Mikros Systems Corporation Receives Additional Funding From The Department of the Navy5 March 2006
Mikros Systems Corporation (OTC Bulletin Board: MKRS.OB) is pleased to announce that it has received additional funding in the amount of $2.95M from The Department of the Navy for the continuation of the development and production of the ADEPT(TM) maintenance tool for Navy surface combatants. This modification will expand the application of ADEPT(TM) to include all Aegis ship variants for cruisers and destroyers. This market totals over 80 ships plus shore-based facilities. Future potential markets include foreign navies and other U.S. Navy ships. This maintenance and training tool allows Navy personnel to engage cutting-edge technology to reduce maintenance time and enhance skill levels of shipboard personnel.
ADEPT(TM) began as a U.S. Navy Small Business Innovation Research (SBIR) program in 2002, and over the course of development, Mikros has filed for three technology patents with the U.S. Patent & Trademark Office dealing with maintenance procedure automation and dynamic maintenance personnel training. Mikros expects to be filing additional patents in the near future.
The first two production units are now in qualification testing, and an additional four units are scheduled for completion in April. These additional units will be delivered to the U.S. Navy for shore-based and shipboard testing and evaluation.
The Company also has been notified by the Navy that it has been selected for a Phase II SBIR contract award to continue its research and development into the potentially detrimental interaction between commercial Wireless Local Area Networks (e.g., Wi-Fi) and U.S. Navy radar systems. Under the SBIR topic entitled Radar Wireless Spectral Efficiency (RWSE), Mikros will be evaluating the introduction of Wi-Fi networks onboard U.S. Navy carriers and developing a CVN Wi-Fi network planning tool.
The public is encouraged to view the Mikros Web site (http://www.Mikros.us ) for further information and updates on the Company.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets.
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding technology under development, strategies and objectives. The forward-looking statements include risks and uncertainties, including, but not limited to, the anticipated size of and growth in the markets for the Company's products, the trends favoring the use of the Company's proposed commercial products, the anticipated demand for the Company's new products, the timing of development and implementation of the Company's new product offerings, the utilization of such products by the Company's clients and trends in future operating performance, and other factors not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Source: prnewswire
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