CPI Aerostructures, Inc. (“CPI Aero(R)”) announced today that it has received a contract from Sikorsky Aerospace Services valued at $1.2 million to provide tow assemblies for the MH-53E “Sea Dragon” helicopter. Delivery of these assemblies, which will be used as spares, will begin in late 2010. Sikorsky Aerospace Services is the worldwide aftermarket division of Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp.
The MH-53E “Sea Dragon” helicopter is a carrier-based, and other warship-based, aircraft and fills the United States Navy’s need for long range minesweeping or Airborne Mine Countermeasures (AMCM) missions. The Sea Dragon, one of the U.S. military’s largest helicopters, is capable of towing a variety of minesweeping countermeasures systems, including the MK 105 minesweeping sled, the ASQ-14 side-scan sonar, and the MK 103 mechanical minesweeping system. The assembly to be manufactured by CPI Aero is an electro-mechanical device used to operate the aircraft’s tow boom.
Edward J. Fred, CPI Aero’s President & CEO stated, “We are excited to receive this second award from Sikorsky Aerospace Services on the heels of the recently announced MH-53/CH-53 helicopter ring assembly order. Similar to our Sikorsky contract to build Penguin Missile Launcher assemblies, this is an example of our expansion of product offerings to include complex mechanical systems that integrate structural assemblies with sub-system installation.”
About Sikorsky Aerospace Services
Sikorsky Aerospace Services, a Sikorsky company, provides comprehensive support to rotary and fixed wing operators around the world. It offers its military and commercial customers a full portfolio of support services, including material distribution, maintenance, overhaul & repair, aircraft modifications and life-cycle support. Sikorsky Aircraft Corp., based in Stratford, Conn., is a world leader in helicopter design, manufacture and service. United Technologies Corp., based in Hartford, Conn., provides a broad range of high technology products and support services to the aerospace and building systems industries worldwide.
About CPI Aero
CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. 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 E-2D Hawkeye surveillance aircraft, the UH-60 BLACK HAWK helicopter, the S-92(R) helicopter, the MH-60S mine countermeasure helicopter, MH-53 and CH-53 variant helicopters, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap(R) Index.
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, 2009 and Form 10-Q for the quarter ended March 31, 2010.
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