Industry M&A – L3 Technologies Acquires Ocean Server

L3 Technologies has acquired Massachusetts-based OceanServer Technology, a designer and maker of autonomous underwater vehicles. The acquisition brings a complementary line of products to L3’s portfolio of sensor and communication systems, intelligence surveillance and reconnaissance equipment, and anti-submarine warfare and mine counter-measures. “OceanServer Technology positions L3 to support the U.S. Navy’s vision for the tactical employment of UUVs,” said L3’s Chairman and Chief Executive Officer Michael T. Strianese. “This acquisition also enhances our technological capabilities and strengthens our position in growth areas where we see compelling opportunity. https://www.pddnet.com/news/2017/04/l3-technologies-acquires-autonomous-underwater-robot-manufacturer

Kraken Closes $2.1M Oversubscribed Private Placement

ST. JOHN’S, NEWFOUNDLAND AND LABRADOR–(Marketwired – April 11, 2017) Kraken Sonar Inc. (TSX VENTURE:PNG) (“Kraken” or the “Company”) is pleased to announce that effective April 11, 2017, it has closed a non-brokered private placement offering (the “Offering”) comprised of 11,806,660 units (the “Units”) at a purchase price of $0.18 per Unit for aggregate gross proceeds of $2,125,199. 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 cash finder’s fees of $12,600 and issued 191,333 finders warrants. Each finders warrant is exercisable to acquire one common share of Kraken at $0.18 for a period of 24 months from the date of issue. All proceeds raised…

Kraken Announces Upsizing of Previously Announced Private Placement

ST. JOHN’S, NEWFOUNDLAND and BREMEN, GERMANY – (Marketwired – 10 April 2017) – Kraken Sonar Inc. (TSX-V: PNG) (“Kraken” or the “Company”) is pleased to announce that due to demand from investors, it has increased the size of the previously announced non-brokered private placement of units (the “Units”) of the Company from C$2,000,000 to C$2,150,000 (the “Increased Offering”). Under the Increased Offering the Company may issue up to 11,944,444 units (the “Units”) at a purchase price of $0.18 per Unit. Each Unit consists 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. The Company intends to use the net proceeds from the Increased Offering for the build of additional inventory for customer trials and general…

Kraken Robotik Awarded Contract for Deep Sea3D Laser Imaging System

ST. JOHN’S, NEWFOUNDLAND and BREMEN, GERMANY – (Marketwired – 06 April 2017) – Kraken Sonar Inc. (Kraken) (TSX-V: PNG) announced today that its subsidiary, Kraken Robotik GmbH in Bremen, Germany, has recently been awarded a contract to design and build a 6,000m rated 3D laser/optical imaging system for the prestigious Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) in Bremerhaven. Delivery is scheduled for June 2017. The 3D smart camera system will be based on Kraken’s recently announced SeaVision™ technology, but custom engineered and adapted to operate over extended periods under harsh deep-sea conditions. SeaVision™ is the world’s first RGB underwater laser imaging system that offers the resolution, range and scan rate to deliver dense full colour 3D point cloud images of subsea infrastructure with millimetre accuracy in real time. Dr. Jakob Schwendner, Managing Director of Kraken Robotik GmbH said, “This customized version of our SeaVision™ system…

Large Diameter UUV Planned by US Navy for 2019

The US Navy has designated the Snakehead Large Displacement Unmanned Undersea Vehicle (LDUUV) for accelerated acquisition. Unmanned maritime systems are part of the Littoral Combat ship portfolio, the first class of ship designed from initial construction for unmanned vehicle integration. LDUUVs in the Class III Large category, which the Snakehead is part of, are about 48 inches in diameter. The Snakehead LDUUV is intended to have long-range and high endurance capacity and designed for surface or submarine launch. It will be able to be recovered and stored on littoral combat ships, Virginia-class submarines, and Ohio-class submarines, according to an earlier NAVSEA release. https://defensesystems.com/articles/2017/04/06/uuv.aspx

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