ST. JOHN’S, NEWFOUNDLAND – 02 APRIL 2018 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has been formally notified by the Government of Canada that its application to the Build in Canada Innovation Program (BCIP) has been approved. The Company has been pre-qualified into the program for its ThunderFish® 300 Autonomous Underwater Vehicle (AUV) for military and scientific applications.
Karl Kenny, Kraken’s President and CEO said, “We are proud to have achieved pre-qualification status with the BCIP. This is yet another significant milestone in Kraken’s evolution to becoming a vertically integrated underwater robotics company.”
The ThunderFish® AUV is an innovative marine robot designed for ultra high-resolution seabed imaging and mapping applications. It can be used for a wide range of oceanographic and military tasks including underwater surveys, environmental monitoring, habitat mapping, marine archaeology, inspection of submerged structures, searching for downed aircraft and naval mine countermeasures. ThunderFish® carries an array of sensors and custom payload modules, including Kraken’s AquaPix® Synthetic Aperture Sonar. The platform can be configured to operate at depths up to 6,000m and is ideal for monitoring or surveillance tasks where cost efficiency, ease of deployment and operational simplicity matters. Its modular design allows for rapid sensor reconfiguration and battery replacement.
Technological innovations in sensors, high performance computing and robotics now enable next generation underwater robots that are cost effective, light weight and easier to operate. AUVs are fast becoming accepted as highly useful data gathering platforms as both the range and depth parameters are being advanced by developments in battery technology, propulsion efficiency and pressure tolerant packaging.
The global AUV market is experiencing an advanced rate of growth due to increasing demand in military, commercial and ocean research applications. Industry analysts Markets and Markets forecast that the global AUV market is expected to grow from US$310 million in 2016 to over US$1.2 billion by 2023, at a CAGR of over 22% during the forecast period.
About The Build in Canada Innovation Program
The Build in Canada Innovation Program (BCIP) helps Canadian companies of all sizes move their state-of-the-art goods and services from the laboratory to the marketplace. Through the BCIP, companies can sell their pre-qualified innovations to the federal government as their first reference sale. After testing a company’s innovation, federal departments provide feedback on the innovation’s performance in an operational setting. The program pays up to C$500,000 for non-military innovations and up to C$1,000,000 for military innovations. For more information, please visit: http://www.tpsgc-pwgsc.gc.ca/app-acq/picc-bcip/ppicc-abcip-eng.html#s1
About Kraken Robotics Inc.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company 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. 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