Air Industries is pleased to announce that it has received a major award for landing gear components for the F-35 and F-15 aircraft. The value of the award is estimated at $22M (at the mid-point of projected aircraft production). Deliveries are to begin in the first quarter of 2019 and continue for 3-years. Air Industries has already received fully funded purchase orders against this award totaling $15.5M.
CPI Aerostructures (CVU) announced that it has entered into a Court ordered stipulation with Air Industries Group (AIRI) with respect to litigation in the Supreme Court of the State of New York concerning the previously announced agreement for the acquisition by CPI Aero of all of the shares of capital stock of Air Industries' subsidiary, Welding Metallurgy. As part of the Stipulation and Order, Air Industries has withdrawn its purported termination of the Agreement. Among other things, the Stipulation and Order requires Air Industries to deliver to CPI Aero within 45 days, audited, unqualified financial statements of WMI for 2017 certified by Air Industries' auditor. Subject to fulfillment of other conditions to closing set forth in the Agreement, the parties agreed that the acquisition will close within three weeks after CPI Aero receives the audited financial statements. CPI Aero and Air Industries also agreed to promptly amend the Agreement to reflect the terms of the Stipulation and Order. The Court will retain jurisdiction of the case for all purposes, including enforcing the terms of the Stipulation and Order.