Mikros Systems Commercial Customer Hewlett-Packard Signs Up for Fifth Year of Software Support

PRINCETON N.J., July 11, 2017 (GLOBE NEWSWIRE) — Mikros Systems Corporation (OTCBB:MKRS) announced today that HP Indigo Division has renewed its software support contract for Mikros’ Diagnostic Profiler software for the fifth consecutive year.

Mikros supplies two software products, Prognostics Framework® and Diagnostic Profiler®, to several commercial customers for Condition Based Maintenance in various industrial applications. These software products generate recurring revenues when customers renew their software maintenance support contracts on a yearly basis. Recently, Hewlett Packard Indigo Division, which manufactures large printing presses, has renewed their software license for Mikros Diagnostic Profiler for the fifth year running. Mikros is also working with HP to design new software upgrades to the system. HP Indigo uses Mikros Diagnostic Profiler to detect errors and maximize system up-time on their printing presses at over 100 installations.

HP’s Dan Koran commented: “HP Indigo Division has been partnered with Mikros on an ongoing contract for five years to provide HP an efficient and effective diagnostician tool for our advanced printing presses. Both companies have had a great relationship and continue to work together. We look forward to continuing the working relationship and other endeavors.”

Tom Meaney, Mikros President and CEO stated that, “First, these orders represent a major vote of confidence from our commercial customers. Second, they indicate that there is significant potential for recurring revenue streams and lasting relationships as we support both hardware and software products in real world applications for commercial customers. We thank our current customers for their continuing support, and believe that life-cycle support of our product lines will continue to be a successful and profitable enterprise.”

Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic systems technology for advanced maintenance in military, industrial and commercial 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, command, control, communications, computers and intelligence systems engineering, and communications engineering. For more information on Mikros, please visit: www.mikrossystems.com.

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 or implied by such 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, significant delays or reductions in appropriations for our projects, 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, our ability to adequately integrate our commercial software offerings into our business model, our ability to market our solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political, economic, business and competitive nature, 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, 2016 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.

 

CONTACT: Thomas J. Meaney – (609) 987-1513

Mikros Systems Corporation, 220 Commerce Drive Suite 300, Fort Washington, PA 19034 Phone 215.371.3913