PRINCETON, N.J., July 20, 2015 (GLOBE NEWSWIRE) -- Mikros Systems Corporation, (OTCQB:MKRS), a high-technology electronics company which designs and manufactures custom systems for defense applications, announced today that it has recently purchased certain software products, intellectual property and related assets from VSE Corporation. The primary software programs purchased by Mikros are the Prognostics Framework (PF) and Diagnostic Profiler (DP) programs.
The new software products provide Mikros with the opportunity to service commercial customers and additional Department of Defense customers outside the Navy. The Diagnostic Profiler software is used worldwide by several multinational companies for optimized maintenance of diverse product lines. Diagnostic Profiler is also used by the U.S. Air Force for depot test programs, and Prognostics Framework is used by the U.S. Army for several missile defense systems.
Tom Meaney, Mikros' President, stated, "We're already using Prognostics Framework in the ADSSS program for the Navy, and these products are an ideal complement to our smart sensors and condition-based maintenance (CBM) systems." Meaney continued, "We are excited about this software and believe that it will allow us to expand the range and applicability of our current CBM systems."
About Mikros Systems Corporation
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.
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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 our 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 failure of Congress to approve a budget or a continuing resolution, the termination of any contracts with the U.S. Government, continuation of the Federal automatic sequestration cuts, 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 inability to adequately integrate the newly purchased software into our business model, 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, 2014 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.