SEE HOW THEY WORK TOGETHER
Princeton, NJ /PRNewswire-FirstCall/September 7, 2010 – Mikros Systems Corporation (OTCBB: MKRS – News) announced today that it has been awarded a new production order from the U.S. Navy to build additional Adaptive Diagnostic Electronic Portable Testset (ADEPT) equipment for deployment on U.S. Aegis Cruisers and Destroyers, as well as the Navy’s new Littoral Combat Ship (LCS).
This latest $2.9 million award brings the total value of ADEPT orders placed this year to $5.2 million. Under this order, Mikros will deliver an additional 18 ADEPT units, as well as upgrades to the Low-Rate Initial Production Units (LRIP) manufactured under previous contracts. Some of the funding associated with this award will allow Mikros engineers to enhance the Distance Support capabilities of ADEPT and incorporate new design features to enable ADEPT to be used on other U.S. Navy systems.
We are very pleased with the U.S. Navy’s continued support of this technology”, said Tom Meaney, Mikros’ President. “ADEPT improves the Navy’s mission-readiness by reducing the time to perform maintenance on electronic systems, and by providing a robust communications channel that allows subject matter experts to perform troubleshooting and performance analysis from remote locations. Mikros is committed to delivering these ADEPT units quickly in support of the Aegis and LCS ships in the fleet.”
A 5-year $26 million IDIQ contract was awarded to Mikros in March 2010 for procurement of ADEPT systems and engineering services required for system enhancements, logistics, and field support. This new order, combined with the order awarded earlier this year and the upgraded LRIP units, will result in more than 65 ADEPT units being ready for deployment by the U.S. Navy by next year. Mikros anticipates receiving additional delivery and task orders in 2011, and continues to expect this contract to generate revenues of $4-5 million annually over the next 5 years.
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, a decline or redirection of the U.S. Defense budget, the termination of any contracts with the U.S. Government, 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-K for the year ended December 31, 2009 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.