EDGEWOOD, NY--(Marketwired - Jul 7, 2016) - CPI Aerostructures, Inc. ("CPI Aero®") (NYSE MKT: CVU) today announced that it has entered into Severance and Change in Control Agreements with each of Douglas McCrosson, its President and Chief Executive Officer, and Vincent Palazzolo, its Chief Financial Officer. The Severance and Change in Control Agreements are part of the Company's new executive compensation structure that includes changing CPI Aero's practice of providing long-term employment contracts to its executive officers in favor of at-will employment with industry competitive severance and other benefits.
Upon entering into the Severance and Change in Control Agreements, the existing employment agreements with Messrs. McCrosson and Palazzolo were terminated. Further information concerning the Severance and Change in Control Agreements can be found in CPI Aero's Current Report on Form 8-K filed on July 7, 2016.
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. Among the key national security programs that CPI Aero supplies are the E-2D Advanced Hawkeye surveillance aircraft, the UH-60 BLACK HAWK® helicopter, the MH-53/CH-53 variant helicopters, the F-16 fighter aircraft, the MH-60S mine countermeasure helicopter, the AH-1Z ZULU attack helicopter, the DB-110 reconnaissance pod and the ALMDS mine detecting pod. In the commercial aviation market CPI Aero manufactures products for the Gulfstream G650 ultra-large cabin business jet, the HondaJet advanced light jet, the Embraer Phenom 300 business jet, the new Cessna Citation X+, and the S-92® helicopter. CPI Aero is included in the Russell Microcap® Index.
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, 2015 and Form 10-Q for the quarter ended March 31, 2016.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.