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PRINCETON, N.J., Feb. 27, 2004 /PR Newswire-FirstCall/ — Mikros Systems Corporation (BULLETIN BOARD: MKRS) announced today that it has entered into discussions with the U.S. Navy for a sole source contract to complete the development and begin production of the Multi-Function Distributed Analysis Tool (MFDAT).
The MFDAT is an intelligent, automated test tool designed to aid in the maintenance and alignment of complex electronic equipment such as DoD radars, FAA radars, and military and commercial communication systems. Mikros plans to develop and build several prototype MFDAT systems targeted for use with the AN/SPY-1A radar system on Aegis Guided Missile Cruisers.
The MFDAT development program began in May 2002 as a result of Mikros winning a competitively bid Small Business Innovation Research (SBIR) contract for Phase I. On August 8, 2003 the Company was awarded Phase II valued at approximately $600,000 with a $150,000 option. The Phase II contract will continue through fiscal year 2004.
It is anticipated that funding for the Phase III proposed contract with the Navy will come from an approximately $3M appropriation for the AN/SPY-1A readiness improvement authorized in the FY04 Congressional Bill. The Company is also in discussions regarding a $250,000 contract extension to the existing Phase II SBIR contract.
Mikros has also executed a memorandum of understanding with DRS Laurel Technologies of Johnstown, Pennsylvania for the proposed manufacture of the equipment for Phase III.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets.
The public is encouraged to view the Mikros website (www.Mikros.us) for further information and updates on the Company.
Source: Mikros Systems Corporation
CONTACT: Thomas J. Meaney – (609) 987-1513
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, 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-KSB for the year ended December 31, 2007 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 to reflect events or circumstances after the date hereof.