CPI Aerostructures Announces Fiscal 2003 T-38 Contract Award Valued at Nearly $5 Million; Year-to-Date Awards Approximate $10.5 Million.

Business Editors

EDGEWOOD, N.Y.--(BUSINESS WIRE)--March 17, 2003

CPI Aerostructures, Inc. (AMEX Symbol: CVU) announced today that the U.S. Air Force has released to the Company its 2003 contract award for the T-38 Talon trainer aircraft.

"We have received the current fiscal year release on our T-38 contract, which is for 40 ship-sets of structural inlets as part of the Propulsion Modernization Program on this aircraft," stated CPI's President & CEO, Edward J. Fred. "This release is valued at approximately $4.965 million, which brings the total amount of awards CPI has received thus far this year to approximately $10.5 million."

Mr. Fred continued, "At this time last year, the Company had received approximately $7.7 million in new awards which included the 2002 release for the T-38. With our 2003 new contract awards running 36% ahead of last year, we have even greater conviction that we will deliver on our previously published 2003 revenue guidance of a minimum of $30 million."

Founded in 1980, CPI Aerostructures is engaged in the contract production of structural aircraft parts principally for the U.S. Air Force and other branches of the armed forces. In conjunction with its assembly operations, CPI provides engineering, technical and program management services. Among the key programs that CPI supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer and the E-3 Sentry AWACS jet.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI's SEC reports, including CPI's Form 10-KSB for the year ended December 31, 2001, and CPI's Form 10-QSB for the quarters ended March 31, 2002, June 30, 2002, and September 30, 2002.