ST. JOHN’S, NL–(Marketwired – August 04, 2015) – Kraken Sonar Inc. (TSX VENTURE:PNG) is pleased to announce that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has entered into an agreement with Tritech International Limited, a Moog Inc. company, for the supply of a leading technology to the subsea industry.
Key Highlights of the Strategic Agreement:
- Multi-year agreement with Tritech International Ltd [Tritech];
- Tritech to manufacture, sell and support the ‘AquaTrak™’ Correlation Velocity Log (CVL) designed and developed by Kraken;
- Tritech to sell into its extensive international network;
- First shipments expected in Q4/2015
Under the terms of the multi-year agreement, Tritech will sell the Kraken-developed CVL, AquaTrak™, under the Tritech name and branding, through their international network. Tritech is a subsea industry leader well-known for supplying equipment to the ROV (Remotely Operated Vehicle) and AUV (Autonomous Underwater Vehicle) markets.
“We are very pleased to have signed this agreement with Tritech, an industry leader that has extensive reach into the ROV and AUV markets. This relationship will accelerate the time to market for AquaTrak™. Building long-term, strategic partnerships is an important part of our growth strategy and increases our capacity for innovation,” said Karl Kenny, President and CEO of Kraken.
“We are excited to partner with Kraken to bring this high-technology CVL product to market. After extensive testing and initial discussions with customers we believe that AquaTrak™ will optimize ROV control, which can be further enhanced with additional Tritech sensors. We have been in this business for nearly 25 years and therefore have an existing route-to-market as well as an established manufacturing and support infrastructure. Having identified the market requirement for a velocity log that can achieve high accuracy, particularly at low velocity, we are confident that the Tritech AquaTrak™ will provide increased accuracy and higher precision for underwater navigation,” said Scott McLay, Sales Director, Tritech.
The global UUV (Unmanned Underwater Vehicles) market includes ROV and AUV. According to industry research group MarketsandMarkets, in 2014, the global ROV market was estimated to be US$1.2 billion and the global AUV market was estimated to be US$457 million. The UUV industry is projected to approach nearly US$5 billion by 2019, growing at a high CAGR from 2014 to 2019.
About Kraken’s Correlation Velocity Log Signal Processing Technology
The Kraken-developed CVL uses advanced signal processing algorithms developed by Kraken for its AquaPix® series of Synthetic Aperture Sonars. Compared to conventional Doppler technology, the Tritech AquaTrak™ will now provide superior long range navigation and high resolution accuracy for unmanned underwater vehicles. The highly flexible and modular design allows the unit to be used in a standalone configuration or as part of an integrated navigation system.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE:PNG) is an industrial technology company, founded in 2012, that is dedicated to the production and sale of software-centric Synthetic Aperture Sonar (SAS) technology. The Company’s products have been sold to leading defence contractors, commercial survey companies and research institutions for producing real-time, ultra high resolution imagery and bathymetry of the seabed.Marine Technology Reporterhas twice named Kraken to their MTR100 — a list of the 100 most influential companies in the international marine technology marketplace. For more information, please visitwww.krakensonar.com.
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.
About Moog andTritech
Tritech International Limited [Tritech], a Moog Inc. company (NYSE:MOG.A) (NYSE:MOG.B), is a high-technology business dedicated to providing the most reliable imaging and ancillary equipment for use in underwater applications.
For more information visit:www.tritech.co.uk.
For further information, please contact:
Chief Financial Officer
(709) 757-5757 extension 288
Tritech Media Contact:
+44 (0)1224 744111