Mikros Systems Corporation (OTCQB: MKRS) is a developer and marketer of electronic system technology for defense and military use; primarily to the United States government and U.S. defense companies. Micros Systems Corporation has rallying nearly 56% during afternoon trading on Tuesday, September 6, 2016. With today’s gains, the defense technology company has seen its shares rally 71% over the past two trading sessions.
Over the past month, Mikros Systems Corporation has experienced average daily volume of 18,025 shares. However, nearly 382,700 shares or dollar volume of $80,367, has already exchanged hands through afternoon trading Tuesday.
Shares of Mikros Systems Corporation have been soaring since the company released a corporate update on August 30, 2016. The corporate update announced Mikros Systems Corporation had received $5 million in new contract awards and announcement of a new website launch. Here is the press release that has help sparked the rally in Mikros shares:
Micros Systems Corporation Press Release:
PRINCETON, N.J., Aug. 30, 2016 /PRNewswire/ — Mikros Systems Corporation (MKRS) announced today that it has received several new contract awards and launched a new corporate website to support continuing future growth.
Mikros produces advanced maintenance systems for the Navy, including the ADEPT® (Adaptive Diagnostic Electronic Portable Testset) Maintenance Automation Workstation and the ADSSS® (ADEPT Distance Support Sensor Suite) Condition Based Maintenance (CBM) system for the Littoral Combat Ship.
In March and April of 2016, Mikros received multiple awards under its existing Indefinite Delivery Indefinite Quantity (IDIQ) contract to perform ADEPT Initial System Familiarization (Training) and General Engineering Support totaling $400,000. In April, two more contracts were awarded – a repair contract in the amount of $135,000 to support the deployed ADEPT units, and a follow on contract for LCS3 ADSSS Support on the USS Fort Worth (LCS 3), in the amount of $116,000.
Most recently, in June and July 2016 the Company received two contract modifications for additional funding on its ADSSS Contract Number N00024-13-C-4545 totaling $4,650,335. These modifications will cover final development, testing and installation of the production ADSSS systems on the first eight Littoral Combat Ships.
“Together, these orders for ongoing development and production of our products total in excess of $5,000,000. They include continuing logistics support for the more than 200 ADEPT units currently deployed by the United States Navy , as well as funding the first production units of our new ADSSS baseline system to equip the first eight Littoral Combat Ships,” said Tom Meaney, Mikros President and CEO. “We have now successfully transitioned both of our major hardware product lines from the original development under the Small Business Innovation Research program to production of fully-qualified units for deployment. We thank our current customers for their continuing support, and believe that life-cycle support of our product lines will continue to be a successful and profitable enterprise.”
The Company also recently launched a new corporate website at www.mikrossystems.com, which provides comprehensive information about all Mikros hardware and software offerings, including several examples of successful applications. The site’s interactive features will provide continuing communication with existing and prospective customers, and will feature periodic newsletters to keep everyone informed of the Company’s progress.
Mikros Systems Corporation is an advanced technology company specializing in the research and development of electronic systems technology primarily for military 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. Mikros’ primary business is to pursue and obtain contracts from the Department of Homeland Security, U.S. Navy, and other governmental authorities. For more information on Mikros, please visit: www.mikrossystems.com.