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PRINCETON, N.J., April 16, 2003 /PR Newswire-FirstCall/ — Mikros Systems Corporation (BULLETIN BOARD: MKRS) announced today that it has received $30,000 in additional funding from the Naval Surface Warfare Center for the continuation of the development of the Multiple Function Distributed Analysis Tool (MFDAT) under its Small Business Innovative Research contract. Additionally, the Company has been selected by the Navy to submit its proposal for a continuing Phase II contract.
The MFDAT is an intelligent, automated test tool to aid in the maintenance and alignment of complex electronic equipment such as Department of Defense radars, FAA radars, and military and commercial communication systems. The Phase II proposal submitted 10 March 2003, for the development of several prototype MFDAT systems intended for use with the AN/SPY-1A radar on Aegis Guided Missile Cruisers. The MFDAT has the potential to significantly reduce the maintenance downtime while increasing alignment accuracy yielding higher readiness and performance for the AN/SPY-1 radar system. The value of the proposal is $750,000.
The Company’s latest 10K-SB was filed on March 31, 2003.
The public is encouraged to view the Mikros website (www.Mikros.us) for further information and updates on the Company.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense 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.