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PRINCETON, N.J., May 20, 2004/PR Newswire-FirstCall/ — Mikros Systems Corporation (BULLETIN BOARD: MKRS) (the “Company”)
announced today that it has received an additional $250,000 to its ongoing Multiple Function Distributed Analysis Tool (MFDAT) Phase II Small Business Innovation Research (SBIR) contract with the U.S. Navy’s Naval Surface Warfare Center. These funds will permit building an additional MFDAT Development System and Development Workstations in anticipation of a Phase III SBIR MFDAT Low Rate Initial Production (LRIP) contract.
The MFDAT is an intelligent test tool which aids in the maintenance and alignment of complex electronic equipment such as DoD radars, FAA
radars, and military and commercial communication systems. The MFDAT program began in May 2002 with Mikros being awarded a competitively bid Phase I SBIR contract. That performance led to award of the Phase II contract, valued at approximately $600,000 with a $150,000 option, to further pursue the MFDAT system development. This additional $250,000 will expedite transition of the MFDAT program from development into production. The Company believes it will receive funding for the MFDAT production program with the U.S. Navy later this year, coming from an approximately $3M appropriation for the Aegis AN/SPY- 1A radar readiness improvement authorized in the FY04 Congressional Bill.
Mikros Systems Corporation, a high technology company, is focused on the development and application of new technologies in government and commercial markets. Upon the award, President Thomas J. Meaney noted that it not only reflected the importance of the MFDAT to naval radars, but also confirmed the Navy’s confidence in the company’s design ability.
The public is encouraged to view the Mikros website (www.Mikros.us) for further information and updates on the Company.
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.