Mikros Systems Announces $200,000 SBIR Contract Award to Focus on Facility Health Monitoring for U.S. Navy Buildings

PRINCETON, N.J., May 5, 2020 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS) announced today the receipt of a $200,000 Small Business Innovation Research (SBIR) Phase I contract for SBIR topic number N201-X02‑A02: "ADAPT - Naval Depot Modernization and Sustainment" with a focus area of "Facility Health Monitoring and Prioritization". This is a joint SBIR solicitation from NAVSEA Naval Shipyards, NAVAIR Fleet Readiness Centers (FRC), and USMC Logistics Command (MARCORLOGCOM).

Mikros Systems will develop a solution to collect data from critical building infrastructure systems including HVAC, mechanical systems, communication systems, chillers, pumps, electrical switchgear, seismometers and surveillance systems, as well as monitor energy usage data, water level data, and data from other critical infrastructure systems. The Phase I objective is to demonstrate proposed solution feasibility and Mikros Systems will be developing a limited scale system to illustrate the concept.

"This new award complements the Mikros MindR™ system, which was developed for commercial building management applications," said Jeffry McClenton, Lead Engineer for this effort.

This system can be expanded to include Navy facilities worldwide and provide critical infrastructure monitoring while complying with the stringent cybersecurity requirements of the Navy. "This Phase I award is a great opportunity to blend Mikros' commercial and Department of Defense business opportunities," said Lori Ogles, VP of Business Development and Programs.

"We see multiple future applications for this new technology across Navy and other DOD applications," said Tom Meaney CEO. "We have built our business on developing new technologies through the SBIR process and continue to work diligently to seek additional awards.  Many of the Phase I SBIR programs have ultimately led to large DOD procurement programs and we are very excited to assist the Navy in proving feasibility of this initiative."

About Mikros

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 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 position 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, the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, personnel, supply chain, Federal Government procurement process and the geographic markets in which we operate, 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, 2019 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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