Benzinga | Oct 21, 2020 08:05AM EDT

CPI Aerostructures Receives Orders Totaling $1.4M From Turkish Aerospace Industries

EDGEWOOD, N.Y. , Oct. 21, 2020 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero(r)") (the "Company") (NYSE:CVU) announced today that it has received multiple purchase orders with a total value of approximately $1.4 million from Turkish Aerospace Industries (TAI), the prime contractor for the T70 Turkish Utility Helicopter Program (TUHP). In September 2019, the Company announced receiving a multi-year contract from TAI to manufacture window assemblies on up to 104 T70 aircraft over an estimated 5-year period. The combined orders received to date under this contract total $2.1 million against a ceiling price of $4.6M. The Company expects to begin deliveries on these most recent orders in 2021.