CPI AEROSTRUCTURES IS DEEMED EXEMPT FROM NEW YORK STATE ‘WORK FROM HOME’ MANDATE

Department of Defense Declares Defense Contractors ‘Critical Infrastructure’ 

EDGEWOOD, N.Y., March 24, 2020 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. (CPI Aero®) (NYSE American: CVU) (the “Company”) today announced that it has been classified as an ‘essential business’ by New York State and is, therefore, exempt from the state’s mandate that all non-essential New York businesses close until further notice. The New York State exemption follows the statement issued by the Under Secretary of Defense for Acquisition and Sustainment on March 20, 2020 declaring that defense contractors are ‘critical infrastructure’ to national security.

"The well-being of our employees is our top priority, and, to that end, we have taken steps to safeguard their health in compliance with recommendations and protocols established by public health organizations and state and local public health departments. While we continue to monitor ever changing impacts from COVID-19, I want to recognize the dedication of our employees as they support our national security mission during these difficult times. Because of them, we are open for business,” stated Douglas McCrosson, president and CEO of CPI Aero. 

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 Form 10-Q for the three-month periods ended March 31, 2019, June 30, 2019, and September 30, 2019.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc. For more information, visit , and follow us on Twitter .  

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