CPI Aerostructures Announces Award of Largest Military Contract in the Company's History, With Potential Value of Approximately $61 Million; Preliminary First Quarter Results.Business Editors EDGEWOOD, N.Y.--(BUSINESS WIRE)--May 9, 2001 CPI (1) (Characters Per Inch) The measurement of the density of characters per inch on tape or paper. A printer's CPI button switches character pitch. (2) (Counts Per I Aerostructures, Inc. (AMEX AMEX See: American Stock Exchange Symbol: CVU CVU Canadian Virtual University CVU Cerner Virtual University CVU Corvo Island, Azores, Portugal (airport code) CVU Case Value Update ) announced today the award of a major contract to build the inlet assemblies for the T-38 Propulsion Modernization program for the USAF/AFMC at Wright Patterson Air Force Base. The ten year contract value, if all of the planned options are exercised, is over $60.8 million, which is by far the largest award in the Company's history. The initial authorization to start the program is in excess of $2.4 million. This contract award is separate from approximately $6 million in additional contracts that have been awarded to the aircraft segment since the beginning of the year. "This award is very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. since it establishes CPI as extremely competitive at a much higher level of awards, and bodes well for our future growth," stated CPI's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Arthur August. "This award is the culmination of eighteen months of hard work, and is an example of the capability that CPI possesses," concluded Mr. August. The Company also announced preliminary results for the first quarter of 2001. Due to the worldwide slowdown in the manufacturing sectors that provide the Kolar subsidiary with its revenue, the overall company experienced a loss of approximately $740,000, on revenue of approximately $5.6 million. The Company still expects to be profitable for the current fiscal year. The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in the Company's SEC reports, including the Company's Form 10-KSB for the year ended December 31, 2000. Founded in 1980, CPI Aerostructures, Inc, is a precision machining and sub-assembly manufacturer servicing the commercial and military sector of the aircraft industry and the electronics industry including automated printed circuit board equipment and materials handling Materials handling The loading, moving, and unloading of materials. The hundreds of different ways of handling materials are generally classified according to the type of equipment used. and processing equipment manufacturers. |
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