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Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, April 25, 2006 — Mikros Systems Corporation is pleased to report the results for the year ended December 31, 2005. The Company’s revenues were approximately $1,550,000 with net income of approximately $135,000 due in part to a deferred tax benefit of approximately $65,000 compared to $1,044,000 in revenues in 2004 with a net income of approximately $92,000.
In March 2006, the Company received an amendment to its SBIR Phase III contract from the Naval Weapons Center Dahlgren Division, Dahlgren, VA. This amendment increased the contract funding by approximately $2,900,000 and extended the period of performance through February 2008. This contract amendment calls for an expansion of ADEPT(R) applications to include all Aegis ship variants for cruisers and destroyers, a total of 84 ships. Land-based testing of ADEPT has been completed and the Company is currently working with the U.S. Navy to schedule ADEPT testing aboard an Aegis cruiser. As part of our ongoing marketing of this product, the Company is investigating the application of ADEPT to other ships and equipment.
The Company is currently in the process of improving its website (www.Mikros.us) in order to provide more timely information for shareholders, as well as customers and potential investors.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets.
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.