Mikros Systems Announces Over $5,000,000 in New Contract Awards and Launches New Website
PRINCETON, N.J., Aug. 30, 2016 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS) announced today that it has received several new contract awards and launched a new corporate website to support continuing future growth.
Mikros produces advanced maintenance systems for the Navy, including the ADEPT® (Adaptive Diagnostic Electronic Portable Testset) Maintenance Automation Workstation and the ADSSS® (ADEPT Distance Support Sensor Suite) Condition Based Maintenance (CBM) system for the Littoral Combat Ship.
In March and April of 2016, Mikros received multiple awards under its existing Indefinite Delivery Indefinite Quantity (IDIQ) contract to perform ADEPT Initial System Familiarization (Training) and General Engineering Support totaling $400,000. In April, two more contracts were awarded – a repair contract in the amount of $135,000 to support the deployed ADEPT units, and a follow on contract for LCS3 ADSSS Support on the USS Fort Worth (LCS 3), in the amount of $116,000.
Most recently, in June and July 2016 the Company received two contract modifications for additional funding on its ADSSS Contract Number N00024-13-C-4545 totaling $4,650,335. These modifications will cover final development, testing and installation of the production ADSSS systems on the first eight Littoral Combat Ships.
"Together, these orders for ongoing development and production of our products total in excess of $5,000,000. They include continuing logistics support for the more than 200 ADEPT units currently deployed by the United States Navy , as well as funding the first production units of our new ADSSS baseline system to equip the first eight Littoral Combat Ships," said Tom Meaney, Mikros President and CEO. "We have now successfully transitioned both of our major hardware product lines from the original development under the Small Business Innovation Research program to production of fully-qualified units for deployment. We thank our current customers for their continuing support, and believe that life-cycle support of our product lines will continue to be a successful and profitable enterprise."
The Company also recently launched a new corporate website at www.mikrossystems.com, which provides comprehensive information about all Mikros hardware and software offerings, including several examples of successful applications. The site's interactive features will provide continuing communication with existing and prospective customers, and will feature periodic newsletters to keep everyone informed of the Company's progress.
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, 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, 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, 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, 2015 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.
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SOURCE Mikros Systems Corporation
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