PRESS RELESE FROM CPI Aerostructures, Inc.
LE BOURGET, France, June 19, 2017 (GLOBE NEWSWIRE) — CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT:CVU) announced today at the International Paris Air Show that it has received a development contract from UTC Aerospace to provide engineering and design support for the TacSAR (Tactical Synthetic Aperture Radar) reconnaissance system. TacSAR is a long-range synthetic aperture radar system designed for overland and maritime reconnaissance and surveillance, and is being developed by UTC Aerospace Systems with Selex ES, now Leonardo, S.p.A.
CPI Aero will develop a complete manufacturing drawings data package from the engineering design data provided by UTC Aerospace Systems. The data package will include fabrication drawings, assembly drawings, parts lists, interface drawings, tooling drawings and other documentation sufficient for the manufacturing of the complete TacSAR pod structure. The work being performed by CPI Aero is similar to work performed during the pre-production phase of the DB-110 reconnaissance pod CPI Aero currently manufactures for UTC Aerospace Systems. The TacSAR pod system complements the DB-110 system to provide all-weather reconnaissance and surveillance and will contain some structural components common to the DB-110 pod.
According to UTC Aerospace Systems, more than a dozen countries operate its DB-110 reconnaissance pod and can integrate the TacSAR pod seamlessly into their existing operations using the same aircraft interfaces, real-time data links and intelligence exploitation systems.
Douglas J. McCrosson, president and CEO of CPI Aero, commented, “We are very pleased to be selected by UTC Aerospace Systems to once again support them in the manufacture of one of their advanced reconnaissance systems. We look forward to supporting both UTC Aerospace Systems and Leonardo as market demand for this state-of-the-art system grows.”
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies and value-added kits for fixed wing and rotary wing aircraft in both the commercial aerospace and defense markets. CPI Aero also manufactures pod-based, airborne avionics systems for Intelligence Surveillance and Reconnaissance (ISR), Electronic Warfare (EW) and Radar end-markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. 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, 2016 and Form 10-Q for the quarter ended March 31, 2017.
Contact: Vincent Palazzolo Chief Financial Officer CPI Aero (631) 586-5200 www.cpiaero.com Investor Relations Counsel: LHA Jody Burfening/Sanjay M. Hurry (212) 838-3777 firstname.lastname@example.org