Mikros Systems Announces Delivery Order of up to $6 million for Advanced Maintenance Systems on Two New Ship Platforms
PRINCETON, N.J., Nov. 13, 2019 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS), a technology company specializing in electronic systems for advanced maintenance in military, industrial and commercial applications, announced today that it was awarded a new Delivery Order under its ADEPT Distance Support Sensor Suite (ADSSS) IDIQ (Indefinite Delivery Indefinite Quantity) contract with the U.S. Navy. The Delivery Order of up to $6 million covers development of a new variant of the AN/SYM-3 Condition-Based Maintenance (CBM) system and installation of the new CBM system on two additional ship classes; the Aircraft Carriers (CVN class) and the "Big Deck" Amphibious Assault Ships (LHD/LHA class). This SYM-3 system has already been installed on the Littoral Combat Ship (LCS).
"We are very pleased to report that Mikros has been awarded this new Delivery Order as Design Agent for the Navy's AN/SYM-3 system. This substantial order extends the system to two additional classes of Navy ships," said Lori Ogles, Mikros Senior Program Manager. "This program will ensure that we continue to enhance the design and effectiveness of the system, and gives us the opportunity to prove its value on other Navy platforms."
The SYM-3 system provides remote status monitoring, secure networking, and data analytics for the key components of the ship's Combat System, including sensors and weapons systems. The system provides near real-time feedback on system performance and analyzes data to establish trends and anticipate failures.
Mikros CEO Tom Meaney added, "Extending the SYM-3 system to other ship classes has been an important strategic goal of ours since we started the ADSSS program in 2013. This important order is the result of our substantial experience in developing remote monitoring and condition- based maintenance solutions for the United States Navy over the past six years. There are many other Navy systems and ships where Condition-Based Maintenance capabilities are planned. Extending the program into two new ship classes represents a monumental achievement and provides Mikros with an opportunity to generate multiple additional task orders under our existing IDIQ contract and grow our business. We are working diligently to develop new applications for the SYM-3, which provides a cyber-secure environment for remote monitoring and data analytics and helps keep the ship and its systems ready to fight."
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.
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