CPI Aero's WMI Subsidiary Receives New Orders from Northrop Grumman for Inflight Refueling Probe Assemblies

-- Brings Orders from All WMI Customers to $9.8 Million Year-to Date --

 

August 26 2019

 

EDGEWOOD, N.Y. -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that its Welding Metallurgy, Inc. subsidiary (WMI) has been awarded $1.23 million in new requirements for aerial refueling probe assemblies from Northrop Grumman for new E-2D Advanced Hawkeye (E-2D) aircraft. The probe assembly is a long, welded tube assembly that enables a U.S. Air Force or Navy tanker aircraft to provide fuel to the E-2D while in flight.  WMI manufactured several probe assemblies during the system test phase, and the refuellable version of the E-2D flew for the first time in December 2016 with a probe assembly manufactured by WMI.

“The E-2D’s refueling capability is transformational, allowing the aircraft to effectively double the time it can stay in the air conducting surveillance and performing its battle management command and control mission. We are pleased to have the opportunity to continue manufacturing this critical component of the E-2D inflight refueling system and bringing WMI’s superior technical and unique production capabilities to bear in support of Northrop Grumman’s commitment to providing the E-2D with increased operational capability,” stated Douglas McCrosson, president and CEO of CPI Aero.

 

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. 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, 2018, and Form 10-Q for the three-month periods ended March 31, 2019 and June 30, 2019.

 

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.

 

 

Contact:

Vincent Palazzolo

Chief Financial Officer

CPI Aero

(631) 586-5200

www.cpiaero.com

 

Investor Relations Counsel:

LHA Investor Relations

Sanjay M. Hurry/Jody Burfening

(212) 838-3777

cpiaero@lhai.com

www.lhai.com

 

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