ST. JOHN’S, NEWFOUNDLAND, July 20, 2018 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce that its Board of Directors has approved the issuance of 1,000,000 stock options to employees of Kraken Robotik GmbH (“KRG”), the Company’s fully-owned German subsidiary. These options have a three-year term, vesting in three equal instalments starting on the date of grant and then on the one- and two-year anniversaries of the initial grant. The exercise price on the options is $0.26. This is the first issuance of Kraken options to KRG employees.
“We are pleased with KRG’s progress and revenue ramp since establishing it at the beginning of 2017,” said Karl Kenny, Kraken President and CEO. “We expect the SeaVision® product, developed in partnership between KRG and our Canadian engineers, to be a very successful product offering. SeaVision® is the world’s first ultra-high resolution RGB underwater laser imaging system that that delivers full color 3D point cloud images of subsea infrastructure with millimeter accuracy in real-time. The initial system is designed for deployment on underwater robotic platforms such as Remotely Operated Vehicles and Autonomous Underwater Vehicles.”
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, 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
Sean Peasgood, Investor Relations
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288