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.

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SOURCE Mikros Systems Corporation

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