EDGEWOOD, N.Y. , March 07, 2018 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American:CVU) announced today that it has received an amendment to an indefinite-delivery/indefinite-quantity (IDIQ) contract from Bell Helicopter, a Textron Inc. (NYSE:TXT) company, for the manufacture of engine cowl assemblies and support assemblies for the AH-1Z Viper attack helicopter. The contract amendment extends the period of performance by one year and is valued at $3.8 million. The IDIQ contract, previously announced by CPI Aero in January 2017, now has a potential value of $18.6 million based on the estimated order quantity during the period of performance ending December 31, 2021. CPI Aero has manufactured such assemblies for the AH-1Z Viper since 2011.
The AH-1Z Viper is a twin-engine attack helicopter used by the United States Marine Corps. The AH-1Z program reached initial operational capability in September 2010 and began full-rate production in December 2010. In May 2016, Bell Helicopter was awarded a contract that included 16 AH-1Z helicopters as part of the Marine Corps’ H-1 Program of Record, which calls for the acquisition of a total of 189 AH-1Z Vipers and 160 UH-1Y “Venom” utility helicopters.
The Bell AH-1Z Viper is among the world’s most lethal anti-armor attack helicopter, capable of carrying the widest array of ordnance of any helicopter in the world. Target identification is crucial in the modern battlefield, and the Bell AH-1Z’s Target Sight System provides the longest range and highest accuracy of any helicopter sight available, as it allows the operators of the AH-1Z to identify and track multiple targets outside the enemy’s ability to visually detect the Viper. Unlike other attack helicopters, the AH-1Z Viper has integrated air-to-air strike capability in addition to superior air-to-ground anti-armor performance. This capability set makes the AH-1Z the ideal platform to meet the requirements of land warfare scenarios in any of the potential hot spots around the world.
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, 2016, and Form 10-Q for the three-month periods ended March 31, 2017, June 30, 2017, and September 30, 2017.
About Bell Helicopter
Bell Helicopter, a wholly owned subsidiary of Textron Inc., is an industry-leading producer of commercial and military, manned and unmanned vertical-lift aircraft and the pioneer of the revolutionary tiltrotor aircraft. Globally recognized for world-class customer service, innovation and superior quality, Bell's global workforce serves customers flying Bell aircraft in more than 120 countries.
- Textron Inc.
Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Bad Boy Off Road and Textron Systems. For more information, visit www.textron.com.
|Vincent Palazzolo||Investor Relations Counsel:|
|Chief Financial Officer||LHA|
|CPI Aero||Sanjay M. Hurry|
|(631) 586-5200||(212) 838-3777|