{"id":380568,"date":"2020-11-12T21:09:43","date_gmt":"2020-11-13T02:09:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=380568"},"modified":"2020-11-12T21:09:43","modified_gmt":"2020-11-13T02:09:43","slug":"mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/","title":{"rendered":"McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">PHILADELPHIA<\/span> and <span class=\"xn-location\">FORT WASHINGTON, Pa.<\/span>, <span class=\"xn-chron\">Nov. 12, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0McKean Defense Group, Inc. (&#8220;<span class=\"xn-location\">McKean<\/span>&#8220;), a leading\u00a0Employee-Owned Life Cycle Management, Engineering, Enterprise Transformation, and Program Management business headquartered in <span class=\"xn-location\">Philadelphia, PA<\/span>, announced today that it has signed a definitive agreement to acquire Mikros Systems Corporation (OTCQB: MKRS) (&#8220;Mikros&#8221;), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, for approximately <span class=\"xn-money\">$4.6 million<\/span> in cash. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1326986\/McKean_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1326986\/McKean_Logo.jpg\" title=\"An Employee Owned Company (PRNewsfoto\/McKean Defense Group, LLC)\" alt=\"An Employee Owned Company (PRNewsfoto\/McKean Defense Group, LLC)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Under the terms of the agreement, <span class=\"xn-location\">McKean<\/span> will acquire all of the outstanding common stock of Mikros for cash payment of <span class=\"xn-money\">$0.13<\/span> per share via merger. \u00a0The boards of directors of both <span class=\"xn-location\">McKean<\/span> and Mikros have approved the transaction. The acquisition is expected to close in the first quarter of 2021, subject to customary closing conditions, including approval by Mikros&#8217; stockholders. <\/p>\n<p>Mikros brings cutting edge product and technology solutions that strongly compliment <span class=\"xn-location\">McKean&#8217;s<\/span> U.S. Navy portfolio. &#8220;<span class=\"xn-location\">McKean&#8217;s<\/span> maintenance engineers and modernization analysts have helped shape strategies for new ship programs and increasing the maintainability of the Surface Navy,&#8221; said <span class=\"xn-person\">Joseph Carlini<\/span>, Chief Executive Officer of <span class=\"xn-location\">McKean<\/span>. &#8220;With the added capabilities and skills from the Mikros acquisition, <span class=\"xn-location\">McKean<\/span> will strengthen our support to the Littoral Combat Systems (LCS) platform and add significant combat systems monitoring and diagnostic analytics to our strategic offerings.&#8221;<\/p>\n<p>\n        <span class=\"xn-person\">Paul Casner<\/span>, Chairman of the Board of Directors of Mikros, said &#8220;We ran a broad and comprehensive process, engaging with multiple potential buyers, and are pleased that the process culminated in a transaction that maximizes value for our stockholders. The combination of <span class=\"xn-location\">McKean<\/span> and Mikros strengthens both companies and provides the Navy with world class engineering and support.&#8221;\u00a0 <span class=\"xn-person\">Tom Meaney<\/span>, Chief Executive Officer of Mikros Systems, added &#8220;This transaction is a testament to our outstanding team of talented employees and the company they have built. We have grown Mikros from a small research organization into a prime Defense Contractor providing proprietary remote maintenance and monitoring solutions to the United States Navy. <span class=\"xn-location\">McKean<\/span> gives Mikros a much larger platform to expand our combat systems maintenance product lines with the U.S. Navy, while increasing reliability and reducing sustainment costs.&#8221;\u00a0 <\/p>\n<p>Stevens &amp; Lee, P.C. served as <span class=\"xn-location\">McKean&#8217;s<\/span> legal counsel.\u00a0 Mikros was advised in this transaction by Spouting Rock Capital Advisors, LLC, and received a fairness opinion from Guide Cap Partners, LLC.\u00a0 Fox Rothschild LLP served as Mikros&#8217; legal counsel.<\/p>\n<p>\n        <b>About <span class=\"xn-location\">McKean<\/span><br \/><\/b>McKean Defense is an 100% Employee Owned company with cutting edge engineers, developers, technical staff, programmers, analysts, and program managers who identify and deploy new shipboard technologies, integrate information technology across shipboard platforms, and develop strategies to support the Warfighter. McKean Defense&#8217;s employees create strategic solutions to help customers reach new levels of mission support and transform their organizations. More information is available at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980940-1&amp;h=1915395316&amp;u=http%3A%2F%2Fwww.mckean-defense.com%2F&amp;a=www.mckean-defense.com\" rel=\"nofollow noopener noreferrer\">www.mckean-defense.com<\/a>.<\/p>\n<p>\n        <b>About Mikros<br \/><\/b>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.\u00a0 Mikros&#8217; capabilities include technology management, electronic systems engineering and integration, radar systems engineering, command, control, communications, computers and intelligence systems engineering, and communications engineering.\u00a0 For more information on Mikros, please visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2980940-1&amp;h=297608954&amp;u=http%3A%2F%2Fwww.mikrossystems.com%2F&amp;a=www.mikrossystems.com\" rel=\"nofollow noopener noreferrer\">www.mikrossystems.com<\/a>.