Mikros Systems Announces $5,000,000 New Production Contract Award

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Aug 27, 2014, 08:30 ET

PRINCETON, N.J., Aug. 27, 2014 /PRNewswire/ -- Mikros Systems Corporation, (OTCBB: MKRS), an advanced technology company specializing in the research and development of electronic systems for the Department of Defense, announced today the award of a major new production contract award valued at $5,000,000 for its ADEPT® equipment, used by the U.S. Navy to maintain advanced radar systems.

The Navy plans to purchase fifty-four (54) ADEPT units over the next year, for a total contract value of $5,000,000. These systems will be deployed on Navy "Aegis" destroyers and cruisers to support the AN/SPY-1 radar in air defense and ballistic missile defense missions. These systems will join the 130 ADEPT units already deployed and in everyday use by the Navy. This contract adds to the engineering backlog currently in place. Mikros' backlog is now at an all-time high of approximately $8,000,000. "We have been looking forward to this award for some time," said Mikros President Tom Meaney. "It's a major corporate milestone and validates all of the hard work we've done on ADEPT development. We are delighted that the Navy has chosen to move forward with ADEPT production."

The new contract is the first Full Rate Production contract for the third-generation ADEPT system. A low rate initial production (LRIP) run of three units was recently completed to validate the new design. The production systems will be assembled at the recently-expanded Mikros Manufacturing and Depot facility in Largo FL. Mark Laureigh, Mikros Director of Operations, who runs the Largo facility, said, "We are ready here in Florida to execute this contract. We are putting assembly and quality control systems in place to ensure on-time delivery of high-quality equipment to the Navy."

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, please visit: www.mikrossystems.com.

Source: Mikros Systems Corporation

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SOURCE Mikros Systems Corporation