Mikros Systems Corporation Awarded $2.1 Million Delivery Order for the Adaptive Diagnostic Electronic Portable Testset (ADEPT)
PRINCETON, N.J., Sept. 20, 2011 /PRNewswire/ -- Mikros Systems Corporation (OTCBB: MKRS) announced today a new order from the U.S. Navy for additional research, development, and support of Adaptive Diagnostic Electronic Portable Testset (ADEPT). Under the terms of the order, Mikros will provide engineering assistance to extend ADEPT capabilities and technical support during installation of the systems on U.S. Navy ships over the next 2 years.
"Our customers realize the benefits ADEPT brings to radar systems maintenance and continue to request our support in expanding use of the system throughout the U.S. Navy," states Tom Meaney, Mikros' President. "This contract award also provides a great platform to grow ADEPT capabilities in support of other electronic systems used by the U.S. Navy."
A 5-year $26 million IDIQ contract was awarded to Mikros in March 2010 for procurement of ADEPT systems and engineering services required for system enhancements, logistics, and field support. The company anticipates annual orders of $4-5 million under this contract for additional systems and engineering support from the U.S. Navy.
About Mikros
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 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 the 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, 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, 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, 2010 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 to reflect events or circumstances after the date hereof.
SOURCE Mikros Systems Corporation
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