[CPI LOGO OMITTED]

                              FOR IMMEDIATE RELEASE
               CPI AEROSTRUCTURES ANNOUNCES THIRD QUARTER RESULTS

        2004 GUIDANCE AFFIRMED - A MINIMUM OF $30 MILLION IN REVENUE AND
                     A MINIMUM OF $3.7 MILLION IN NET INCOME

EDGEWOOD, NY - NOVEMBER 1, 2004 -- CPI Aerostructures, Inc. ("CPI") (AMEX: CVU)
today announced results for the third quarter and nine months ended September
30, 2004.

THIRD QUARTER 2004 VERSUS 2003:
     o    Revenue of $7,877,023 was slightly ahead of last year's $7,851,067;
     o    Income from operations rose 9.3% to $1,965,399 from $1,798,816;
     o    Gross margin was 34% as compared with 32%, ahead of the Company's
          30%-32% gross margin target for 2004;
     o    Net income was $1,325,471 or $0.22 per diluted share, compared to pro
          forma net income of $1,082,141 or $0.18 per diluted share. (Pro forma
          net income for 2003 eliminates a non-recurring gain of $41,236 on the
          sale of certain assets of a discontinued operation and provides a
          provision for taxes at an effective 40% rate).

NINE MONTHS 2004 VERSUS 2003:
     o    Revenue increased 2.6% to $21,297,456 from $20,752,731;
     o    Income from operations was $4,601,320, an increase of 6% compared to
          $4,340,827;
     o    Gross margin was 33% compared with 32%;
     o    Net income was $2,940,482 or $0.48 per diluted share, compared to pro
          forma net income of $2,527,205 or $0.47 per diluted share. (Pro forma
          net income for 2003 eliminates non-recurring gains of $2.4 million
          from the early extinguishment of debt related to the repayment of a
          $4.0 million note and the corresponding accrued interest at a
          substantial discount and $461,235 on the sale of certain assets of a
          discontinued operation and provides a provision for taxes at an
          effective 40% rate).

In preparing the Company's 2003 federal income tax return, the Company
determined that there were additional net operating losses available to apply
against income subsequent to 2003. The Company is in the process of analyzing
the impact of this availability and the timing of recognition of the benefit.
The Company anticipates that it will complete its analysis during the fourth
quarter.

                                     (more)






CPI Aerostructures, Inc. News Release                                     Page 2
November 1, 2004

Edward J. Fred, CPI's CEO & President, stated, "Although third quarter revenue
was only slightly higher than last year, operating income rose 9.3% due
principally to the improvement in gross margin stemming from a richer product
mix. As we have been reporting, the government has been slow to issue major
contract releases, in part because of aircraft deployments into areas of
conflict. As a result, the military aircraft that we support are not in the
depots where they can undergo maintenance and modification. The Air Force has

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