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CPI Aerostructures and Sovereign Bank Amend Credit Agreement

Dépèche transmise le 14 mars 2011 par Business Wire

CPI Aerostructures and Sovereign Bank Amend Credit Agreement

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero”) (NYSE Amex: CVU) announced today that it entered into a fourth amendment to its credit agreement with Sovereign Bank, dated as of August 13, 2007, as amended. This amendment modifies the credit agreement’s definition of Debt Service Coverage Ratio so that the change in estimate adjustments described in CPI Aero’s January 20, 2011 press release will not result in a financial covenant violation during the fiscal year ended December 31, 2011. Sovereign Bank has waived CPI Aero’s non-compliance with the credit agreement’s financial covenants for the fiscal year ended December 31, 2010. Further information concerning the amendment can be found in CPI Aero’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

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. 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 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 fiscal year ended December 31, 2010.

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