Mikros Systems Addresses Navy Funding for ADEPT Program
PRINCETON, N.J., Oct. 15, 2019 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS), a technology company specializing in electronic systems for advanced maintenance in military, industrial and commercial applications, addressed its recent announcement that the U.S. Navy has decided not to fund its ADEPT program for the 2020 fiscal year.
Development, production and sustainment of the ADEPT product line has been funded by the Navy since 2002. Over 200 ADEPT maintenance workstations have been delivered and used on Navy cruisers and destroyers to help maintain and optimize operation of the AN/SPY-1 radar, a key component of the Navy's Aegis combat system. There have also been two important spin-offs from the ADEPT program: ADSSS, the "SYM-3" Condition-Based Maintenance (CBM) system, now being installed on the Littoral Combat Ship (LCS), and a development program to extend the SYM-3 to the Navy's MK 99 Fire Control System. Neither of these SYM-3 programs is affected by this funding decision.
Mikros CEO Tom Meaney commented: "Last week we had some bad news and also some very good news from the Navy. On our flagship program, the SYM-3 CBM system, we received a new Delivery Order from the Navy in the amount of up to $15 million to continue development and LCS installations. We are actively growing the SYM-3 program for CBM applications on new equipment and new ship platforms, and we are confident that this recent order together with additional anticipated task orders under our $48 million IDIQ Contract with Naval Surface Warfare Center, Port Hueneme Division will help offset lost revenue from the ADEPT program in 2020. Our talented engineering staff continues to provide the highest level of the expertise and service to the United States Navy."
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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