PRINCETON, N.J., June 3, 2014 /PRNewswire/ -- Mikros Systems Corporation, (OTCBB: MKRS), an advanced technology company specializing in the research and development of electronic systems for the Department of Defense, announced today the recent award of several new defense contracts.
Mikros develops and manufactures specialized test and maintenance equipment for the U.S. Navy, including the ADEPT test workstation and the network-based ADSSS system for Condition Based Maintenance (CBM). The new contracts include a total of four new awards – two to support and improve the Company's flagship ADEPT product line, and two to upgrade the ADSSS system for the Navy's new Littoral Combat Ship (LCS).
The two ADEPT awards provide funding for continued training of Navy personnel and a new development effort to upgrade ADEPT instrumentation functions for data acquisition.
Under a new ADSSS contract, Mikros will design a new portable maintenance device for shipboard use, working closely with the Naval Ship Systems Engineering Station (NAVSSES) office in Philadelphia. The second ADSSS award funds the installation of CBM equipment on the USS Fort Worth (LCS 3) and continued shipboard testing. This "Pilot Program" extends the Mikros' pilot installation of ADSSS on the USS Freedom (LCS 1), a project that was described by Mikros' Navy customer as "completely successful".
The total value of the new contracts is approximately $975,000, to be funded over the next two years. Mikros President Tom Meaney said, "We are delighted that the Navy has continued to support the LCS Condition Based Maintenance program. Our goal is that these projects will transition into production orders after the initial sea tests of this new ADSSS system which are currently planned for next year. We continue to make excellent progress in 2014 and expect that these new development projects and production orders, will provide a firm foundation for continued growth over the next few 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, please visit: www.mikrossystems.com
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 or implied by such 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, significant delays or reductions in appropriations for our projects, continuation of the Federal automatic sequestration cuts, 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, 2013 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.
Logo - http://photos.prnewswire.com/prnh/20120601/PH16889LOGO
SOURCE Mikros Systems Corporation