CPI Aero Announces Receipt Of $780,000 Contract Add-On From Sikorsky Aircraft

Edgewood, NY - CPI Aerostructures, Inc. announced recently that Sikorsky Aircraft Corp. ("Sikorsky") has added new requirements to an existing long-term agreement for Hover Infra Red Reduction System (HIRRS) module assemblies, for use on the UH-60 Black Hawk helicopter. This contract is expected to satisfy Sikorsky's anticipated 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 another follow-on award to CPI Aero for HIRRS assemblies," 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 $3.2M, and have received two follow-on orders, including this new one, which have increased the total value of the contract to $8.3 million. This follow-on order is a testament to the quality and timeliness of the assemblies we have already provided to Sikorsky, and further establishes our relationship with this valued customer."

Mr. Fred continued, "This award brings our total year-to-date award amount to $18.8M, compared to $21.2M for the same period last year. Included in last year's amount was a $5M C-5 TOPS release, compared to $1.6M this year. This year's total includes $13.3M 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.