SEE HOW THEY WORK TOGETHER
Princeton, NJ /PRNewswire-FirstCall/ March 19, 2010 – Mikros Systems Corporation (OTCBB: MKRS – News), announced that it has been awarded a $26 million Small Business Innovative Research (SBIR) Phase III contract for deliveries and support of Mikros’Adaptive Diagnostic Electronic Portable Testset (ADEPT) from the Naval Surface Warfare Center at Crane, IN. The award is an indefinite delivery, indefinite quantity (IDIQ) contract with a maximum value of $26 million over 5 years.
The contract covers the procurement of ADEPT systems and related engineering services required for system enhancements, logistics, and field support. Within the next 30 days, Mikros expects to receive the first delivery orders for ADEPT units and task orders for installation support services. Mikros anticipates additional deliveries and task orders in 2010 of between $2 and 3 million and believes that this contract could generate revenues of $4-5 million annually over the 5 year term of the contract.
ADEPT is a configurable, modular test set that automates and accelerates a range of preventive and corrective maintenance activities for radars and electronic systems used on Navy Ships. ADEPT is designed to improve mission readiness and performance of important shipboard electronic systems, including equipment associated with the Navy’s Ballistic Missile Defense program. ADEPT also provides advanced capabilities in distance support, providing near real-time display of shipboard equipment performance parameters to subject matter experts ashore. Recent results from Navy fleet experiments and feedback from Navy personnel who have used the equipment has been very positive.
US Navy Aegis Cruisers and Destroyers will be the first ships to receive ADEPT systems. Future development of the ADEPT product line will also be accomplished under the new contract. These enhancements are expected to provide wide-ranging applicability to other Navy radars and electronic systems. We anticipate the Navy market for ADEPT will include additional units for international Aegis ships, as well as systems for Carriers, Amphibious Ships, and the Littoral Combat Ships now being developed,” stated Marc Dalby, Vice President of Business Development and Operations for Mikros. “We also envision a strong market potential for ADEPT with the United States Coast Guard, Army and Marine Corps, who all have requirements for a compact modular system to support maintenance and troubleshooting of complex electronic equipment at sea and in the field.”
“We have been working very hard over the past several years to get ADEPT ready for full-scale delivery to the US Navy”, stated Tom Meaney, President of Mikros Systems. “This IDIQ award has been our primary focus over the past 24 months, represents a significant milestone for our Company, and is the direct result of the dedication and hard work of all of our employees. It is most gratifying to see these efforts rewarded with this very important contract. This award provides a strong platform for future growth of the ADEPT product line and Mikros.”
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
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.