Mikros Systems Announces $4.7 Million Award to Expand the AN/SYM-3 System on the Littoral Combat Ship and Extend to Additional Navy Systems and Ships
17 April 2020
Mikros Systems Corporation, a technology company specializing in electronic systems for advanced maintenance in military, industrial and commercial applications, announced today $4.7 million of additional funding from the U.S. Navy to expand its flagship AN/SYM-3 program to additional LCS systems, new combat systems, and two new ship classes.
The new funding was part of the third Delivery Order awarded under Mikros' long-term Indefinite Delivery Indefinite Quantity (IDIQ) contract with the Navy's Port Hueneme Division. The previously announced delivery order has a ceiling of $21 million. The funding will provide for continuing installations on Littoral Combat Ships (LCSs) and development of Condition Based Maintenance (CBM) solutions for aircraft carriers and "big deck" amphibious ships. The SYM-3 CBM system is currently used on the LCS Class to monitor key combat system equipment. It operates 24/7 and reports performance data back to shore over secure data links for analysis by the Navy In-Service Engineering Agents (ISEAs) at Port Hueneme and other locations throughout the world.
"Expanding and extending our SYM-3 program is a key component of our corporate strategic growth plan," said Lori Ogles, Mikros VP of Programs and Business Development. "The system has now been installed on both the Freedom and Independence variants of the LCS, for a total of five ships, with one installation in process. This new funding will cover installations on additional ships and expansion of the SYM-3 to monitor additional target equipment on each ship. The expanded version of the SYM-3 will monitor several new shipboard systems, including tactical computer networks, gun systems, and a new generation of radar equipment for future installations." More than half of the new funding received is devoted to LCS applications of the SYM-3.
"It's a big vote of confidence in Mikros that the Navy has decided to apply our AN/SYM-3 System to another critical weapons system, the NATO Seasparrow Surface Missile System, which is installed on two other ship classes," added Mikros President Chuck Bristow. "This gives us a great opportunity to expand deployments of the system and demonstrate its value across three different ship types and multiple combat systems."
Mikros works closely with the Navy's Subject Matter Experts for each new target system to design and implement these new capabilities. Installed SYM-3 systems continue to provide critical information and deliver value to the US Navy. The system has detected and helped to avert problems with shipboard combat systems, illustrating the benefits of deploying CBM capabilities.
About Mikros Systems
Mikros Systems Corporation 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 software offerings into our business model, our ability to market our solutions to commercial customers, the duration and severity of the current coronavirus COVID-19 pandemic and its effect on our business operations, personnel, and the geographic markets in which we operate, and 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, 2019 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.