ST. JOHN’S, NEWFOUNDLAND, August 8, 2018 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announced today that its wholly-owned subsidiary, Kraken Robotic Systems Inc. has been awarded a contract valued at over C$450,000 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 Q4, 2018.
Karl Kenny, Kraken President and CEO said, “This is the third AquaPix® contract from this customer. The reason this customer has once again selected AquaPix® is because it is the industry leading sonar system, which provides military grade technology enabling superior 3D seabed imaging, faster data processing and a lower cost than competing sonars. With the increasing focus on AUV technology, Kraken’s line of underwater sensors are well-positioned in this high-priority, high-potential growth area. We thank our customer for their ongoing confidence in our technology and products.”
AquaPix® is designed for operation on Autonomous Underwater Vehicles (AUVs), manned and unmanned surface vessels and towed platforms. The modular system uses the latest electronics, transducer arrays and real-time signal processing software optimized for the demanding size, weight, power and cost constraints of unmanned maritime vehicles.
To fully realize the potential of unmanned systems, underwater vehicles must carry sensors to observe the underwater environment, and sensor data must be processed in real-time for systems to intelligently interpret the environment and adapt their behavior accordingly. Interferometric Synthetic Aperture Sonar, such as Kraken’s AquaPix® is an ideal tool for seabed survey operations because of its superior area coverage rate and resolution compared to conventional sidescan and multibeam sensors.
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; Toronto, Ontario; 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.
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For further information, please contact:
Greg Reid, Chief Financial Officer
Sean Peasgood, Investor Relations
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288