Mikros Systems Corporation Announces that Chuck Bristow has Been Named President and Chief Operating Officer

PRINCETON, N.J., March 2, 2020 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, announced today that Walter T. (Chuck) Bristow has been appointed President and Chief Operating Officer, effective immediately. Mr. Bristow fills a vacancy in the position of President resulting from the resignation of Mark Malone.

Mr. Bristow will report to Tom Meaney, the Company's Chief Executive Officer, and be responsible for all day-to-day operations, including contract administration, programs, and engineering.   

"Chuck is a proven executive with substantial engineering, product development and project management experience," said Meaney.  "He has been with Mikros since 2003 and has been instrumental in the development and production of our proprietary condition-based maintenance solutions upon which we have built our defense business.  His intimate knowledge of our current offerings, personnel and customer base made him the ideal candidate to succeed Mark Malone as we continue to pivot towards our ADSSS/SYM-3 program and securing multiple new SBIR grants in the fast growing fields of remote monitoring and augmented reality." 

Mr. Malone will provide strategic planning and executive management services to Mikros on a consulting basis for a three-month period and will continue to serve as a director of Mikros. Tom Meaney commented, "We thank Mark for his substantial contributions to our business.  During his tenure, we expanded operations, moved into commercial markets, and built a world class engineering staff.  He leaves behind a much stronger organization which is well suited to execute our growth plan.  We look forward to working with Mark during this transition period and wish him the best in his future endeavors."  

Separately, Mikros announced that Lori Ogles has been promoted to Vice President Business Development and Programs.  Ms. Ogles has been with Mikros since 2016, most recently serving as Senior Program Manager.  In her expanded role, Ms. Ogles will manage all commercial and DoD business development and program development efforts. 

"Lori is an indispensable member of our team.  She has effectively managed the very important SYM-3 program which recently resulted in us securing a $21 million delivery order.  Lori has the skills, drive and contacts to expand our existing programs, generate new DoD business, and accelerate the expansion into commercial markets."

Bristow stated, "Having spent the better part of my career with Mikros, I am honored to be named President.  I have worked closely with Tom since we began this journey into remote monitoring and condition-based maintenance and am very excited about the future of the company.  I look forward to working with our talented engineers, program managers, and the rest of the Mikros team to build on our past successes to be the very best small business defense contractor focused on remote monitoring and prognostics and create value for our shareholders."

About Mikros Systems

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 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, 2018 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.

SOURCE Mikros Systems Corporation

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http://www.mikrossystems.com