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Post# of 4327
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THE MICROCAPITALI$T

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Alias Born 10/31/2002

THE MICROCAPITALI$T

Re: None

Thursday, 05/20/2004 1:54:33 PM

Thursday, May 20, 2004 1:54:33 PM

Post# of 4327
MKRS .13...Post #1:

MKRS ...sometimes you have to just put the pieces together. First, this PR from Feb:
===http://biz.yahoo.com/prnews/040227/phf007_1.html

===Note this last sentence in the PR:
Mikros has also executed a memorandum of understanding with DRS Laurel Technologies of Johnstown, Pennsylvania for the proposed manufacture of the equipment for Phase III.

DRS trades on the NYSE at 26.24 and is a major defense supplier to the military.

===Now, from the 10q for 3-31-04:

In May 2002, the Company entered into a phase I
research contract with the Naval Surface Warfare Center
in Dahlgren, Virginia. This contract was designed to
help fund the development of a certain technology to
be utilized by the U.S. Department of Defense.
This contract provided for research funding of
approximately $100,000 in 2002 and 2003.

In November 2002, Safeguard Scientifics sold its
equity interests in MBC, 3D and the Company to Paul
G. Casner, Thomas Lynch, Thomas J. Meaney, Wayne E.
Meyer and Tom L. Schaffnit, each of whom is a
Director of the Company. Mr. Meaney also is President,
Chief Executive Officer and Chief Financial Officer
of the Company. Each of such individuals acquired
from Safeguard Scientifics (Delaware), Inc. 382,400
shares of the Company's Common Stock and warrants to
purchase 1,091,800 shares of Common Stock. In
January 2003, Messrs. Casner, Lynch, Meaney,
Meyer and Schaffnit each contributed the equity
interests of MBC and 3D to the capital
of the Company. Upon this contribution, MBC
and 3D became wholly owned subsidiaries of the Company,
and these subsidiaries were subsequently dissolved in
2003.

In 2003, the Company's only revenues were generated
from Phase I and II research contracts with the Naval
Surface Warfare Center in Dahlgren, Virginia. The Phase
II contract was entered into on August 8, 2003 and is
expected to continue through the first quarter of 2005.
The contract provided for initial research funding of
$150,000, which was later increased to $600,000. The
contract also provides for supplemental funding of
up to $150,000, at the option of the issuer. The Contract
is cost plus a fixed fee contract and the Company is
billing its actual costs on a bi-weekly basis. As of
March 31, 2004, the Company had billed $422,261
under this phase II contract.

===For the qtr MKRS had rev of $218,000 and net inc of $28,000 on 31m shares outstanding. Here is the last piece of the puzzle from the 10k...note the last sentence regarding going into production and remeber the agreement above w/DRS:

The Company's ability to continue as a going concern is dependent
upon its ability to generate sufficient cash flows to meet its
obligations as they come due. Management has pursued Small Business
Innovative Research (SBIR) contracts in order to generate cash flow,
while also allowing development of new potential products. For example
the Phase II Multiple Function Distributed Analysis Tool (MFDAT0 SBIR)
contract with the Naval Surface Warfare Center in Dahlgren, Virginia is
expected to continue through the first quarter of 2005. This Contract is
a cost plus fixed fee contract and the Company is billing its actual costs
on a bi-weekly basis, providing crucial cash flow. As a further result of
this SBIR work, the Company is currently in discussions with the U.S. Navy
for a sole source contract to complete the development and to begin the
production of the MFDAT test equipment.

===This is the system referred to in the PR in FEB:

The MFDAT is an intelligent, automated test tool designed to aid in the maintenance and alignment of complex electronic equipment such as DoD radars, FAA radars, and military and commercial communication systems. Mikros plans to develop and build several prototype MFDAT systems targeted for use with the AN/SPY-1A radar system on Aegis Guided Missile Cruisers.

The MFDAT development program began in May 2002 as a result of Mikros winning a competitively bid Small Business Innovation Research (SBIR) contract for Phase I. On August 8, 2003 the Company was awarded Phase II valued at approximately $600,000 with a $150,000 option. The Phase II contract will continue through fiscal year 2004.

It is anticipated that funding for the Phase III proposed contract with the Navy will come from an approximately $3M appropriation for the AN/SPY-1A readiness improvement authorized in the FY04 Congressional Bill. The Company is also in discussions regarding a $250,000 contract extension to the existing Phase II SBIR contract.

Mikros has also executed a memorandum of understanding with DRS Laurel Technologies of Johnstown, Pennsylvania for the proposed manufacture of the equipment for Phase III.

Mikros Systems Corporation is a high technology company focused upon the development

So....I would keep and eye on this dark horse. It just may turn into a payday, esp at .09 per sh for a possible production run as sole supplier.




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