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CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Increase and Extend Revolving Credit Facility

Dépèche transmise le 11 mai 2011 par Business Wire

CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Increase and Extend Revolving Credit Facility

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero”) (NYSE Amex: CVU) announced today that it has entered into a fifth amendment to its credit agreement with Sovereign Bank, (the "Credit Agreement"), increasing the existing revolving credit facility under the Credit Agreement from an aggregate of $4,000,000 to an aggregate of $10,000,000 and extending the term of the revolving credit facility from August 2013 to August 2014. In addition, the interest rate on borrowings under the revolving credit facility will no longer be subject to a minimum rate of 3.75%.

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 UH-60 BLACK HAWK helicopter, the S-92^® helicopter, the MH-60S mine countermeasure helicopter, MH-53 and CH-53 variant helicopters, 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, 2010 and its Form 10-Q for the quarterly period ended March 31, 2011.

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