ST. JOHN’S, NL–(Marketwired – July 08, 2015) – Kraken Sonar Inc. (TSX VENTURE: PNG) announced today it has appointed Sophic Capital Inc. (Sophic Capital) as its investor relations firm. Sophic is a comprehensive capital markets advisory firm for companies in the technology sector.
“We are very pleased to have Sophic Capital as our new IR partner,” said Karl Kenny, CEO of Kraken. “Sophic is well positioned to communicate the Company’s technology and strategy to the investment community. Kraken is moving into a significant growth phase and Sophic’s proven capital market success adds a strong element to our investor messaging and outreach.”
“Kraken’s strong management team, disruptive technology, and large market opportunity are key characteristics that we see in successful technology companies,” said Sean Peasgood, CEO of Sophic Capital. “We are excited to be joining Kraken to increase visibility in the capital markets and implement a strategy to increase shareholder value.”
Pursuant to the investor relations services agreement between the Company and Sophic (the “Agreement”), Sophic will receive monthly fees averaging $6,000. In addition, the Company has granted to Sophic options to purchase up to 100,000 common shares of the Company (the “Options”), exercisable at a price of $0.21 per share for three years and will vest over a one-year period. The Agreement has an initial term of one year, which can be extended upon the written consent of both the Company and Sophic.
The appointment of Sophic, and the grant of Options, is subject to the approval of the TSX Venture Exchange.
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 Reporter has twice named Kraken to their MTR100 — a list of the 100 most influential companies in the international marine technology marketplace. For more information, please visit www.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.
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