CPI Aerostructures Awarded Long-term Agreement With Honda Aircraft Company for Engine Inlet Assemblies on New HondaJet Elite Business Jet

EDGEWOOD, N.Y., July 10, 2018 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (“CPI Aero®” or the “Company”) (NYSE American:CVU) today announced that it has received a long term agreement from Honda Aircraft Company to manufacture the noise attenuating engine inlet for its recently debuted HondaJet Elite business jet. CPI Aero has manufactured engine inlet assemblies for the original HondaJet aircraft since 2011.

The HondaJet Elite has a newly developed attenuating inlet structure that lines each engine to reduce high-frequency noise and increase cabin quietness. CPI Aero worked under the guidance of the Honda program team to learn the new bonding processes for the inlets. Additionally, CPI Aero facilities were upgraded to include a new, environmentally controlled bonding room and computer controlled ovens and other specialized equipment in order for CPI Aero to perform these processes in-house. CPI Aero made its first delivery of the newly designed inlets to Honda in March 2018.

“We congratulate Honda on its new HondaJet Elite aircraft and we are proud to be a collaborative member of the HondaJet Elite team,” said Douglas McCrosson, CPI Aero President and CEO. “The ability to support customers’ evolving manufacturing processes with advanced expertise founded in almost 40 years of aerospace manufacturing is a hallmark of CPI Aero and is now on display on an aircraft that has set a new standard in aviation. Our willingness to innovate and pursue state-of-the-art manufacturing processes are our core differentiators in the marketplace that continue to set us apart from our competition.”

The HondaJet Elite aircraft was unveiled at special hangar event on May 27, 2018 ahead of the 2018 European Business Aviation Convention and Exhibition (EBACE) in Geneva, Switzerland. The new upgraded twin-engine light jet HondaJet Elite represents Honda Aircraft's continued commitment to performance, efficiency and the environment, with its 17% range increase to 1,437 nm, noise attenuating engine inlets, full-service galley, new paint options, as well as additional upgraded features.

About Honda Aircraft Company

Honda Aircraft Company is a wholly owned subsidiary of American Honda Motor Co., Inc. Founded in 2006, Honda Aircraft’s world headquarters is located in North Carolina, the birthplace of aviation. The challenging spirit upon which Mr. Soichiro Honda founded Honda Motor Co., Ltd. is alive today as Honda Aircraft fulfills one of Honda's longstanding dreams to advance human mobility skyward.

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, 2017 and Form 10-Q for the three-month periods ended March 31, 2018.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc.

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