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Princeton, NJ – August 13, 2012 – Mikros Systems Corporation (OTCBB: MKRS) today announced that it has received new task orders valued at $2.7 million from the U.S. Navy for additional ADEPT(R) units. Aegis Cruisers and Destroyers across the fleet will begin receiving these units early next year. Mikros anticipates booking revenues from this order primarily during 2012.
We are very pleased to announce these new orders for our ADEPT units in support of the U.S. Navy,” said Tom Meaney, Mikros President and CEO. “These task orders were awarded as part of our existing $26 million multi-year contract with the Naval Surface Warfare Center at Crane Indiana. The Navy continues to view our technology as an important tool for improving the readiness of various electronic systems, including equipment associated with the Navy’s Ballistic Missile Defense program. Once these units are fielded, over 50 Destroyers, Cruisers, and Littoral Combat Ships will have ADEPT onboard.”
Mikros Systems Corporation is an advanced technology company specializing in the research and development of electronic systems technology, primarily for military applications. Classified by the U.S. Department of Defense as a small business, its capabilities include technology management, electronic systems engineering and integration, radar systems engineering, combat/command, control, communications, computers and intelligence systems engineering, and communications engineering. Mikros’ primary business is to pursue and obtain contracts from the Department of Homeland Security, U.S. Navy, and other governmental authorities. For more information on Mikros visit: www.mikrossystems.com
Investor Relations Contact:
Chris Witty, Darrow Associates
Important Information about Forward-Looking Statements: All statements in this news release other than statements of historical facts are forward-looking statements which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. Such statements are not guarantees of future performance or events and are subject to known and unknown risks and uncertainties that could cause the Company’s actual results, events or financial positions to differ materially from those included within the forward-looking statements. Such factors include, but are not limited to, changes in business conditions, a decline or redirection of the U.S. Defense budget, the failure of Congress to approve a budget or a continuing resolution, the termination of any contracts with the U.S. Government, changes in our sales strategy and product development plans, changes in the marketplace, continued services of our executive management team, our limited marketing experience, competition between us and other companies seeking SBIR grants, competitive pricing pressures, market acceptance of our products under development, delays in the development of products, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-K for the year ended December 31, 2011 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements.