CPI Aerostructures Announces Receipt Of $3.2M Contract Add-On From Sikorsky Aircraft

Edgewood, NY - CPI Aerostructures, Inc. announced recently that Sikorsky Aircraft Corp. ("Sikorsky") has placed an additional order valued at approximately $3.2 million to provide Sikorsky with Hover Infra Red Reduction System (HIRRS) module assemblies for use as spares on the UH-60 BLACK HAWK helicopter. This contract is expected to satisfy Sikorsky's anticipated spares requirements through early 2009. There are two HIRRS assemblies used on each helicopter, and there are approximately 1,500 UH-60 BLACK HAWK helicopters currently using this HIRRS configuration. Sikorsky is a business unit of United Technologies Corp.

"We are very proud that Sikorsky, a leading helicopter manufacturer, has issued this follow-on award to CPI Aero," stated Edward J. Fred, CPI Aero's CEO & President. "The initial order for the HIRRS assemblies, valued at $4.4M, was awarded to CPI Aero in September 2006. Since then, we have delivered approximately $2.4 million, and this new order brings the total value of the remaining deliveries to $5.2M. This significant follow-on order is a testament to the quality and timeliness of the assemblies we have already provided to them, and further establishes our relationship with this valued customer."

Mr. Fred continued, "This award brings the total year-to-date amount to $15.8M, compared to $8.5 million for the same period last year. Represented in this year's total is $10.9M in subcontract awards from major aerospace companies, compared to $7.0M awarded for all of 2006. This increase in subcontract awards is an indication of our continued efforts to diversify our customer base and increase the proportion of work performed in our capacity as a subcontractor to major prime contractors."

SOURCE: CPI Aerostructures, Inc.