PRINCETON, N.J., May 3, 2016 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS) announced today that the U.S. Navy and several of its commercial customers have recently signed new contracts and orders for continued support of Mikros hardware and software products.
Mikros produces advanced maintenance systems for the Navy, including the ADEPT Maintenance Automation Workstation and the ADSSS Condition Based Maintenance system for the Littoral Combat Ship. To date over 200 ADEPT systems, produced at the Company's Manufacturing and Depot Center in Largo FL, have been delivered to the Navy and are in daily use for performance optimization of advanced radar systems. This established production program continues to generate recurring revenues for logistics support of ADEPT, and the Navy has recently issued new Task Orders to Mikros to provide ongoing calibration, repair, training and engineering support services for the ADEPT systems deployed on Navy destroyers and cruisers.
Mikros also provides two software products, Prognostics Framework and Diagnostic Profiler, to several commercial and defense customers for "Condition Based Maintenance" in various industrial applications. These software products also generate recurring revenues when customers renew their software maintenance support contracts on a yearly basis. Recently, Hewlett Packard, Saab and Northrop Grumman have each renewed their maintenance agreements with Mikros.
"Together these orders for ongoing support of our products total just over $600,000, but their significance extends far beyond the immediate revenues," said Tom Meaney, Mikros President and CEO. "First, they represent a major vote of confidence from both our established Navy customer and our new commercial customers. Second, they indicate that there is significant potential for recurring revenue streams as we support both hardware and software products in real world applications. 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."
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.
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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.
SOURCE Mikros Systems Corporation