ST. JOHN’S, NEWFOUNDLAND, August 4, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that Cathy Bennett, has joined the Company’s Board of Directors.
Ms. Bennett brings more than 25 years of experience as an entrepreneur, business executive, and corporate director across private, public and non-profit entities. Her experience crosses multiple sectors including the government, energy, manufacturing, mining, restaurants, telecom, and technology sectors. Ms. Bennett was a Member of the House of Assembly of Newfoundland and Labrador from 2014 to 2018 as well as Minister of Finance and the Status of Women. A seasoned corporate director, Ms. Bennett holds an ICD.D designation from the Institute of Corporate Directors and currently sits on the Boards of Business Development Canada (BDC) and SheEO, a non-profit supporting and financing female innovators. Her previous public company Directorships include Bell Alliant and New Millenium Iron Corp.
“We welcome Cathy to our Board as a new independent director and look forward to the leadership she will bring,” said Karl Kenny, Kraken President and CEO. “We were looking to add expertise to the Board and Cathy brings extensive operational and strategic leadership across a breadth of sectors. We are thrilled to be welcoming her perspective during our period of rapid growth.”
“I am excited to join Kraken as the market for marine robotics is on a strong growth curve,” said Ms. Bennett. “The Kraken team has put together an impressive array of industry leading products and formed significant partnerships to propel the company forward. I look forward to contributing to the ongoing development and execution of the Company’s strategy.”
The Board of Directors has approved the issuance of 300,000 options to Ms. Bennett. These options have an exercise price of $0.51 and have a three-year term.
At the Company’s annual general and special meeting of shareholders held on June 26, 2020, an amended and restated stock option plan (the “2020 Plan”) was approved by 99.54% of votes cast by shareholders. The 2020 Plan contains the following amended provisions: (i) an amendment to permit a ten (10) business day extension of the expiry date for an incentive stock option (an “Option”) where the expiry date would otherwise fall during a Blackout Period (as defined in the 2020 Plan); (ii) amendments allowing for the immediate vesting of previously issued Options upon the occurrence of certain events constituting a Change of Control (as defined in the 2020 Plan) and certain other events; and (iii) certain clerical amendments to align provisions of the Company’s previous stock option plan with current policies of the TSX Venture Exchange (the “TSXV”) and the terms of the 2020 Plan. The 2020 Plan remains subject to final approval by the TSXV.
The full text of the 2020 Plan is filed on www.sedar.com as a schedule to the Company’s management information circular dated May 19, 2020.
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, subsea batteries and thrusters, and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. 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:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations
Shauna Cotie, Marketing Manager
(709) 757-5757 x 241