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                                                                      EXHIBIT 14

                            CPI AEROSTRUCTURES, INC.

                                 CODE OF ETHICS
1.   INTRODUCTION

The Board of Directors of CPI Aerostructures, Inc. has adopted this code of
ethics (the "Code"), which is applicable to all directors, officers and
employees, to:

     o   promote honest and ethical conduct, including the ethical handling of
         actual or apparent conflicts of interest between personal and
         professional relationships;

     o   promote the full, fair, accurate, timely and understandable disclosure
         in reports and documents that the Company files with, or submits to,
         the SEC, as well as in other public communications made by or on behalf
         of the Company;

     o   promote compliance with applicable governmental laws, rules and
         regulations;

     o   deter wrongdoing; and

     o   require prompt internal reporting of breaches of, and accountability
         for adherence to, this Code.

This Code may be amended only by resolution of the Company's Board of Directors.
In this Code, references to the "Company" means CPI Aerostructures, Inc. (the
"Parent") and, in appropriate context, the Parent's subsidiaries.

2.   HONEST, ETHICAL AND FAIR CONDUCT

Each person owes a duty to the Company to act with integrity. Integrity
requires, among other things, being honest, fair and candid. Deceit, dishonesty
and subordination of principle are inconsistent with integrity. Service to the
Company never should be subordinated to personal gain and advantage.

Each person must:

     o   Act with integrity, including being honest and candid while still
         maintaining the confidentiality of the Company's information where
         required or in the Company's interests.

     o   Observe all applicable governmental laws, rules and regulations.

     o   Comply with the requirements of applicable accounting and auditing
         standards, as well as Company policies, in the maintenance of a high
         standard of accuracy and

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         completeness in the Company's financial records and other business-
         related information and data.

     o   Adhere to a high standard of business ethics and not seek advantage
         through unlawful or unethical business practices.

     o   Deal fairly with the Company's customers, suppliers, competitors and
         employees.

     o   Refrain from taking advantage of anyone through manipulation,
         concealment, abuse of privileged information, misrepresentation of
         material facts or any other unfair-dealing practice.

     o   Protect the assets of the Company and ensure their proper use.

     o   Refrain from taking for themselves opportunities that are discovered
         through the use of corporate assets or using corporate assets,
         information or position for general personal gain outside the scope of
         employment with the Company.

     o   Avoid conflicts of interest wherever possible. Anything that would be a
         conflict for a person subject to this Code also will be a conflict if
         it is related to a member of his or her family or a close relative.
         Examples of conflict of interest situations include, but are not
         limited to, the following:

         o     any significant ownership interest in any supplier, customer or
               competitor;

         o     any consulting or employment relationship with any customer,
               supplier or competitor;

         o     any outside business activity that detracts from an individual's
               ability to devote appropriate time and attention to his or her
               responsibilities with the Company;

         o     the receipt of any money, non-nominal gifts or excessive
               entertainment from any company or person with which the Company
               has current or prospective business dealings;

         o     being in the position of supervising, reviewing or having any
               influence on the job evaluation, pay or benefit of any close
               relative; and

         o     selling anything to the Company or buying anything from the
               Company, except on reasonable commercial terms for Company
               employees.

3.   DISCLOSURE

The Company strives to ensure that the contents of and the disclosures in the
reports and documents that the Company files with the Securities and Exchange
Commission (the "SEC") and other public communications shall be full, fair,
accurate, timely and

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understandable in accordance with applicable disclosure standards, including
standards of materiality, where appropriate. Each person must:

     o   not knowingly misrepresent, or cause others to misrepresent, facts
         about the Company to others, whether within or outside the Company,
         including to the Company's independent auditors, governmental
         regulators, self-regulating organizations and other governmental
         officials, as appropriate; and

     o   in relation to his or her area of responsibility, properly review and
         critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer, the Chief Financial
Officer, and each other person that typically is involved in the financial
reporting of the Company must familiarize himself or herself with the disclosure
requirements applicable to the Company as well as the business and financial
operations of the Company.

Each person must promptly bring to the attention of the Chairman of the Audit
Committee of the Board of Directors any information he or she may have
concerning (a) significant deficiencies in the design or operation of internal
and/or disclosure controls which could adversely affect the Company's ability to
record, process, summarize and report financial data or (b) any fraud, whether
or not material, that involves management or other employees who have a
significant role in the Company's financial reporting, disclosures or internal
controls.

4.   COMPLIANCE

It is the Company's obligation and policy to comply with all applicable
governmental laws, rules and regulations. It is the personal responsibility of
each person to adhere to the standards and restrictions imposed by those laws,
rules and regulations, including those relating to accounting and auditing
matters.

5.   REPORTING AND ACCOUNTABILITY

The Audit Committee of the Board of Directors of the Company is responsible for
applying this Code to specific situations in which questions are presented to it
and has the authority to interpret this Code in any particular situation. Any
person who becomes aware of any existing or potential breach of this Code is
required to notify the Chairman of the Audit Committee promptly. Failure to do
so is itself a breach of this Code.

Specifically, each person must:

     o   Notify the Chairman of the Audit Committee promptly of any existing or
         potential violation of this Code.

     o   Not retaliate against any other person for reports of potential
         violations that are made in good faith.

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The Company will follow the following procedures in investigating and enforcing
this Code and in reporting on the Code:

     o   The Audit Committee will take all appropriate action to investigate any
         breaches reported to it.

     o   If the Audit Committee determines that a breach has occurred, it will
         inform the Board of Directors.

     o   Upon being notified that a breach has occurred, the Board of Directors
         will take or authorize such disciplinary or preventive action as it
         deems appropriate, after consultation with the Audit Committee and
         General Counsel, up to and including dismissal or, in the event of
         criminal or other serious violations of law, notification of the SEC or
         other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such
procedure, be subject by the Company or any officer or employee thereof to
discharge, demotion suspension, threat, harassment or, in any manner,
discrimination against such person in terms and conditions of employment.

6.   WAIVERS AND AMENDMENTS

Any waiver (defined below) or an implicit waiver (defined below) from a
provision of this Code for the principal executive officer, principal financial
officer, principal accounting officer or controller, and persons performing
similar functions or any amendment (as defined below) to this Code is required
to be disclosed in the Company's Annual Report on Form 10-KSB or in a Current
Report on Form 8-K filed with the SEC.

A "waiver" means the approval by the Company's Board of Directors of a material
departure from a provision of the Code. An "implicit waiver" means the Company's
failure to take action within a reasonable period of time regarding a material
departure from a provision of the Code that has been made known to an executive
officer of the Company. An "amendment" means any amendment to this Code other
than minor technical, administrative or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to
permit waivers from the requirements of this Code. The Company expects full
compliance with this Code.

7.   OTHER POLICIES AND PROCEDURES

Any other policy or procedure set out by the Company in writing or made
generally known to employees, officers or directors of the Company prior to the
date hereof or hereafter are separate requirements and remain in full force and
effect.

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8.   INQUIRIES

All inquiries and questions in relation to this Code or its applicability to
particular people or situations should be addressed to the Chief Financial
Officer of the Company.