CPI Aero Awarded $15.8 Million Multi-Year Contract by Lockheed Martin for F-35 Canopy Drive Shaft Assemblies

EDGEWOOD, N.Y., Nov. 06, 2017 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®") CVU today announced that it has been awarded a $15.8 million multi-year contract by Lockheed Martin Company LMT to manufacture canopy actuation drive shaft assemblies for the F-35 Lightning II, the world's most advanced multirole fighter.

Under this new contract with Lockheed Martin's Aeronautics division based in Fort Worth, TX, CPI Aero will provide four different drive shaft assemblies used within the actuation system that opens and closes the cockpit canopy of all three variants of the aircraft: the F-35A conventional takeoff and landing (CTOL) variant, the F-35B short takeoff/vertical landing (STOVL) variant, and the F-35C carrier variant (CV).  Deliveries are expected to begin during the third quarter of 2018 and continue through December 31, 2022.

This is CPI Aero's second contract with Lockheed Martin for structural assemblies on the F-35.  In May 2017, CPI Aero made its first delivery of lock assemblies for the arresting gear door of the F-35A CTOL variant under a multi-year contract awarded in 2015 estimated at up to $10.6 million.

The F-35 Lightning II is a family of single-seat, single-engine, all-weather stealth multirole fighters designed to perform ground attack, aerial reconnaissance, and air defense missions.  The US Department of Defense plans to acquire over 2,400 F-35's by 2034 and eleven other countries also have plans to acquire the aircraft.

Douglas McCrosson, President and CEO of CPI Aero, stated, "This is an important win for CPI Aero as it increases CPI Aero content on the F-35, our nation's largest military aircraft program, and further strengthens our ties to Lockheed, the largest defense prime contractor in the world.  Coming on the heels of our first F-35 assembly delivery, I am confident that Lockheed Martin views us as having attributes that define successful defense contracting: quality, performance and affordability."

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 quarters ended March 31, 2017, and June 30, 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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