Kraken Sonar Delivers Deep-Sea Sonar System to Fraunhofer Institute

Kraken’s 6000m AquaPix® Sonar to Be Integrated Into Fraunhofer IOSB’s DeDAvE Autonomous Underwater Vehicle Program ST. JOHN’S, NL–(Marketwired – March 25, 2015) – Kraken Sonar Inc. (TSX VENTURE: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc., has delivered a deep-sea rated Interferometric Synthetic Aperture Sonar (INSAS) system to Germany’s Fraunhofer Institute for Optronics, System Technology and Image Exploitation (IOSB). Fraunhofer is the leading organization for applied research in Europe. Under the terms of the contract, Kraken has successfully designed, engineered and delivered a 6,000m depth rated AquaPix® MINSAS sonar system that will be integrated into Fraunhofer IOSB’s DeDAvE program. The AUV DeDAvE has been under development from 2013-2015 to create a versatile and compact vehicle that is easier to handle than existing systems while providing more space for payloads and fast turn-around times. DeDAvE is able to operate in ocean depths of 6,000 meters. DeDAvE is equipped with state-of-the-art sensor…

Kraken Sonar grants options to buy 2.16 million shares

ST. JOHN’S, NL–(March 17, 2015) – Kraken Sonar Inc. (TSX VENTURE: PNG) (“Kraken” or “the Company”) announces that, subject to regulatory approval, it has granted a total of 2,160,000 options (the “Options”) to directors, officers and consultants of the Company to purchase common shares of the Company in accordance with its stock option plan. The options are exercisable at a price of $0.25 per common share and expire 3 years from the date of vesting. 10,000 of the Options vest immediately; 250,000 of the Options vest as follows: 3/12 immediately, 1/12 after 3 months from the date of grant, 1/3 after 12 months from the date of grant, and 1/3 after 24 months from the date of grant; and 1,900,000 of the Options vest as follows: 1/3 immediately, 1/3 twelve months from the date of grant and 1/3 twenty four months from the date of grant. ABOUT KRAKEN SONAR INC. Kraken Sonar Inc. (TSX…

Kraken Adds FirstService Corporation Executive Roman Kocur to Board of Directors

ST. JOHN’S, NEWFOUNDLAND – (March 17, 2015) – Kraken Sonar Inc. (TSX-V: PNG) (“the Company”) is pleased to announce that Roman Kocur has joined the Board of Directors, effective immediately.  Roman is a senior executive with FirstService Residential, a wholly owned subsidiary of FirstService Corporation. Since 2003, Roman has served in a variety of senior executive roles at FirstService Corporation in strategy, corporate development, M&A and operations.  Prior to 2003, Roman spent five years at Geac Computer Corporation Limited, formerly one of the largest technology companies in Canada.  Roman is a Chartered Accountant, and will chair Kraken’s Audit Committee. Kraken now has five directors, four of which are non-executive.  Karl Kenny, President and CEO of the Company, commented “Roman’s appointment is valuable to us, both for his financial and M&A expertise, and for his years of experience with successful growth companies.  We stand to benefit from his leadership of the…

Kraken Sonar Receives Financial Contribution From the Government of Canada

Financial Contribution to Support Research and Development of Ultra High Resolution, Real Time 3D Seabed Imaging ST. JOHN’S, NL–(Marketwired – March 16, 2015) – Kraken Sonar Inc. (TSX VENTURE: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc. (“Kraken”) has been awarded a non-refundable financial contribution of up to $450,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP). In addition to technical and business advisory services provided by NRC-IRAP, the funding is being used to develop a real-time, ultra high resolution seabed mapping system that is based on Kraken’s Interferometric Synthetic Aperture Sonar (INSAS) technology, real-time SAS signal processing algorithms and coupled with an onboard version of advanced 3D seabed visualization software. Kraken’s existing customer base will be offered the system as an upgrade, and new customers will benefit from the added option. The first system offering is expected to be released at the end…

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