CPI Aerostructures Appoints Aerospace Industry Executive Rick Rosenjack to its Board of Directors

EDGEWOOD, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero" or "Company")) (NYSE:CVU) announced that its Board of Directors has appointed Rick Rosenjack as a new independent member of the Board effective immediately. He was also appointed to the Board's Nominating and Corporate Governance Committee. As a result of this appointment, CPI Aero has filled one of its two vacant Class II director seats.

Mr. Rosenjack, 64, brings to CPI Aero 38 years of aerospace experience, and has twice led multi-site, international businesses with $1 billion in annual revenue. Currently, Mr. Rosenjack serves as President of NWI Aerostructures. Previously he held the role of President of TECT Aerospace and prior to that he served as Executive Vice President of Triumph Group, Inc.'s Precision Components Division. Before Triumph, he was Chief Operating Officer for HM Dunn Aerosystems and Vice President/General Manager of the Aerostructures Division of Héroux-Devtek, Inc. until it was sold to Precision Castparts Corp in 2012. Mr. Rosenjack began his career at Textron, Inc. where he served for 20 years first in leadership roles in operations, manufacturing engineering and program management at Textron Aerostructures and then as VP Supply Chain Management at Bell Helicopter before rising to Senior Vice President of Bell Helicopter's Worldwide Commercial Helicopter Business in 2002. Mr. Rosenjack earned a BS degree from Bethel University and an MBA degree from Vanderbilt University's Owen Graduate School of Management. He completed Advanced Management Programs at Harvard University in 1995 and The Wharton School of the University of Pennsylvania in 2002.

"Rick possesses strong operations background in aircraft structures and assembly, insight into market trends, customers, competitors and suppliers, and extensive business development experience with a broad network of industry contacts that he garnered over nearly four decades of leadership positions in the aerospace industry. His background and experience make him a natural fit with our Board's knowledge and expertise. I am pleased to welcome Rick to the Board and look forward to his contributions to CPI Aero as the company builds on its reputation for high quality and reliable performance for its customers," said Terry Stinson, Chairman of the Board.

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.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release are forward-looking statements. The Company does not guarantee that it will actually achieve the plans, intentions or expectations disclosed in its forward-looking statements and you should not place undue reliance on the Company's forward-looking statements.

Forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. There are a number of important factors that could cause the Company's actual results to differ materially from those indicated or implied by its forward-looking statements, including those important factors set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the period ended December 31, 2022 and subsequent reports filed with the Securities and Exchange Commission. Although the Company may elect to do so at some point in the future, the Company does not assume any obligation to update any forward-looking statements and it disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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