CPI Aerostructures completes the restatement of 2020 and 2019 results

EDGEWOOD, NY, November 24, 2021 (GLOBE NEWSWIRE) – CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) today announced that it has filed a Complete Form 10-K / A for twelve months ended December 31, 2020 and December 31, 2019. This complete form 10-K / A contains the audited audited financial statements as at December 31, 2020 and December 31, 2019, as well as restatements of the quarterly financial statements restated as of and for the quarters ended on March 31, June 30 and September 30, 2020.

“The Board of Directors, Andy Davis, our new CFO, and I are focused on continuing to improve our finance and accounting function to be on par with the best companies in our industry. CPI Aero has a solid reputation as a world-class manufacturer that makes truly exceptional mission-critical products, and our shareholders, customers and employees should expect the same high level of performance from our finance and accounting function. . With the completion of the audited restatements for 2020 and 2019, we are on track to achieve this goal, ”said Douglas McCrosson, President and CEO of CPI Aero.

Financial statements for the periods ended March 31, June 30 and September 30, 2021 are being prepared and Forms 10-Q for these periods will be filed as soon as possible.

About CPI Aéro
CPI Aero is a US manufacturer of structural assemblies for fixed-wing aircraft, helicopters, and airborne intelligence, surveillance and reconnaissance, and electronic warfare nacelle systems, primarily for the national security markets. Within the global aerostructures supply chain, CPI Aero is either a Tier 1 supplier for aircraft OEMs or a Tier 2 subcontractor for major Tier 1 manufacturers. CPI is also a prime contractor from the US Department of Defense, primarily from the Air Force. Along 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.

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

Forward-looking statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks, assumptions, uncertainties and the like. unknown factors which could cause the actual results of CPI Aero to differ materially from historical results or from any future results expressed or implied by these forward-looking statements. Forward-looking statements contained in this document include, without limitation, statements relating to the efforts and ability of CPI Aero to improve its financial and accounting function and the filing schedule of CPI Aero’s financial statements for the periods ended. on March 31, June 30 and September 30, 2021. The forward-looking statements contained in this document are also subject to all other risks and uncertainties which are described from time to time under the heading “Risk Factors” in the CPI Aero reports. filed with the Securities and Exchange Commission, most recently in its Annual Report on Form 10-K / A for the period ended December 31, 2020. Since the risks, assumptions, uncertainties and other unknown factors mentioned above could cause actual results to differ materially from those expressed in forward-looking statements, readers are cautioned not to s place undue reliance on these forward-looking statements, each of which speaks only as of the date of publication. CPI Aero has no obligation to update any forward-looking statement to reflect events or circumstances after the date hereof.

Investor Relations Council:
LHA Investor Relations
Jody burfening
(212) 838-3777
[email protected]

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