Mikros Systems Corp. (OTCQB: MKRS) is engaged as an advanced technology provider, which specializes in electronic technology systems, advanced military maintenance, intelligence systems, and more. Shares of the advanced technology company are rallying 8.51%, through afternoon trading on Monday, June 12, 2017. Over the past month, Mikros Systems Corp. has seen average daily volume of 41,965 shares. However, volume of 191,697 shares or dollar volume of $97,765, has already exchanged hands on Monday.
Shares of Mikros Systems Corp. are gaining today, after the company announced that it has been awarded a second U.S. Navy contract to upgrade the company’s ADSS (ADEPT Distance Support Sensor Suite) products. The new contract helps increase existing funding from $1.5 million to $2 million. Here is the full press release detailing of the ADSSS maintenance technology upgrades:
Mikros Systems Corp. Press Release:
PRINCETON, N.J., June 12, 2017 (GLOBE NEWSWIRE) — Mikros Systems Corp.(OTCQB:MKRS) announced today that it has received a second contract from the United States Navy for development of a new upgrade to Mikros’ ADSSS® (ADEPT Distance Support Sensor Suite) product line. The new award increases existing funding from $1.5 million to $2 million.
The new variant of the Company’s flagship Condition Based Maintenance (CBM) product will be applied to the Navy’s AN/SPG-62 radar, part of the mission-critical MK 99 Fire Control System. This will be the first time Mikros CBM technology, first introduced on the Littoral Combat Ship (LCS), has been applied to the Navy’s Aegis Weapons System in the surface combatant fleet. Over 300 radars are currently installed on Navy cruisers and destroyers.
Mikros develops and manufactures advanced maintenance systems for the Navy, including the ADEPT® (Adaptive Diagnostic Electronic Portable Testset) Maintenance Automation Workstation and ADSSS. ADSSS is a network-based system which collects maintenance data in real-time to detect and predict failures in complex distributed systems, such as radars and other Navy combat system elements. Early detection and prediction of faults is critical to maintaining weapons system readiness.
In April, Mikros received a $1.5 million contract from the Navy to extend the capabilities of the ADSSS system to support the MK 99. The new award is a Small Business Innovation Research (SBIR) contract which provides an additional $500,000 to further support this effort.
“Working with the United States Navy to customize our ADSSS condition based maintenance solution for use on the Aegis surface combatant fleet marks an important milestone for Mikros Systems,” said Henry Silcock, Mikros Chief Technology Officer. “Extending our product and service offerings to additional combat systems and ship classes is a critical element of our long term strategic plan and this new contract provides an excellent opportunity for us to prove the value of our condition based maintenance system to another ship class.”
Mikros Systems Corp. 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 new 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, 2016 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.