Press Release 23 May 2005

 

Mikros Systems Corporation Announces  2005 First Quarter Results

Mikros Systems Corporation (OTCBB: MKRS), Princeton, New Jersey, May 23, 2005 --  Mikros Systems Corporation is pleased to report the results for the quarter ended March  31, 2005.  The Company’s revenues were $355,413 with net income of $30,814 compared to $218,440 in revenues for the period ended March 31, 2004 with a net income of  $28,604.

These revenues were derived from two contracts with the U.S. Navy.  In September 2004, the Company was awarded an SBIR Phase III contract from the Naval Surface Weapons Center, Dahlgren Division, Dahlgren, VA, valued at approximately $2,400,000. The contract is to complete the development and to begin initial production of an intelligent test tool for naval radars.  The Adaptive Diagnostic Electronic Portable Testset (ADEPT^®) has been designed by the Company under a $1,000,000 SBIR Phase II contract, which began in August 2003.  This Phase II contract will be complete in 2005 with follow-on development and production being completed under the Phase III contract.  Under the SBIR regulations, Mikros will retain exclusive intellectual property rights to the new design for five years after the completion of the current Phase III contract or any follow-on contracts.

ADEPT  is initially targeted for deployment aboard US Navy Ticonderoga (CG-47) and Arleigh Burke (DDG-51) class warships.   The limited production equipment being developed has been tested at the Naval facility at Wallops Island, Virginia and at the Aegis Training & Readiness Center at Dahlgren, Virginia on the  AN/SPY-1A radar system.  We also recently conducted an interim design review at the Naval facility at Dahlgren with Navy and contractor personnel. We are in the process of setting up a  return visit to Dahlgren in August 2005 to demonstrate ADEPT to fleet representatives as the next step toward ADEPT shipboard operational evaluation. 

Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets. 

The public is encouraged to view the Mikros website (www.Mikros.us) for further information and updates on the Company.

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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