPI Aero’s CEO & President. “This $17.7 million award is the largest contract CPI Aero has ever received from Sikorsky and validates the importance of our recent recognition as a UTC/Sikorsky Gold Supplier.”

About Sikorsky Aircraft

Sikorsky Aircraft Corporation, based in Stratford, Conn., is a world leader in helicopter design, manufacturing, and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high-technology products and support services to the aerospace and building systems industries.

About CPI Aero

CPI Aero is engaged in the contract production of structural and other aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. 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 UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, the Gulfstream G650, C-5A Galaxy cargo jet, the A-10 Thunderbolt attack 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, 2009 and Forms 10-Q for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010.

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