Record $48M Navy Contract Award for Mikros Systems
PRINCETON, N.J.- Mikros Systems Corporation (OTCQB: MKRS) announced today that it has received a major new multi-year contract award from the U.S. Navy for production, logistics support and future development of its ADSSS® (ADEPT® Distance Support Sensor Suite) Condition Based Maintenance (CBM) system for the Navy's Littoral Combat Ship (LCS). The prime award is an IDIQ contract (Indefinite Delivery, Indefinite Quantity) with a ceiling value of $48M. The LCS is the U.S. Navy's latest combat warship, and the contract covers the first eight ships of the 28-ship program.
"This is the largest contract Mikros has ever been awarded, and it's a breakthrough for our predictive maintenance systems and software," said Tom Meaney, Mikros President and CEO. "We are breaking new ground in our work with condition-based maintenance for combat systems on the LCS, and we are working actively to transition this technology and expand our business into new commercial and industrial markets. These commercial markets have so far shown an interest in the Mikros distance support technology for monitoring and maintenance of remotely located equipment."
Like all IDIQ contracts, funding will become available for work as it is identified and authorized by the Navy customer. The award establishes a contracting vehicle and a ceiling, and multiple delivery orders are expected over the next five years. By comparison, for the past six years Mikros has manufactured and enhanced its ADEPT product line under a $26M IDIQ contract first issued by the Navy in 2010. This contract is about to expire, but over the period of performance the Company executed numerous Delivery Orders representing over 95% of the funding ceiling. The new IDIQ contract supporting Mikros' ADSSS system began with a limited pilot effort that expanded to eight ships. Assuming that Congress appropriates additional funding, the program is anticipated to cover all 28 LCS ships.
Mikros 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 allow 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.
Source
Mikros Systems Corporation
Contact: Thomas J. Meaney - 609-987-1513
Web Site: http://www.mikrossystems.com
