Kraken to Receive C$400,000 from Major European Defense Contractor

  ST. JOHN’S, NEWFOUNDLAND – (Marketwired–May 3, 2016) – Kraken Sonar Inc. (TSX-V: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has invoiced a major European defense contractor for over C$400,000. Proceeds are expected to be received during Q2 2016. Due to competitive reasons, the customer cannot be named at this time. Kraken recently provided an AquaPix® Miniature Interferometric Synthetic Aperture Sonar (MINSAS) for integration and sea trials on the customer’s Autonomous Underwater Vehicle. Kraken believes its product demonstrated superior price/performance characteristics and that it is well positioned for additional business with this customer in 2016.  Karl Kenny, Kraken President and Chief Executive Officer, said, “Navies around the world rely upon their suppliers to provide the best underwater systems and more defense contractors are depending upon Kraken to provide innovative underwater technology solutions. We look forward to working with this customer in the future.”  ABOUT MINSAS MINSAS…

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