ST. JOHN’S, NEWFOUNDLAND, JANUARY 31, 2018 /Marketwired/ — Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF), announced today that its wholly-owned subsidiary, Kraken Robotic Systems Inc., has been awarded a repeat contract valued at over C$400,000 by a leading military customer for its AquaPix® Miniature Synthetic Aperture Sonar system. Due to the confidential nature of the application, the customer’s name will not be disclosed. Delivery is expected in Q2, 2018.
Karl Kenny, Kraken’s President and CEO said, “We are very pleased with this repeat contract award. AquaPix® is an industry-leading sonar system providing military grade technology that enables superior 3D seabed imaging and faster data processing at a lower cost than competing sonars. With militaries’ increasing focus on Autonomous Underwater Vehicles (AUVs), Kraken is well-positioned in this high-priority, high-potential growth area. We thank our customer for their ongoing support and confidence in our technology and products.”
AquaPix® is designed for operation on AUVs and towed platforms. Its modular system architecture uses the latest electronics, transducer arrays and real-time signal processing software optimized for the demanding size, weight, power and cost constraints of unmanned underwater vehicles.
About Kraken Robotics Inc.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company, founded in 2012, 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. 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.
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