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Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, March 2, 2006 – Mikros Systems Corporation is pleased to announce that it has received additional funding in the amount of $2.95M from The Department of the Navy for the continuation of the development and production of the ADEPT(R) maintenance tool for Navy surface combatants. This additional funding was awarded as a modification to the Company’s existing ADEPT SBIR Phase III contract increasing the total contract value to $5.35 million. This modification will expand the application of ADEPT to include all Aegis ship variants for cruisers and destroyers. This market totals over 80 ships plus shore-based facilities. Future potential markets include foreign navies and other U.S. Navy ships. This maintenance and training tool allows Navy personnel to engage cutting-edge technology to reduce maintenance time and enhance skill levels of shipboard personnel.
ADEPT began as a U.S. Navy Small Business Innovation Research (SBIR) program in 2002, and over the course of development, Mikros has filed for three technology patents with the U.S. Patent & Trademark Office dealing with maintenance procedure automation and dynamic maintenance personnel training. Mikros expects to be filing additional patents in the near future.
The first two production units are now in qualification testing, and an additional four units are scheduled for completion in April. These additional units will be delivered to the U.S. Navy for shore-based and shipboard testing and evaluation.
The Company also has been notified by the Navy that it has been selected for a Phase II SBIR contract award to continue its research and development into the potentially detrimental interaction between commercial Wireless Local Area Networks (e.g., Wi-Fi) and U.S. Navy radar systems. Under the SBIR topic entitled Radar Wireless Spectral Efficiency (RWSE), Mikros will be evaluating the introduction of Wi-Fi networks onboard U.S. Navy carriers and developing a CVN Wi-Fi network planning tool.
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 industry and commercial markets.
Source: Mikros Systems Corporation
CONTACT: Trish Kapp (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.