Kraken Reports Q2 2016 Financial Results
Recent Financing Strengthens Balance Sheet for Growth Initiatives ST. JOHN’S, NEWFOUNDLAND, August 30, 2016 /Marketwired/ — Kraken Sonar Inc. (TSX-V: PNG) announced it has filed its financial results for the second quarter ended June 30, 2016. Additional information concerning the Company, including its condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended June 30, 2016, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated. Q2 2016 Financial Highlights Revenues for the three months ended June 30, 2016 were $465,543, up 9% compared to $426,588 in the comparable year ago period. In the quarter, Kraken recognized revenue from 3 customers including Elbit and Woods Hole Oceanographic Institution. Year-to-date revenue of $1,176,233 is up 7% from $1,102,594 from the year ago six-month period. The loss from operating activities in the June quarter was $471,237 versus a loss from operating…
Kraken Announces Closing of Non-Brokered Private Placement
ST. JOHN’S, NEWFOUNDLAND AND LABRADOR–(Marketwired – Aug. 15, 2016) – Kraken Sonar Inc. (TSX VENTURE:PNG) (“Kraken” or the “Company”) is pleased to announce that effective August 12, 2016 it has closed a non-brokered private placement offering (the “Offering”) comprised of 7,159,534 units (the “Units”) at a purchase price of $0.15 per Unit for aggregate gross proceeds of $1,073,930. Each Unit consisted of one common share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”), with each Warrant exercisable to acquire one common share of Kraken at $0.30 for a period of 24 months from the date of issuance. In connection with the Offering, the Company paid a cash finder’s fees of $18,025. All proceeds raised from the sale of the Units will be used by Kraken for general corporate and working capital purposes. Kraken is also pleased to announce that it has entered into…
On the Cusp of an Undersea Revolution: Shaping New Ways to Deal with the Threat from Mines
Autonomous underwater vehicles (AUVs) promise a radical change in undersea warfare at just the time when conventional technology is becoming less and less affordable throughout the naval world. The greatest threat to warships and commercial shipping is not anti-ship missiles or torpedoes, but rather mines. Potential adversary navies have on the order of 386,000 naval mines –China 80,000; Iran 6,000; North Korea 50,000; and Russia 250,000 – facilitating anti-access/area-denial strategies, while U.S. Navy assessments indicate that a million mines are in the inventories of more than 50 navies world wide. On the Cusp of an Undersea Revolution: Shaping New Ways to Deal with the Threat from Mines
Kraken Named To Marine Technology Top 100
ST. JOHN’S, NEWFOUNDLAND – AUGUST 3, 2016— Kraken Sonar Inc. (TSX-V: PNG) announced that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has again been named by Marine Technology Reporter to the MTR 100 – a list of the 100 most influential companies in the international marine technology marketplace. This is the fourth year in a row that Kraken has been selected for the list. Marine Technology Reporter is the world’s largest audited circulation magazine to cover the marine technology market. Each year the magazine evaluates and ranks marine technology companies worldwide to create the MTR 100 list. In the July/August 2016 issue, Kraken and other companies are profiled as the leading companies serving today’s global marine technology industry. The issue is available for viewing online at: http://www.marinetechnologynews.com/magazine/issue/201607 Karl Kenny, President and CEO of Kraken said, “It´s a real honour to receive this type of recognition and we want to share…
