CPI Aero Receives New Multi-Year Agreement and $7.5 Million Firm Order for Airborne Reconnaissance Pods From Collins Aerospace

EDGEWOOD, N.Y., Nov. 30, 2022 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero^® or the Company) (NYSE American: CVU) today announced that it has entered into a pricing agreement with Collins Aerospace, a Raytheon Technologies business, to provide highly integrated airborne pod structures in support of Collins’ MS-110 Multispectral Airborne Reconnaissance System. The agreement has a three-year period of performance with an option for an additional year. The Company had received initial funding for non-recurring of $1.2 million under the agreement in the 1^st Quarter 2022. This most recent delivery order and associated program start-up costs add additional funding to the original award.