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CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Provide for an Increase in Revolving Credit Facility

Dépèche transmise le 30 novembre 2011 par Business Wire

CPI Aerostructures and Sovereign Bank Amend Credit Agreement to Provide for an Increase in Revolving Credit Facility

EDGEWOOD, N.Y.--(BUSINESS WIRE)--CPI Aerostructures, Inc. (“CPI Aero”) (NYSE Amex: CVU) announced today that it has entered into a seventh amendment to its credit agreement with Sovereign Bank, providing CPI Aero with a $5,000,000 increase in its existing revolving credit facility from an aggregate of $13,000,000 to an aggregate of $18,000,000. In addition, the credit agreement has been extended until August 31, 2014.

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, AH-1Z ZULU attack helicopter 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, 2011, June 30, 2011 and September 30, 2011.

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