CPI Aerostructures Receives T-38 Contract Release Valued at $15.9 Million

CPI Aerostructures, Inc. ("CPI Aero”) (AMEX: CVU) today announced that the U.S. Air Force has released its 2008 and 2009 orders concurrently to CPI Aero under the T-38 Talon jet trainer aircraft program. The new order, valued at approximately $15.9 million, is for 134 ship-sets of structural inlets as part of the Propulsion Modernization Program on this aircraft. As the Air Force has issued a two-year requirements release, CPI Aero does not anticipate receiving another T-38 order during 2008. Edward J. Fred, CPI Aero’s CEO & President, stated, "Since 2001, when we were selected for the 10-year $61 million contract for the T-38 modernization program, CPI Aero has demonstrated that a small business can produce complex structural assemblies, such as these inlets, with impeccable quality. We have now delivered over 310 assemblies, with a 100% quality rating since the program’s inception. Orders to date under this program now total $56.6 million. This T-38 release brings CPI Aero’s total year-to-date award amount to $35.2 million, compared to $28.7 million for the same period last year.” CPI Aero is engaged in the contract production of structural aircraft parts for the U.S. Air Force, other branches of the armed forces and leading prime defense contractors. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, the E-3 Sentry AWACS jet, UH-60 Black Hawk helicopter, the Sikorsky S-92 helicopter, and the MH-60S mine countermeasure helicopter. 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, 2006 and Forms 10-Q for the quarters ended March 31, 2007, June 30, 2007 and September 30, 2007.