CPI Aerostructures Announces $500,000 U.S. Air Force Contract Award.

Year-To-Date Contract Awards Total $8.4 Million

EDGEWOOD, N.Y. -- CPI Aerostructures, Inc. ("CPI Aero") (AMEX: CVU) announced today that it has been awarded a $500,000 contract to provide the U.S. Government with electrical panel assemblies for its E-3 Airborne Early Warning aircraft's GPS system. The E-3 is used primarily by the United States and NATO to detect impending danger and perform electronic jamming functions. CPI Aero will begin work on this contract immediately, and deliveries are scheduled for the first quarter of 2008.

Edward J. Fred, CPI Aero's CEO and President, stated, "This award represents a new part in the inventory of assemblies that CPI Aero has provided to Tinker AFB for the E-3 Sentry aircraft. We are very pleased to continue to provide this valued customer with top quality products. Including this award, and a $1.2 million subcontracting award received earlier this month, our year-to-date contract awards total $8.4 million, compared to $7.9 million at this time last year. Included in last year's award amount was a $5.0 million release on our C-5 TOP contract."

CPI Aero is engaged in the contract production of structural aircraft parts for the U.S. Air Force, other branches of the armed forces and leading prime defense contractors. 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 C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet, UH-60 Black Hawk helicopter, and the MH-60S mine countermeasure helicopter.

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, 2006 and Form 10-Q for the quarter ended March 31, 2007.