PRINCETON, N.J., Aug. 09, 2017 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB:MKRS) announced today that it has received additional funding
of $437,000 to provide engineering and technical support for its ADEPT (Adaptive Diagnostic Electronic Portable Testset) maintenance workstation product.
Currently, there are more than 180 ADEPT systems deployed by the U.S. Navy. This is the third funding increment received in 2017
under a previously announced three-year $11.5 million delivery order.
Year-to-date, Mikros Systems has received over $2.6 million in U.S. Navy funding to support production, engineering and
technical support of the ADEPT product line.
“We are proud to continue our 15-year partnership with the U.S. Navy to bring advanced maintenance capabilities to their mission
critical systems around the world,” commented Chuck Bristow, Mikros Systems Chief Operating Officer. “This funding order will
enable us to continue to promote ADEPT adoption into additional combat systems and ship classes.”
ADEPT is used by U.S. Navy cruiser and destroyers to maintain and optimize the performance of critical systems, including
advanced radars such as the AN/SPY-1 phased array radar used by the Aegis combat system.
Mikros Systems will support the 180 ADEPT systems currently deployed throughout the world from its Fort Washington, Pennsylvania
and Largo, Florida facilities.
Mikros Systems Corporation is an advanced technology company specializing in the development and production of electronic
systems technology for advanced maintenance in military, industrial and commercial 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, command, control, communications, computers and intelligence systems engineering, and
communications engineering. 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, 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, our ability to adequately integrate our new software offerings into our business model, our ability to market our
solutions to commercial customers, numerous other matters of national, regional and global scale, including those of a political,
economic, business and competitive nature, 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, 2016 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.
CONTACT: Thomas J. Meaney - (609) 987-1513