Mikros Systems Corporation Continues To Fulfill US Navy Demand For ADEPT® Units; Seeks To Establish Additional Placements
PRINCETON, N.J., Feb. 6, 2013 /PRNewswire/ -- Mikros Systems Corporation (OTCBB: MKRS) announced today that it expects to deliver an additional 35 Adaptive Diagnostic Electronic Portable Testset (ADEPT®) Units to the US Navy during the first quarter of 2013. Upon fulfillment, Mikros will have delivered 139 ADEPTs to the Navy over the past five (5) years.
ADEPT units are manufactured in the Mikros Largo, FL facility. DRS Technologies performs initial build and assembly, with final assembly and testing being performed by Mikros under a $26M contract from the Naval Weapons Center in Crane, IN. Currently, each ship in the Aegis fleet is expected to have 2 ADEPT Units for support of the SPY- 1 radar. In addition to continuing the outfitting of the Aegis fleet of destroyers and cruisers, Mikros has contracts to supply ADEPT variants to the Littoral Combat Ship (LCS). This is a 55 ship program and Mikros' ADEPT equipment will be on the USS Freedom (LCS-1) when she sails on her first deployment. The LCS program represents a substantial new market for ADEPT Units. Mikros is also proposing to apply ADEPT to conditioned-based maintenance applications on other naval platforms, such as amphibious ships, carriers and submarines. Combined, these platforms have the potential to generate wide placement of ADEPT Units and multiple additional orders throughout the Navy.
The ADEPT equipment was designed in conjunction with the Naval Surface Warfare Centers in Crane, IN, Port Hueneme, CA, and Dahlgren, VA, over a seven year period. This investment in research and development is beginning to provide benefits to the US Navy in the areas of efficiency and readiness. In addition to supplying the ADEPT equipment directly to the fleet, Mikros personnel are providing training both onboard ship, and at the Aegis Training and Readiness Center (ATRC) in Dahlgren, VA. Mikros has two Navy trained Fire Controlmen doing the final assembly of the product in Largo, as well as providing training, calibration and other support services to the fleet. "The 20 years of at-sea experience that our young Navy veterans bring to the fleet is an invaluable contribution to the weapons systems readiness of the Aegis ships. We expect that once these systems are fully integrated into the entire Aegis Fleet, other ship classes and equipments in the Navy will follow suit," stated Thomas J. Meaney, President of Mikros.
The company has a number of other programs complementary to the ADEPT product line. We are under contract with the US Navy to develop a communications buoy that draws power from ocean waves and continuously charges the power supply, enabling a greatly expanded mission life. Mikros is teamed with Ocean Power Technologies of Pennington, NJ, who supply the ocean power take-off technology. Mikros is the systems supplier integrating the various power sources (waves, wind, solar) with radios and other technologies. It is anticipated that small buoys of this type with long mission lives could support various payloads such as sensors and communications for Navy war-fighting 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' 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 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 the 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, 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, 2011 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.
SOURCE Mikros Systems Corporation
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