DARTMOUTH, NOVA SCOTIA, JUNE 5, 2019/GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc. has established a new 4,000 square foot facility named the Unmanned Maritime Vehicles Facility (UMVF). The UMVF is located at the Centre for Ocean Ventures and Entrepreneurship (COVE) in Dartmouth, Nova Scotia.
Kraken’s Handling Systems Group has already moved into the new location and will continue to build Kraken’s Tentacle® Winch and Autonomous Launch and Recovery Systems there. The facility will also be used to field test and support a variety of Kraken’s underwater robotic platforms – including the KATFISH™ high speed towed SAS system and the THUNDERFISH® Autonomous Underwater Vehicle. Kraken has also installed a dockside remote operations container which is available for use by COVE residents.
Karl Kenny, Kraken’s President & CEO said, “We are extremely pleased to establish our new Unmanned Maritime Vehicles Facility at COVE in Dartmouth. The global UMV market is experiencing significant growth and investment in both military and commercial markets. While most of the today’s global UMV market is military, the adoption trend of UMVs is increasing among various commercial sectors such as oil & gas exploration operators, hydrographic and oceanographic survey organizations, environmental monitoring and search/recovery teams. UMVs are also being adopted by various scientific research organizations for conducting oceanic studies and maritime surveys.”
Jim Hanlon, COVE’s CEO said,“We are now seeing a revolution in unmanned maritime robotics similar to what happened when unmanned aerial drones were introduced in the 2000s. Both military and commercial operators are realizing the missions that can be accomplished with ocean drones and robotics. Maritime entities are becoming very interested in getting a better return-on-investment using drones and not having to put people at risk. That cultural shift is happening across the maritime sector. Kraken brings considerable technology and expertise to the underwater robotics domain and we are delighted that they are establishing Unmanned Maritime Vehicles Facility at COVE.”
About Unmanned Maritime Vehicles
Unmanned Maritime Vehicles (UMVs) are robotic systems which operate both below and above the surface and without an operator on board. UMVs are split into three submarkets: Autonomous underwater Vehicles (AUV), Remotely Operated Vehicles (ROV) and Unmanned Surface Vehicles (USV).
UMVs can range from very small vessels to that of a mid-sized ship or small submarine and are equipped with a variety of mapping, communications and navigation sensors. These autonomous systems are used in multiple applications such as naval mine detection, seafloor mapping, underwater asset infrastructure inspection, environmental characterization and others.
Since unmanned systems are remotely operated, they can operate in areas where it becomes difficult for the humans to reach. They also help prevent loss to human lives since the information can be collected and strategized accordingly. Unmanned systems are being developed by some of the leading defence and commercial companies in the world, and the expected increase in adoption of these vehicles is expected to propel the market for unmanned maritime vehicle in both the military and commercial sectors.
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 & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter magazine. 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.
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kraken or its subsidiaries and customers to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Examples of such statements include statements with respect to the Company’s anticipated revenue growth; completion of industry contracts between the Company and its clients, and between its clients and other industry partners; anticipated impact of industry upgrade cycles in naval mine warfare and the anticipated and timely adoption of underwater robotics; the Company’s ability to capitalize on existing and future bids for services, including the Ocean Supercluster; among others. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information including such risks contained in the Company’s management’s discussion and analysis for the fiscal year ended December 31, 2018 and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all.
Certain forward-looking information in this press release constitutes future-oriented financial information or financial outlooks, within the meaning of securities laws. Such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are based on assumptions and subject to risks, uncertainties and other factors. Actual results may differ materially from what the Company currently expects. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that that the prospective financial information as to the Company’s anticipated 2019 financial results has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.
The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety 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
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