Kraken Reports Profitable Q3 2016

Revenue increases 91% year-over-year ST. JOHN’S, NL–(Marketwired – November 30, 2016) – Kraken Sonar Inc. (TSX VENTURE: PNG) announced it has filed its financial results for the third quarter ended September 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 September 30, 2016, can be found at Unless otherwise stated, all dollar amounts are Canadian dollar denominated.   Q3 2016 Financial Highlights Revenues for the three months ended September 30, 2016 were up 91% year-over-year to $0.944 million as compared to $0.493 million in the comparable year ago period. Year-to-date revenue of $2.121 million is up 33% from $1.596 million from the year ago nine-month period. Year-to-date revenues consist of three main product areas: MINSAS sensors, CVL sensors, and KATFISH underwater vehicles. MINSAS sensors have been shipped to both military and commercial customers in 10 countries…

Kraken Hires Director of Business Development

ST. JOHN’S, NEWFOUNDLAND, DECEMBER 01, 2016 /Marketwired/ — Kraken Sonar Inc. (TSX-V: PNG) is pleased to announce that Mr. Jeff Bartkowski will join the Company as Director of Business Development, effective December 5, 2016. Jeff has been employed in the marine technology for over 12 years in subsea positioning, inertial navigation systems and high resolution sonar products.  He has significant sales and business development experience with both commercial and defense customers and has worked at both larger marine technology companies such as Teledyne-Reson and iXBlue and start-ups such as Sea Machine Robotics. He is a graduate of New York’s Rensselaer Polytechnic Institute. Karl Kenny, President and Chief Executive Officer of Kraken, said, “We’re delighted to have Jeff join Kraken. His relationships with companies and agencies active in underwater robotics will be very beneficial as we further develop our Sensors-to-Systems strategy. He brings a strong ability to understand and sell technical…

Technology and IP Industry Vetern Joining Kraken’s Board of Directors

New Director Brings Extensive Corporate Financing, M&A, and IP experience ST. JOHN’S, NEWFOUNDLAND – (Marketwired – November 17, 2016) – Kraken Sonar Inc. (TSX-V:PNG) is pleased to announce that Mr. Shaun McEwan, CPA, CA is joining the Company’s Board of Directors, effective December 1, 2016. For the last 8 years, Mr. McEwan has been the Chief Financial Officer of WiLAN (TSX:WIN), an industry leading intellectual property (IP) licensing company. Mr. McEwan has more than 20 years of experience in finance and executive leadership in public and private high tech companies. He was the CFO of Breconridge Manufacturing Solutions, and the CFO of Calian Technologies Ltd. before being promoted to President and CEO. He led the IPO of Microstar Software on the TSX in 1993 and has extensive experience with corporate financings and M&A transactions. “I’m excited to join Kraken as the market for underwater robotics is on a strong growth curve,” said Mr. Shaun McEwan. “Karl…

Kraken Receives Financial Contribution from The Government of Canada

Funding Will Support Development of Autonomous Launch and Recovery Systems for Unmanned Maritime Vehicles ST. JOHN’S, NEWFOUNDLAND – (Marketwired – November 10, 2016) –  Kraken Sonar Inc. (Kraken) (TSX-V: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc. will receive a non-refundable financial contribution of up to $485,000 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 Autonomous Launch and Recovery Systems (A-LARS) for Unmanned Maritime Vehicles. The initial A-LARS is being designed to support Kraken’s KATFISH Synthetic Aperture Sonar underwater towbody. Computer-generated image of Kraken’s Autonomous Launch & Recovery System (A-LARS) with the KATFISH Synthetic Aperture Sonar underwater towbody. Launch and recovery is one of the highest risk operations undertaken in the application of towed or autonomous underwater vehicles. The primary function of an autonomous launch…

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