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Mikros Systems Announces Key New Hires and Promotions to Support Growth

PRINCETON, N.J., Nov. 16, 2017 /PRNewswire/ -- Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, recently announced several changes and additions to its leadership team and product operations to drive continued growth. As previously announced, Mark Malone has been named President of Mikros Systems, effective November 1, 2017. In addition, the following appointments have been made:

  • Peter Snyder, formerly Mikros director of Systems Engineering, has been promoted to Vice President of Engineering. In this role he will provide technical and managerial oversight of all engineering departments and product development activities. Snyder is a 15-year veteran of the aerospace and defense industry and has worked at Mikros since 2014.
  • Bix Goodwin, formerly Mikros director of Business Development, has been promoted to Vice President of Navy Programs. He is a 30-year veteran of the aerospace and defense industry and has worked at Mikros for six years.
  • Mark Laureigh has been named Program Manager for the Adaptive Diagnostic Electronic Portable Testset (ADEPT®) product line. He will also continue to serve as director of Operations for Mikros' manufacturing facility in Largo, Florida. Prior to joining Mikros in 2006, Laureigh served as Master at Arms MA1(SW) in the U.S. Navy.
  • Neal Gerhart has been hired as a Senior Systems Engineer focusing on embedded software development and systems integration. Gerhart has more than 20 years of experience in the field.
  • Jeffry McClenton has been hired as a Senior Software Engineer focusing on software development of Mikros' condition-based maintenance solution for commercial customers. McClenton has 31 years of software engineering experience.
  • Daniel Dowlin has been hired as a Senior Test Engineer focusing on verifying critical system requirements for Mikros Systems products, and he has over 17 years of engineering experience.

Over the last 18 months, Mikros Systems has announced more than $80 million in Indefinite Delivery, Indefinite Quantity (IDIQ) contracts with the U.S. Navy. Additionally, in August, Mikros announced a Memorandum of Understanding with Elliott-Lewis Corporation to offer military-grade, cybersecure technology to enable remote monitoring and predictive maintenance for commercial building management. Currently, Mikros has two active pilot systems underway.

On Wednesday, Mikros Systems announced that its year-to-date revenues increased 60% to over $5 million, and its year-to-date net income increased six fold over 2016 results.

As Mikros has added to its sales backlog over the last 18 months, it has more than doubled its employee count adding new employees in every department from business development and accounting, to highly skilled technical areas such as software and systems engineering.

To accommodate this growth, Mikros has increased the size of its headquarters in Fort Washington, Pa. by over 70 percent.

"These strategic hires and organizational changes position Mikros to meet and exceed the needs of our valued customers and better align our talent and investment strategy," said Chief Executive Officer Tom Meaney. "With more than $80 million in long-term U.S. government IDIQ contracts and opportunities to transition our military-grade technologies into commercial markets, these appointments put the right people in the right roles to drive continued business growth."

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.

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, 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.

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SOURCE Mikros Systems Corporation