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Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, August 14, 2007 — Mikros Systems Corporation announced today that it has been notified by the U.S. Navy’s Space and Naval Warfare Command that Mikros has been selected for award of a Small Business Innovation Research Program for a communication buoy for ocean-based data acquisition and sensor systems.
The Company is teamed with Ocean Power Technologies, Inc., a leader in ocean powered buoys for the Department of Defense and commercial markets. The program is expected to commence this fall with a contract value of approximately $100,000. This product area has potential war-fighting applications for the U.S. Navy and Coast Guard, as well as commercial applications.
“This is a great opportunity to apply Mikros communications expertise in a new application environment”, stated Thomas J. Meaney, President. “We look forward to working with another division of the United States Navy on this project”.
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.
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.