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Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, May 23, 2005 — Mikros Systems Corporation is pleased to report the results for the quarter ended March 31, 2005. The Company’s revenues were $355,413 with net income of $30,814 compared to $218,440 in revenues for the period ended March 31, 2004 with a net income of $28,604.
These revenues were derived from two contracts with the U.S. Navy. In September 2004, the Company was awarded an SBIR Phase III contract from the Naval Surface Weapons Center, Dahlgren Division, Dahlgren, VA, valued at approximately $2,400,000. The contract is to complete the development and to begin initial production of an intelligent test tool for naval radars. The Adaptive Diagnostic Electronic Portable Testset (ADEPT(R)) has been designed by the Company under a $1,000,000 SBIR Phase II contract, which began in August 2003. This Phase II contract will be complete in 2005 with follow-on development and production being completed under the Phase III contract. Under the SBIR regulations, Mikros will retain exclusive intellectual property rights to the new design for five years after the completion of the current Phase III contract or any follow-on contracts.
ADEPT is initially targeted for deployment aboard US Navy Ticonderoga (CG-47) and Arleigh Burke (DDG-51) class warships. The limited production equipment being developed has been tested at the Naval facility at Wallops Island, Virginia and at the Aegis Training & Readiness Center at Dahlgren, Virginia on the AN/SPY-1A radar system. We also recently conducted an interim design review at the Naval facility at Dahlgren with Navy and contractor personnel. We are in the process of setting up a return visit to Dahlgren in August 2005 to demonstrate ADEPT to fleet representatives as the next step toward ADEPT shipboard operational evaluation.
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.