CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced today the receipt of an Indefinite Delivery/Indefinite Quantity (IDIQ) contract with a maximum ceiling value of $48 million from Boeing (NYSE: BA) for structural assemblies for the A-10 Thunderbolt II. Under the terms of the IDIQ, CPI Aero will manufacture major structural subassemblies of the A-10 aircraft’s wing. The Company also announced that it has received initial purchase orders under the IDIQ contract valued at approximately $6 million for the production of 4 shipsets of assemblies and associated program start-up costs. First delivery is expected to be in late 2020. CPI Aero further announced that Boeing has stated its intention to place additional firm production orders prior to May 2020 for between 23 and 40 production shipsets valued at between $9.1 million and $14.7 million with deliveries commencing in 2021.
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