EDGEWOOD, N.Y., June 13, 2019 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero") (NYSE American:CVU) announced today that it has received purchase orders totaling approximately $14 million from Sikorsky, a Lockheed Martin Company, for Hover Infrared Suppression System (HIRSS) module assemblies for use as spares on older variants of the UH-60 Black Hawk helicopter. Deliveries under these orders will commence in 2020 and be completed in 2022.
As previously disclosed, the company received purchase orders totaling approximately $8.0 million in October 2018 for HIRSS systems from Sikorsky for the Black Hawk. Deliveries under the October 2018 orders will commence before the end of 2019 and continue into 2021.
The HIRSS is a defensive countermeasures system that is integral to the survival of the UH-60 Black Hawk by reducing the opportunity for an infrared-seeking threat system to acquire, lock onto, track, and destroy the helicopter.
"With more than 4,000 UH-60s deployed worldwide, HIRSS provides critical support to our Army aviators and keeps them safe. In addition, over the past six months, we have received more than $22 million in orders for our HIRSS module assemblies, demonstrating the importance of this platform as a source of near-term opportunities for CPI Aero," stated Douglas McCrosson, president and CEO of CPI Aerostructures.
About CPI Aero
CPI Aero is a U.S. manufacturer of structural assemblies for fixed wing aircraft, helicopters and airborne Intelligence Surveillance and Reconnaissance pod systems in both the commercial aerospace and national security markets. Within the global aerostructure supply chain, CPI Aero is either a Tier 1 supplier to aircraft OEMs or a Tier 2 subcontractor to major Tier 1 manufacturers. CPI also is a prime contractor to the U.S. Department of Defense, primarily the Air Force. In conjunction with its assembly operations, CPI Aero provides engineering, program management, supply chain management, and MRO services. CPI Aero is included in the Russell Microcap® 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, 2018, and Forms 10-Q for the three-month period ended March 31, 2018 and June 30, 2018, and Form 10-Q/A for the three month period ended September 30, 2018.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit www.cpiaero.com, and follow us on Twitter @CPIAERO.
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Source: CPI Aerostructures, Inc.