EDGEWOOD, NY--(Marketwired - Aug 4, 2016) - CPI Aerostructures, Inc. ("CPI Aero®") (
Douglas J. McCrosson, president and CEO of CPI Aero commented, "This contract award for the new E175-E2 builds on our existing, strong relationship with Embraer and is a testament to our performance in delivering engine inlets for its Phenom 300 executive jet since 2012. To date, we have delivered inlets for more than 300 Phenom 300 executive jets and we look forward to an equally successful relationship on the E175-E2."
"This new award is our first in more than two decades for product on a commercial jet and is in keeping with our strategy to leverage our core technical competencies for military aircraft and apply them to business and commercial jet opportunities," continued Mr. McCrosson, "These technical competencies place us in an excellent position to successfully bid on contracts for other commercial aircraft, including additional work on Embraer's E-Jets."
In 2013, Embraer launched the E-Jet E2, comprised of three new airplanes -- E175-E2, E190-E2, and E195-E2 -- seating from 70 to 130+ passengers. Since the E-Jets E2s were launched, the program has logged 670 commitments from airlines and leasing companies, consisting of 272 firm orders and 398 options and purchase rights. The E-Jets family of aircraft is the leader in the up-to-130-seat aircraft category with more than 50% worldwide market share. The E175-E2 is scheduled for entry into service in 2020.
About CPI Aero CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security 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. Among the key national security programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 BLACK HAWK® helicopter, the MH-53/CH-53 variant helicopters, the F-16 fighter aircraft, the MH-60S mine countermeasure helicopter, the AH-1Z ZULU attack helicopter, the DB-110 reconnaissance pod and the ALMDS mine detecting pod. In the commercial aviation market CPI Aero manufactures products for the Gulfstream G650 ultra-large cabin business jet, the HondaJet advanced light jet, the Embraer Phenom 300 business jet, the new Cessna Citation X+, and the S-92® helicopter. 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, 2015, and Form 10-Q for the three-month period ended March 31, 2016.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
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 Email Contact www.lhai.com
