CPI Aerostructures Receives Fiscal 2007 T-38 Contract Award Valued at $6.9 Million.

2006 Year-To-Date Awards Up Nearly 100% Compared to Same Period of 2005

EDGEWOOD, N.Y. -- CPI Aerostructures, Inc. ("CPI Aero") (AMEX: CVU) today reported that the U.S. Air Force has released its 2007 order to CPI Aero under the T-38 Talon trainer aircraft program. The new order, valued at approximately $6.9 million, is for 66 ship-sets of structural inlets as part of the Propulsion Modernization Program on this aircraft.

Edward J. Fred, CPI Aero's CEO & President, stated, "Since 2001, when we were selected for the 10-year $61 million contract for the T-38 modernization program, CPI Aero has demonstrated that a small business can produce complex structural assemblies, such as these inlets, with impeccable quality. On October 24th of this year, CPI Aero delivered its 250th ship-set of inlets, with a 100% quality rating since the program's inception. Orders under this program have totaled $40.7 million thus far; which means that over the next four years, we can expect an additional $20.3 million in orders."

Mr. Fred also pointed out, "Through November 30th, new orders for 2006 totaled $28.5 million, nearly double the $14.3 million in awards for the same period last year."

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, 2005 and Forms 10-Q for the quarters ended March 31, 2006, June 30, 2006 and September 30, 2006.