July 5, 2018

ST. JOHN’S, NEWFOUNDLAND, July 5, 2018 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce that it has now finalized its MOU on a strategic alliance with Ocean Infinity. In addition, Kraken and Ocean Infinity will host workshops in Halifax and St. John’s in July for members of the Ocean Supercluster to provide an overview of its state of the art seabed mapping technology that will be available in Atlantic Canada for 6 weeks starting in September 2018.

 

Completion of Strategic Alliance MOU with Ocean Infinity

Kraken has completed and signed a Memorandum of Understanding regarding a strategic alliance with Ocean Infinity for maritime robotics technology, products, and services. The MOU establishes a collaborative arrangement, pursuant to which Kraken will become a strategic partner to Ocean Infinity. This may include the future supply of additional sensors, components, software, and systems as well as R&D and innovation support in areas such as data analytics and machine learning. Over time, the companies may enter into a series of project-specific agreements to engage in innovative development and other commercialization activities.

State of the Art Seabed Mapping Technology to be Demonstrated in Atlantic Canada

As part of our strategic alliance, Ocean Infinity is planning to deploy deep-sea capable survey assets to the east coast of Canada this fall.  These assets will consist of a support ship, two 6000m rated AUVs equipped with Kraken’s AquaPix® SAS sonar technology and two 6000m rated work class ROVs that will be fitted with Kraken’s SeaVision® 3D underwater laser imaging system.  While in the region Kraken plans to organize a variety of deep sea survey campaigns in various market sectors including oil and gas, hydrography, ocean research, fisheries, and defense. Kraken will provide a technical briefing on July 18 and July 19 in Halifax and St. John’s to provide an overview of this technology and the benefits it can provide for the Ocean Supercluster community.

Ocean Infinity to Have Ongoing Presence at COVE with Kraken

Ocean Infinity will have office space with Kraken at the newly opened Center for Ocean Ventures & Entrepreneurship (COVE) in Dartmouth, Nova Scotia. COVE is a collaborative facility for applied innovation in the ocean sector.

 

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:

Greg Reid, Chief Financial Officer

(416) 818-9822

greid@krakenrobotics.com

 

Sean Peasgood, Investor Relations

(647) 955-1274

sean@sophiccapital.com

 

Glenda Leyte, Marketing Manager

(709) 757-5757 extension 288

gleyte@krakenrobotics.com

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