PRINCETON, N.J., July 17, 2018 (GLOBE NEWSWIRE) -- Mikros Systems Corporation (OTCQB: MKRS), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, announced today that its board of directors has approved a stock repurchase program that will enable the Company to repurchase up to $250,000 of its common stock through June 30, 2020.
The share repurchases may occur from time-to-time through open market purchases at prevailing market prices or through privately negotiated transactions in accordance with applicable securities laws and other legal requirements. The Company expects to fund all purchases from existing cash balances and future cash flows from operations. The program allows the Company to repurchase shares at its discretion. The timing and extent to which the Company repurchases its shares will depend on a number of factors, including, but not limited to, market conditions, price, trading volume, corporate and regulatory requirements, alternative investment opportunities, and other economic conditions. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable securities laws and other legal requirements, may be suspended or terminated at any time without prior notice.
President Mark Malone said, “We are pleased to announce that the board has authorized a share repurchase program. We believe this reflects the board’s confidence in Mikros Systems’ financial strength, overall commitment to shareholders, and its long-term corporate strategy.”
About Mikros
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, 2017 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.
Source: Mikros Systems Corporation
CONTACT: Mark J. Malone - (609) 987-1513
