ST JOHN’S, NEWFOUNDLAND– 25 APRIL 2018 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., is aligned with a majority of Canada’s recently announced Key Industrial Capabilities.
Canada has a strong defence industry with over 650 companies that employ more than 60,000 Canadians. One way the Government of Canada supports this industry is via the Industrial and Technological Benefits (ITB) policy, which requires that for every dollar it spends on major defence purchases, the winning contractor must put a dollar back into Canada’s economy. Over the past 30 years, the ITB policy has generated investments of $30 billion in Canada’s economy and generates around 40,000 jobs annually.
Through Canada’s defence policy, Strong, Secure, Engaged, defence purchases are being used to unlock billions of dollars in economic benefits and create jobs. To maximize these opportunities, the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, announced on April 23, 2018 that the government will use the ITB Policy to motivate defence contractors to invest in Key Industrial Capabilities. Kraken is currently engaged in discussion with several leading defence companies to pursue ITB contracts.
“By defining its Key Industrial Capabilities, the government has provided a significant instrument for leveraging public procurements to drive innovation, exports and the growth of firms such as Kraken”, said Karl Kenny, President and CEO of Kraken. “Kraken is ideally positioned to offer our capabilities to major defence and security companies seeking Canadian ITB offsets. We expect that this will help generate significant revenue opportunities for our company.”
There are five areas of Canadian industrial strength in emerging technologies, which have the potential to grow quickly, and 11 established industrial capabilities where Canada is globally competitive or where domestic capacity is essential to national security. In emerging technologies, Kraken offers:
- Advanced materials
- Artificial intelligence
- Remotely piloted systems and autonomous technologies
In the leading competencies and critical industrial services, Kraken offers:
- Electro-optical and infrared systems
- In-service support
- Marine ship-borne mission and platform systems
- Shipbuilding, design and engineering services
- Sonar and acoustic systems
- Training and simulation
Under the current ITB Policy, winning bidders on defence and major Canadian Coast Guard procurements must undertake an amount of economic activity in Canada that is equivalent to the value of the contract. In addition to building the product or providing a service in Canada, this obligation can also be met by investing in research & development and skills development in Canada as well as purchasing goods and services from Canadian suppliers.
About Kraken Robotics Inc.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Sean Peasgood, Investor Relations
Greg Reid, Chief Financial Officer
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
August 27 - August 31