Mikros Systems and Ocean Power Technologies to Exhibit New Ocean Powered Buoy

PRINCETON, N.J., Aug. 4 /PRNewswire-FirstCall/ -- Mikros Systems Corporation (OTCBulletinBoard: MKRS) , teamed with Ocean Power Technologies, Inc., completed an SBIR contract for a Phase I study for a communication buoy, self powered by ocean waves. The SBIR was sponsored by SPAWAR (Space and Naval Warfare Systems Command) and related to communications at speed and depth.

Mikros Systems and Ocean Power Technologies successfully completed an engineering study that proves small PowerBuoys(R) can generate sufficient energy from wind waves and low sea states. Both companies invested their own funds to design, build, and demonstrate in the ocean a prototype buoy based on the results of the study. The power output from this prototype exceeded the design goals of the project.

PowerBuoys(R) have the advantage of longer life in the water over those powered by batteries or diesel generators, in that they require less maintenance and do not need to be refueled periodically.

The company plans to market this new product, together with Ocean Power Technologies, to the US Navy, Coast Guard, and Department of Homeland Security. The company will exhibit the buoy at the Office of Naval Research Science and Technology Partnership Conference at the Wardman Park Hotel in Washington, DC on 12-14 August, 2008.

"This exposure to corporate and government executives provides us with a tremendous opportunity to showcase this new and original technology," said Thomas J. Meaney, President of Mikros.

About Mikros

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, combat/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 visit: www.mikros.us

About Ocean Power Technologies

Ocean Power Technologies (NASDAQ: OPTT) (London: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean, and environmentally-beneficial electricity. OPT has a strong track record in harnessing wave energy and participates in a $150 billion renewable energy market. The Company's proprietary PowerBuoy(R) system is based on modular, ocean-going buoys that capture and converts predictable wave energy into low-cost, clean electricity. The Company is widely recognized as the leading provider of on-grid and autonomous wave-energy generation with its energy systems benefiting from over a decade of in-ocean experience. OPT's technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

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 the forward-looking statements. Such factors include, but are not limited to, changes in business conditions, 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, statements of assumption underlying any of the foregoing, and other factors disclosed in our annual report on Form 10-KSB for the year ended December 31, 2007 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 to reflect events or circumstances after the date hereof.