SEE HOW THEY WORK TOGETHER
Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, October 17, 2007 — Mikros Systems Corporation announced today the receipt of its fourth Small Business Innovation Research contract award this year.
Mikros and team member Ocean Power Technologies Inc. (NASDAQ: OPTT) (“OPT”) were awarded up to $100,000 under a 2007 U.S. Navy SBIR Topic titled “Small Buoy for Energy Harvesting.” Mikros and OPT will collaborate in the design and development of a miniaturized, self-powered ocean buoy which can be deployed at sea for extended periods to support various on-board payload packages, such as network communications nodes. This communication package will allow submarines to communicate with the Battle Group while operating at speed and depth.
“We are pleased to report continued success in the SBIR program,” said Tom Meaney, President of Mikros. “This is a great opportunity for our team to develop an innovative new communications platform for the Navy.” Deborah Montagna, Vice President and General Manager for Government Systems at OPT, said “We believe OPT’s Autonomous PowerBuoy technology, combined with Mikros’s communications experience, will provide an innovative solution for new ocean-going networks and applications.”
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,Aeo primary business is to pursue and obtain contracts from the Department of Homeland Security, U.S. Navy, and other governmental authorities.-*
About Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company’s PowerBuoy-AE system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the Company’s proprietary technologies convert into electricity.
Mikros: Thomas J. Meaney-*609-987-1513
OPT:-* Deborah Montagna 609-730-0400, extension 221
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.