CPI Aerostructures Awarded C-5A Galaxy Contracts Valued at $800,000; with Options, $1.3 Million.

Business Editors

EDGEWOOD, N.Y.--(BUSINESS WIRE)--April 7, 2003

Year-To-Date Awards Approximate $12.1 Million, 57% Ahead of 2002

CPI Aerostructures, Inc. ("CPI") (AMEX: CVU) today announced that in the final days of the first quarter, it received two new contract awards from the U.S. Government with a total value of $800,000.

Both awards are for assemblies for the C-5A Galaxy cargo jet, one of the largest aircraft in the world.

Under a $500,000 contract, CPI will produce and deliver 20 carriage mechanism assemblies. This contract includes a $500,000 customer-directed option for 20 more of these specialized parts. The second award, valued at $300,000, is for 94 C-5A duct assemblies. The latest carriage mechanism assembly award represents repeat business for CPI, while the duct assembly is a new piece for CPI, which has been supplying the U.S. Government with structural parts and assemblies for the C-5 since 1995.

Edward J. Fred, CPI's President & CEO pointed out, "The pace of new contracts has been accelerating, as we booked nearly 50% of 2002's record $24.5 million of new contracts in just the first three months of 2003. Excluding options, we closed the first quarter with new contracts totaling $12.1 million, or 57% more than this time last year."

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, 2002.