Kraken Acquires Marine Robotics Technology

  Acquisition Strengthens IP and Technology Portfolio for Ocean Drones Market ST. JOHN’S, NL–(Marketwired – November 17, 2015) – Kraken Sonar Inc. (“Kraken”) (TSX VENTURE: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has acquired the underwater robotics technology and related intellectual property rights previously owned by Marine Robotics Inc. Terms of the acquisition were not disclosed. “We believe that the ocean drone market is at an inflection point and set for major growth,” said Karl Kenny, President and CEO of Kraken. “This acquisition brings us a significant underwater technology and IP portfolio and continues to build on our sensors-to-systems strategy to be a market leader in the Unmanned Maritime Systems industry.” Included in the assets acquired are: all underwater robotics technology, intellectual property and related physical assets — including an operational SQX-500 Unmanned Underwater Vehicle (refer to the section below for more details). In addition, the…

Kraken Receives $750,000 to Fund R&D

Non-Dilutive Capital to Support the Development of KATFISH Sonar Towfish Platform ST. JOHN’S, NL–(Marketwired – November 04, 2015) – Kraken Sonar Inc. (“Kraken”) (TSX VENTURE: PNG) is pleased to announce that its wholly-owned subsidiary, Kraken Sonar Systems Inc., has been awarded $750,000 by the Research & Development Corporation (RDC) of Newfoundland and Labrador. Karl Kenny, President and CEO of Kraken, said, “We are grateful to RDC for their support of our efforts and appreciate their thorough review of our development program. We look forward to continuing to develop innovative marine technologies and products to meet the ever evolving demands of our growing customer base.” KRAKEN’S KATFISH SURPASSES CONVENTIONAL SONAR SYSTEMS Kraken’s KATFISH is an actively controlled, intelligent towfish platform used to generate real-time, ultra-high resolution seabed imagery and maps for a variety of military and commercial applications. The system’s primary sensors are based on Kraken’s Interferometric Synthetic Aperture Sonar technology,…

Kraken Awarded $1.5 Million Order From Major Defence Contractor

ST. JOHN’S, NL–(Marketwired – November 02, 2015) – Kraken Sonar Inc. (“Kraken”) (TSX VENTURE: PNG) is pleased to announce that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has received a $1.5 million contract from a major international defence contractor for a KATFISH sonar system. Along with spare parts and support, the initial order could exceed $2 million. Due to the sensitivity of its business, the client’s name cannot be disclosed. The agreement includes multiple stages, starting with a first phase for the manufacture and supply of Kraken’s KATFISH system. The customer will make an advance payment on the contract in 2015. Approximately 75% of the contract revenue is expected be realized in 2016. Subject to contract options, the next phases will position Kraken as a primary sonar supplier to the Unmanned Maritime Systems (UMS) market. Karl Kenny, President and CEO of Kraken said, “This is a very significant award for…

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