\u00a0<\/p>\n<p>\n        <b><br \/>\n          <i><br \/>\n            <span class=\"xn-location\">McKean<\/span> and\u00a0Mikros Forward-Looking Statements<\/i><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <i>This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts and may include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;intends&#8221;, &#8220;estimates&#8221;, &#8220;plans&#8221;, &#8220;will be&#8221; and similar expressions. Although <span class=\"xn-location\">McKean&#8217;s<\/span> and Mikros&#8217; management each believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of <span class=\"xn-location\">McKean<\/span> and Mikros, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, risks related to <span class=\"xn-location\">McKean&#8217;s<\/span> and Mikros&#8217; ability to complete the acquisition on the proposed terms or on the proposed timeline or at all, including risks related to the receipt of required Mikros stockholder approval, the possibility that other conditions to the completion of the acquisition may not be satisfied, the possibility that competing offers will be made, other risks associated with executing business combination transactions, disruption from the proposed acquisition making it more difficult to conduct business as usual or to maintain relationships with customers, employees, manufacturers, or suppliers, as well as other risks related to <span class=\"xn-location\">McKean&#8217;s<\/span> and Mikros&#8217; respective businesses. \u00a0While the list of factors presented here is representative, no list should be considered a statement of all potential risks, uncertainties or assumptions that could have a material adverse effect on the companies&#8217; respective financial condition or results of operations. The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in the public filings with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) made by Mikros, including those listed under &#8220;Risk Factors&#8221; and &#8220;Disclosure Regarding Forward-Looking Statements&#8221; in Mikros&#8217; annual report on Form\u00a010-K\u00a0for the year ended December\u00a031, 2019, and its other filings with the SEC. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, <span class=\"xn-location\">McKean<\/span> and Mikros do not undertake any obligation to update or revise any forward-looking information or statements.<\/i>\n      <\/p>\n<p>\n        <b>Additional Information for Mikros stockholders<\/b>\n      <\/p>\n<p>\n        <i>The proxy solicitation of holders of the outstanding shares of Mikros common stock referenced in this press release has not yet commenced. This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities, nor is it a solicitation of proxies or a substitute for the proxy materials that Mikros will file with the SEC. THE PROXY STATEMENT\u00a0WILL CONTAIN IMPORTANT INFORMATION. MIKROS STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE (AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME) BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF MIKROS SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE TRANSACTION DESCRIBED IN THIS PRESS RELEASE. The proxy statement will be made available for free at the SEC&#8217;s website at <a href=\"http:\/\/www.sec.gov\" rel=\"nofollow\">www.sec.gov<\/a>. Additional copies may be obtained by contacting Mikros.<\/i>\n      <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=PH90882&amp;sd=2020-11-12\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-301172496.html\">http:\/\/www.prnewswire.com\/news-releases\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-301172496.html<\/a><\/p>\n<p>SOURCE  McKean Defense Group, LLC<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=PH90882&amp;Transmission_Id=202011122106PR_NEWS_USPR_____PH90882&amp;DateId=20201112\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire PHILADELPHIA and FORT WASHINGTON, Pa., Nov. 12, 2020 \/PRNewswire\/ &#8212;\u00a0McKean Defense Group, Inc. (&#8220;McKean&#8220;), a leading\u00a0Employee-Owned Life Cycle Management, Engineering, Enterprise Transformation, and Program Management business headquartered in Philadelphia, PA, announced today that it has signed a definitive agreement to acquire Mikros Systems Corporation (OTCQB: MKRS) (&#8220;Mikros&#8221;), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, for approximately $4.6 million in cash. Under the terms of the agreement, McKean will acquire all of the outstanding common stock of Mikros for cash payment of $0.13 per share via merger. \u00a0The boards of directors of both McKean and Mikros have approved the transaction. The acquisition is expected to close in the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-380568","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire PHILADELPHIA and FORT WASHINGTON, Pa., Nov. 12, 2020 \/PRNewswire\/ &#8212;\u00a0McKean Defense Group, Inc. (&#8220;McKean&#8220;), a leading\u00a0Employee-Owned Life Cycle Management, Engineering, Enterprise Transformation, and Program Management business headquartered in Philadelphia, PA, announced today that it has signed a definitive agreement to acquire Mikros Systems Corporation (OTCQB: MKRS) (&#8220;Mikros&#8221;), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, for approximately $4.6 million in cash. Under the terms of the agreement, McKean will acquire all of the outstanding common stock of Mikros for cash payment of $0.13 per share via merger. \u00a0The boards of directors of both McKean and Mikros have approved the transaction. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/","og_locale":"en_US","og_type":"article","og_title":"McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation - Market Newsdesk","og_description":"PR Newswire PHILADELPHIA and FORT WASHINGTON, Pa., Nov. 12, 2020 \/PRNewswire\/ &#8212;\u00a0McKean Defense Group, Inc. (&#8220;McKean&#8220;), a leading\u00a0Employee-Owned Life Cycle Management, Engineering, Enterprise Transformation, and Program Management business headquartered in Philadelphia, PA, announced today that it has signed a definitive agreement to acquire Mikros Systems Corporation (OTCQB: MKRS) (&#8220;Mikros&#8221;), an advanced technology company specializing in electronic systems technology for advanced maintenance in military, industrial and commercial applications, for approximately $4.6 million in cash. Under the terms of the agreement, McKean will acquire all of the outstanding common stock of Mikros for cash payment of $0.13 per share via merger. \u00a0The boards of directors of both McKean and Mikros have approved the transaction. The acquisition is expected to close in the &hellip; Continue reading \"McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/","og_site_name":"Market Newsdesk","article_published_time":"2020-11-13T02:09:43+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1326986\/McKean_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation","datePublished":"2020-11-13T02:09:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/"},"wordCount":1097,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1326986\/McKean_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/mckean-defense-announces-signing-of-definitive-agreement-to-acquire-mikros-systems-corporation-2\/","name":"McKean Defense Announces Signing of Definitive Agreement to Acquire Mikros Systems Corporation - 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