CPI Aero Receives Second Multi-Year Contract and Funded Order for F-16 Aircraft Structures

- Receives Long Term Agreement not to exceed $34.4 million and Initial $10.4 Million Order -

EDGEWOOD, N.Y., Aug. 28, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American: CVU) today announced that it has been awarded a second multi-year contract by Lockheed Martin (NYSE: LMT) to manufacture structural assemblies for the most advanced F-16 ever produced – the F-16 Block 70/72. Under the terms of the contract with Lockheed Martin, CPI Aero will provide Rudder Island and Drag Chute Canister (RI/DCC) assemblies for the F-16. The RI/DCC is a large structural sub-assembly installed under the vertical tail section of the aircraft. Deliveries are expected to begin in 2025 and continue through 2028.