CPI Aerostructures Appoints Ross Johnson to Leadership Team as Vice President, Program Management

EDGEWOOD, N.Y., Jan. 16, 2024 (GLOBE NEWSWIRE) -- CPI Aerostructures, Inc. ("CPI Aero®" or the "Company") (NYSE:CVU) today announced that it has appointed Ross Johnson to the position of Vice President, Program Management.

Mr. Johnson, 63, has extensive experience in program management, business development, marketing & sales, contracts, engineering technical support, customer support and aircraft operations. Most recently, he served as Director, Program Management at Sikorsky Aircraft, Inc. responsible for aircraft deliveries, customer management, contract execution and leadership of the aircraft build integrated product teams. He was further promoted to Director, Business Development for Sikorsky's commercial helicopter aftermarket.

Prior to his tenure at Sikorsky Aircraft Inc., Mr. Johnson served a significant portion of his career at Bell Helicopter Textron Inc. in the customer support organization, providing all aspects of technical and logistics support to a worldwide customer base. During this time, he was promoted to General Manager, Bell Supply Center with full P&L responsibility for its Canadian operation, and then to Director, Business Development/Programs responsible for growing Bell's entire aftermarket business.

Ross is a licensed Aircraft and Avionics Maintenance Engineer. He holds an MBA from the Haskayne School of Business (University of Calgary).

"The appointment of Ross Johnson aligns with our objectives of achieving industry-leading operations while augmenting CPI Aero's experienced aerospace leadership team. His customer-oriented leadership style will strengthen CPI Aero's Program Management team and we look forward to his contributions to our business and our customers," said Dorith Hakim, President and CEO. "I want to personally thank Nazz Palmerini for his leadership and dedication to the Company since joining CPI Aero in 2013. We wish him all the best in his future endeavors."

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.