Press Release 16 April 2003

 

Mikros Systems Corporation Announces Additional Funding

PRINCETON, N.J., April 16, 2003 /PR Newswire-FirstCall/ -- Mikros Systems Corporation (BULLETIN BOARD: MKRS) announced today that it has received $30,000 in additional funding from the Naval Surface Warfare Center for the continuation of the development of the Multiple Function Distributed Analysis Tool (MFDAT) under its Small Business Innovative Research contract. Additionally, the Company has been selected by the Navy to submit its proposal for a continuing Phase II contract.
 

The MFDAT is an intelligent, automated test tool to aid in the maintenance and alignment of complex electronic equipment such as Department of Defense radars, FAA radars, and military and commercial communication systems. The Phase II proposal submitted 10 March 2003, for the development of several prototype MFDAT systems intended for use with the AN/SPY-1A radar on Aegis Guided Missile Cruisers. The MFDAT has the potential to significantly reduce the maintenance downtime while increasing alignment accuracy yielding higher readiness and performance for the AN/SPY-1 radar system. The value of the proposal is $750,000.
 

The Company's latest 10K-SB was filed on March 31, 2003.
 

The public is encouraged to view the Mikros website (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 and commercial markets.

Source: Mikros Systems Corporation

CONTACT: Thomas J. Meaney - (609) 987-1513

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.

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