Mikros Systems Corporation Announced Today an Investor Group Has Purchased Safeguard Scientifics Equity Interest in the Company
PRINCETON, N.J., Jan. 13 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTC Bulletin Board: MKRS) announced today that an investor group has purchased Safeguard Scientifics Corporation's equity interest in the Company. The investor group, comprised of Mikros corporate directors, purchased 1,912,000 shares of Mikros Common Stock from Safeguard Scientifics Corporation. Also included in the transaction were warrants to purchase 2,388,000 shares of Mikros stock at $0.65 and 3,071,000 shares at $0.78 per share. These common shares and warrants were issued to Safeguard in November 1996 in return for its investment of $1 million in Mikros Systems Corporation.
Mikros Systems Corporation is a high technology company focused upon the development and application of new technologies in the defense industry and commercial markets. The Company teamed with Anteon Corporation and was selected for a Small Business Innovative Research (SBIR) award with the Naval Sea Systems Command in May 2002. This SBIR project uses the AN/SPY-1A Radar installed on Aegis cruisers as a test bed to develop standardized test equipment and testing processes. The project uses contemporary computer program techniques to provide the foundation for better methods of system maintenance, alignment, fault detection and isolation. The long-term goals for this project include reducing maintenance time while raising system reliability and allowing more effective use of shipboard technicians. Mikros has already successfully completed the Phase 1 SBIR Contract and is presently awaiting the Navy's decision to proceed to Phase 2.
Tom Meaney, President of Mikros, said, "The successful completion of the Phase 1 SBIR Contract demonstrates our Company's continuing ability to identify and develop innovative technologies for defense industry applications. The investment in our Company by the Board members reflects their ongoing commitment to our current strategy of building a core of highly specialized people to support the government business sector, as well as related technological developments in the commercial sector. The SBIR success shows that we can grow effectively within the government business sector. If we can also successfully leverage such innovative technologies from the defense sector into the commercial marketplace, as planned, this could allow our growth rate to accelerate."
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding technology under development, strategies and objectives. The forward-looking statements include risks and uncertainties, including, but not limited to, the anticipated size of and growth in the markets for the Company's products, the trends favoring the use of the Company's proposed commercial products, the anticipated demand for the Company's new products, the timing of development and implementation of the Company's new product offerings, the utilization of such products by the Company's clients and trends in future operating performance, and other factors not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements made herein are only made as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE Mikros Systems Corporation
CO: Mikros Systems Corporation; Safeguard Scientifics Corporation
ST: New Jersey
SU: TNM
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01/13/2003 09:01 EST |
