CPI Aerostructures Announces First Delivery of F-35 Lock Assemblies
May 17, 2017
EDGEWOOD, NY -- CPI Aerostructures, Inc. ("CPI Aero®") (NYSE American: CVU) announced that on May 4, 2017 it made its first delivery to Lockheed Martin Company (NYSE: LMT) under a multi-year contract to manufacture lock assemblies for the F-35A Conventional Takeoff and Landing ('CTOL') variant aircraft.
In June 2015, CPI Aero announced a multi-million dollar contract with Lockheed Martin's Aeronautics division based in Fort Worth, TX to provide four different lock assemblies for the arresting gear door on 289 F-35A CTOL aircraft, with a single option for an additional 459 F-35A CTOL aircraft.
The F-35 Lightning II, a 5th generation fighter, combines advanced low observable stealth technology with fighter speed and agility, fully fused sensor information, network-enabled operations and advanced sustainment. Three distinct variants of the F-35 will be in service with the U.S. Air Force, the U.S. Navy, the U.S. Marine Corps, and a variety of fighters for at least 10 other countries.
Douglas McCrosson, President and CEO of CPI Aero, stated, "Our first delivery for the F-35 program is a significant achievement for CPI Aero. In addition to being responsible for manufacturing the locks, this milestone required CPI Aero, for the first time, to develop functional acceptance test procedures and design specialized testing equipment to validate that the lock assemblies meet the required performance characteristics. It's exciting for us to bring new value-added capabilities to our customers and we look forward to supporting the F-35 aircraft system as it continues on its path to full rate production."
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.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
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