CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE MKT: CVU) announced today that Northrop Grumman Corporation (NYSE:NOC) authorized the start of production of additional Outer Wing Panel (OWP) kits for use in the manufacture of complete wings for the E-2D Advanced Hawkeye. CPI Aero received a new purchase order to support the E-2D Program Low Rate Initial Production (LRIP) Lot 2. An additional award was received to provide advanced procurement authorization and to start work for long-lead material to support of E-2D Full Rate Production (FRP) Lot 1.
CPI Aero received a total of $3.4 million in new funding related to the E-2D Advanced Hawkeye program and has been producing OWP kits for the E-2D and the C-2A aircraft since June 2008. CPI Aero has received firm orders and advanced funding for OWP kits totaling approximately $37 million.
About Northrop Grumman Corporation
Northrop Grumman is a leading global security company providing innovative systems, products and solutions in aerospace, electronics, information systems, and technical services to government and commercial customers worldwide.About CPI Aero CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. CPI Aero also acts as a subcontractor to prime aircraft manufacturers in the production of commercial aircraft parts. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the A-10 Thunderbolt attack jet, the Gulfstream G650, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, AH-1Z ZULU attack helicopter, the HondaJet-Advanced Light Jet, the MH-53 and CH-53 variant helicopters, the C-5A Galaxy cargo jet, and the E-3 Sentry AWACS jet. 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, 2011 and Form 10-Q for the quarter ended March 31, 2012.